02 April 2014
On 6 April 2014, Nationwide Building Society is launching Regular Saver ISA, a new variable rate cash ISA paying a competitive 2.50% AER (2.57% tax-free variable). It is aimed at customers who want to save regularly to build up their ISA savings and make the most of their tax-free allowance.
The new increased cash ISA allowance of £15,000 comes into effect from 1 July 2014 and customers saving in the Regular Saver ISA can start saving towards the increased limit straight away as the account allows savers to make monthly deposits of between £1 and £1,250.
From 1 March 2015, the maximum monthly deposit limit will be removed, allowing customers who have not fully utilised their full annual ISA allowance to top-up to the maximum of £15,000. Regular Saver ISA has a fixed term until 31 March 2015, after which the money will be transferred into the Society’s Instant ISA Saver.
Regular Saver ISA can be opened and operated in branch or online and customers can get instant access to their money should they wish to make a withdrawal.
New ISA rules – Nationwide will be ready
Regular Saver is ready for New ISA subscriptions and the rest of the Society’s ISAs will accept the increased allowance from 1 July 2014. Savers who open a Fixed Rate ISA between 6 April and 30 June will be able to top-up their Fixed Rate ISA with their increased annual allowance during July. Nationwide customers can also utilise the rest of their allowance in a separate ISA product. This means that our customers, including those with a Fixed Rate ISA, can save up to the new allowance at any point in the tax year and could benefit if rates increase.
Louise Lovelock, Head of Customer Savings at Nationwide Building Society, said: “Regular Saver ISA is designed to help customers who are new to saving to make the most of their tax free allowance, as well as being a useful tool for existing savers who want to put a regular amount aside each month to build an ISA nest egg.
“Savers can amend the amount they save each month up to the monthly maximum, giving them the flexibility to save as much or as little as they want. In the final month of the tax year, savers will be able to top-up to the full £15,000, meaning they won’t lose out if they can’t deposit the full amount each month.
“Nationwide has campaigned for the Treasury to equalise the limits on the amount of money that can be saved in a cash and a stocks and shares ISA. We’re pleased the Chancellor listened and put the needs of savers first. Regular Saver ISA customers can now start to take advantage of these changes and the Society’s other cash ISAs will all allow customers to deposit the full £15,000 allowance from 1 July.”
Easy Saver ISA (Issue 5) will be withdrawn from sale at close of business on 5 April.
Notes to editors:
Full details of Nationwide’s savings accounts can be found at http://www.nationwide.co.uk/products/savings
Transfers in of existing ISA fund are not permitted into the Regular Saver ISA.
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.