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11 January 2013
Nationwide Building Society is today (Friday 11 January) launching Web ISA.
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 pays a rate of between 1.75% and 2.00% AER*/tax-free on balances over £1,000. The rate includes an introductory fixed bonus rate of between 1.25% and 1.50% until 31 August 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.
Online ISA (Issue 8) was withdrawn from sale at close of business on Thursday 10 January.
*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.
In order to apply for a Web ISA, a customer must already hold a Nationwide FlexAccount, FlexDirect, 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, EFFECTIVE FROM 11 JANUARY 2013
Balances of £1,000 - £9,999 include a 1.25% fixed introductory bonus rate until 31 August 2014. Balances of £10,000+ earn a 1.50% fixed introductory bonus rate until 31 August 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 members.
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.