New Tax Year, New Isa for Regular Savers

8 April 2015

To coincide with the start of the new tax year, Nationwide Building Society is once again offering an ISA account aimed at those savers who like to save regularly throughout the year. Regular Saver ISA is an instant access, variable rate account paying a competitive 2.00% AER* (2.07% tax-free variable).

Starting from 6 April 2015, savers can deposit between £1 and £1,270 per calendar month until 1 March 2016. Savers can also miss a monthly payment or make a withdrawal without penalty. As the account is designed for those who want to save regularly, transfers in from existing ISAs are not permitted.

Regular Saver ISA can be opened and operated via the Nationwide’s mobile banking app as well as through and any of the Society’s branches.

Flexclusive ISA

Also for the start of the new tax year, the Society is now allowing current and previous issues of its Flexclusive ISA to accept transfers in of existing ISA balances.

The current issue of Flexclusive ISA, Issue 8, pays 1.50% AER/tax-free variable. It is available to main Nationwide current account holders. FlexAccount, FlexDirect and FlexPlus current account customers and to those who open one of these current accounts in the last four months using Nationwide’s Current Account Switch Team.

Tom Riley, Nationwide’s Head of Savings, comments: “Whether it is to cover unexpected costs or just to deal with day to day expenditure, it is important for people to have a savings cushion that they can lean on. Building up that nest egg doesn’t have to be an onerous task either, because just putting aside a small amount on a regular basis can make a noticeable difference. Our Regular Saver ISA allows people to save as little as £1 per month. Savers can even miss a payment or make a withdrawal if they need to without being penalised.

“The changes we’ve made to Flexclusive ISA cater for those savers who have existing cash ISA balances and want to move that money to get a better deal.”

Notes to Editors

More details of Regular Saver ISA

  • From 1 March 2016, the maximum monthly deposit limit on Regular Saver ISA is removed allowing savers to utilise any of their remaining £15,240 tax-free allowance.
  • Regular Saver ISA has a fixed term until 31 March 2016, after which the account will be transferred into the available issue of the Society’s Instant ISA Saver account, which currently pays 1.25% AER/tax-free variable.

More details of Flexclusive ISA can be found here:

* The AER has been calculated assuming the account is opened on 1 May 2015 and receives an interest rate of 2.07% tax-free variable until 31 March 3016, then transfers into our on-sale Instant ISA Saver and receives an interest rate of 1.25% tax-free variable (the on-sale Instant ISA Saver rate that currently applies) from 1 to 30 April 2016.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if customers do pay tax). Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

Nationwide is the world's largest building society as well as one of the largest savings providers 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, via the mobile app, on the telephone, internet and post. The Society has around 18,000 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.

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