Nationwide - the building society which defeated a group of rebels who wanted to turn it into a bank - reopens its doors to new savers next week.

But only people with fat wallets and purses will be welcome because the minimum opening balance has been set at £5,000 in most cases.

Britain's biggest building society imposed a ban on all new savings account customers on June 18th amid intense speculation about its future.

A group of five so-called "carpetbaggers" were promising four-figure windfalls to customers if they succeeded in turning it into a bank. But they were roundly defeated in a board election last month.

Nationwide said yesterday it was lifting the ban and reintroducing a limited range of savings accounts for new customers from Monday. - (Reuter)