8 February 2012
A new 18-month fixed rate cash ISA is today (Wednesday 8 February 2012) being launched by the Cheshire Building Society, part of the Nationwide Group, paying a market-leading 3.50% tax-free (3.46% AER*) on balances of more than £1,000.
The Direct Fixed Rate ISA – Issue 1 can be opened either online or by telephone and is open to new subscriptions only. The minimum opening balance is £1,000 with a maximum balance based on the current ISA allowance of £5,340.
Interest is paid on maturity and is paid back into the account. Withdrawals are not permitted during the term of the account but closures can be made subject to 180 days' loss of interest.
||Direct Fixed Rate ISA – Issue 1
||Online or phone, manage by post
||No withdrawals permitted during the term of the account. Transfers/closures are permitted subject to 180 days' loss of interest
||Following the opening deposit, no additional deposits can be made
|Min. opening balance
||As per maximum ISA allowance (£5,340 in 2011/12)
Matthew Wyles, Nationwide's Group Distribution Director, said: "There isn't much time left for consumers to make use of their full ISA allowance. One way savers could make good use of part of that allowance is to take advantage of the fixed rate ISA products available. The Cheshire Direct Fixed Rate ISA is certainly an attractive option for savers.
"Of course, not everyone will want to lock away their money for 18 months, which is why we launched a market-leading easy access ISA – the Cheshire Direct Cash ISA – last week. So whether you want a competitive rate over a longer term, or wish to have instant access, the Cheshire Building Society has options available."
Notes to editors:
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year. Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
- Applications are required for all products. Further details of terms and conditions available on request.
|Direct Fixed Rate ISA – Issue 1
Apply online at thecheshire.co.uk or by phone on 0808 144 3880
The Cheshire Building Society is a Trading Division of Nationwide Building Society.