New Cash ISA Launched By Cheshire Building Society

Society launches Direct Cash ISA – Issue 1 paying up to 3.06% AER tax-free

1 February 2012

Cheshire Building Society is today (Wednesday 1 February 2012) launching a brand new cash ISA paying a competitive 3.06% AER* tax-free (variable) on balances of more than £1,000. The rate includes an introductory fixed bonus of 2.06% AER* tax-free until 30 September 2013.

Open to new ISA subscriptions only, Direct Cash ISA – Issue 1 is available to those savers who have not started to use their 2011/12 cash ISA allowance of £5,340. Savers can open Direct Cash ISA either online or by phone and are able to make as many deposits and withdrawals as they like by post without loss of interest.

Cheshire Building Society will write to customers around a month before bonus expiry to notify them that their bonus is coming to an end.

Direct Cash ISA – Issue 1

Availability

Online or phone, manage by post

Withdrawals

Unlimited, free withdrawals

Deposits

Unlimited, up to annual cash ISA allowance

Min. opening balance

£1,000

Min. operating balance

£1

Matthew Wyles, Nationwide’s Group Distribution Director, said: “With only two months to go before the end of the tax year, we are conscious that there are many who have not used a penny of this year’s cash ISA allowance. It is important to make the most of this year’s allowance as you don’t get many things in life tax-free. If you don’t use it, you will lose it forever.

“So with that in mind, we are launching the Direct Cash ISA. It’s an account that offers savers the best of both worlds – a competitive rate to make the most of their tax-free allowance combined with the benefits of easy access. If you’re trying to find the balance between rate and access then this account should certainly fit the bill.”

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.

Interest Rates

Direct Cash ISA – Issue 1

AER tax-free

£1,000+

3.06% (variable)**

£1 - £999 (variable)

0.25%

** Includes 2.06% bonus fixed until 30 September 2013.

Apply online at thecheshire.co.uk or by phone on 08081443880

The Cheshire Building Society is a Trading Division of Nationwide Building Society.

Please note: If you are a customer looking for information on our products and services, please visit the main website.