Cheshire, Derbyshire and Dunfermline launch new Fixed Rate Cash ISAs

15 March 2013

On Wednesday 20 March 2013, the Cheshire, Derbyshire and Dunfermline Building Societies, part of the Nationwide Group, are launching new fixed rate cash ISAs with increased rates.

Cheshire Building Society

The new accounts being launched are:

  • Two-year Fixed Rate Cash ISA paying 2.50% AER*/ tax-free
  • Three-year Fixed Rate Cash ISA paying 2.80% AER*/ tax-free (maturing customers only)
  • Four-year Fixed Rate Cash ISA paying 3.00% AER*/ tax-free (maturing customers only)

Previous issues of two-year Fixed Rate Cash ISA, three-year Fixed Rate Cash ISA and four-year Fixed Rate Cash ISA will be withdrawn from sale at the close of business on Tuesday 19 March.

Derbyshire Building Society

The new issue being launched are:

  • Fixed Rate ISA Issue 66 paying 2.50% AER*/ tax-free

Fixed Rate ISA issues 63, 64 and 65 will be withdrawn from sale at close of business on Tuesday 19 March.

Dunfermline Building Society

The new issue being launched are:

  • Fixed Rate ISA Issue 57 paying 2.50% AER*/ tax-free

Fixed Rate ISA issues 54, 55 and 56 will be withdrawn from sale at close of business on Tuesday 19 March.

All the accounts accept transfers in and must be opened with a minimum of £100. All the rates noted above are for annual interest.

Richard Marriott, Nationwide's Head of Savings, said: "With less than a month before the end of the current tax year, time is running out for consumers to make use of their full ISA allowance.

"If savers don't need access to their funds for a period of time, they could consider our new fixed rate cash ISAs. All the Society's fixed rate cash ISAs accept transfers in, meaning savers can earn a competitive rate of interest on both this and previous years ISA balances. Unlike other providers, we pay interest from the day we receive the ISA transfer application, so savers don't lose out on valuable interest whilst the transfer takes place1."

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.

1 Provided that funds are free to move and not subject to any notice period.

Parity on Fixed Rate Bonds and Fixed Rate ISAs

As part of the Derbyshire, Cheshire and Dunfermline Savings Promises, where the Society has a Fixed Rate ISA for the same term as a Fixed Rate Bond, the ISA rates are guaranteed to match or beat the equivalent bond rate.

  • Applications are required for all products. Further details of terms and conditions available on request.

Opening accounts:

  • Fixed Rate ISAs are available from Derbyshire, Cheshire and Dunfermline branches.
  Early closure
Term of bond Four years Three years Two years One year or less
Loss of interest 320 days 270 days 180 days 90 days

RATES FOR CHESHIRE TWO-YEAR FIXED RATE CASH ISA, DERBYSHIRE FIXED RATE CASH ISA (ISSUE 66) AND DUNFERMLINE FIXED RATE CASH ISA (ISSUE 57) - EFFECTIVE 20 MARCH 2013

Annual interest AER Tax-Free
£100 + 2.50% 2.50%

Cheshire rate is fixed for two years. Derbyshire and Dunfermline rate is fixed until 30 April 2015.

RATES FOR CHESHIRE THREE-YEAR FIXED RATE CASH ISA - EFFECTIVE 20 MARCH 2013

Annual interest AER Tax-Free
£100 + 2.80% 2.80%

Cheshire rate is fixed for three years.

RATES FOR CHESHIRE FOUR-YEAR FIXED RATE CASH ISA - EFFECTIVE 20 MARCH 2013

Annual interest AER Tax-Free
£100 + 3.00% 3.00%

Cheshire rate is fixed for four years.

The Cheshire, Derbyshire and Dunfermline Building Societies are Trading Divisions of Nationwide Building Society.

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