03 April 2013
Nationwide is today (Wednesday 3 April) launching a new issue of Web ISA for the new tax year.
The cash ISA is available online to Nationwide customers with a card-based savings or current account (excluding Regular Savings). Customers can apply for a Card account prior to opening the Web ISA. Web ISA (Issue 3) pays a rate of between 2.00% and 2.25% AER*/tax-free variable on balances over £1,000. The rate includes an introductory fixed bonus rate of between 1.50% and 1.75% until 30 September 2014.
The account allows unlimited withdrawals and deposits (subject to annual cash ISA allowances), providing great flexibility for customers.
Web ISA allows new subscriptions and transfers of existing cash ISA balances held with Nationwide or other providers.
Web ISA (Issue 2) has been withdrawn from sale at close of business on Tuesday 2 April 2013.
||WEB ISA (ISSUE 3)
||Online only at www.nationwide.co.uk
||Unlimited, subject to annual cash ISA allowance
|Min. opening balance
|Min. operating balance
Richard Marriott, Nationwide head of savings, said:
“The start of a 2013/14 tax year sees an increase in the cash ISA limit to £5,760 allowing people to save even more tax-free. For those savers wanting to invest early in the new tax year our new Web ISA account is one to consider. Web ISA (Issue 3) pays a competitive rate of up to 2.25% AER*/ tax-free (variable) for balances of over £10,000 and offers instant access.
“As a result of the Society’s Savings Promises, customers transferring previous years’ cash ISA balances to Nationwide receive interest from the day we receive their application, not the date the money arrives in the account. As a result of this promise, customers have received an additional £2.5 million in interest since November 2010.”
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.
WEB ISA (ISSUE 3)
In order to apply for a Web ISA, a customer must already hold a Nationwide FlexAccount, FlexDirect, FlexPlus, Invest Direct, CashBuilder Card or Smart Card. Customers can apply for a CashBuilder Card account and Web ISA at the same time.
RATES FOR WEB ISA (ISSUE 3), EFFECTIVE FROM 6 APRIL 2013
|AER / tax-free variable (inc bonus)
||AER / tax-free variable (exc bonus)
|£1,000 - £9,999
Balances of £1,000 - £9,999 include a 1.50% fixed introductory bonus rate until 30 September 2014. Balances of £10,000+ earn a 1.75% fixed introductory bonus rate until 30 September 2014. After this date it reverts to a variable rate, currently 0.50% AER tax-free. For any day the balance goes below £1,000 you earn a rate of 0.25% AER tax-free variable and no bonus.
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.