22 March 2012
The Cheshire Building Society, part of the Nationwide Group, is today increasing the rate on its Direct Cash ISA – Issue 1 to a market-leading 3.50% AER* tax-free (variable) on balances of £1,000 or more. While this rate is available to new customers, any existing Direct Cash ISA customers will also see their rate increase as of today.
The rate includes an introductory fixed bonus of 2.50% AER* tax-free until 30 September 2013.
Direct Cash ISA is open to new ISA subscriptions only and can be opened either online or by phone. Savers 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
||Online or phone, manage by post
||Unlimited, free withdrawals
||Unlimited, up to annual cash ISA allowance
|Min. opening balance
|Min. operating balance
Darren Bailey, Head of Savings Pricing at the Cheshire Building Society, said: "With the end of the tax-year fast looming, there isn't much time left to invest that £5,340 tax-free. The increase in the Direct Cash ISA moves it to the top of the best buy tables and provides those savers who have yet to use this year's tax-free cash ISA allowance the perfect opportunity to do so."
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 Cash ISA – Issue 1
|£1 - £999 (variable)
** Includes 2.50% bonus fixed until 30 September 2013.
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.