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Instant ISA Saver

Instant ISA Saver is designed for those that want the convenience of a tax-free cash ISA with instant access.

A cash ISA allows UK residents aged 16 or over to save up to their annual ISA allowance tax-free with one provider each tax year. The allowance is £15,240 for 2016/2017. With other savings accounts, you may have to pay tax on the interest you earn, depending on your Personal Savings Allowance. The interest on a cash ISA is tax-free, so all the interest you earn, you keep.

Help with your existing ISA

Our support pages have information on how to manage your account and view interest rates.

Go to Savings & ISA support

Summary Box

Account name

Instant ISA Saver

What is the interest rate?

0.60% AER/tax-free (variable).

Interest is calculated daily and paid annually on 30 September and on closure.

You can choose to have interest added to your account, a Nationwide current or savings account (subject to the terms and conditions of the receiving account) or a current account with another bank or building society.

Can Nationwide change the interest rate?

Yes, the interest rate is variable. This means that we have the ability to change the interest rate.

Please see the ‘Interest’ section in the Savings General terms and conditions which sets out when we can vary the interest rate and how we will notify you if this happens.

What would the estimated balance be after 12 months based on a £1,000 deposit?

The balance on an initial deposit of £1,000 with an interest rate of 0.60% AER/tax-free (variable) over 12 months would be £1,006.00.

This projection is for illustration only and assumes that:

  • Interest is paid into the account
  • No further deposits or withdrawals are made
  • There is no change to the interest rate
  • Individual circumstances do not change
  • Account opened on 1 October 2016.

How do I open and manage my account?

To open this account:

  • You need to be aged 16 or over
  • You can have a maximum of one account holder.
  • You can open this account with a minimum of £1 up to a maximum of the annual ISA allowance (currently £15,240 for tax year 2016-2017)
  • You can also transfer existing ISA funds into the account.

You can open this account:

You can manage your account:

  • Via the Internet Bank or Banking app (if you are registered for Internet Banking)
  • In branch
  • You can make as many deposits as you wish up to a maximum of the annual ISA allowance (currently £15,240 for tax year 2016-2017).

Please note: you will need a minimum of £1 in the account for it to operate.

It’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. We can also close your existing savings account if you want us to. Just let us know when you open a new account on nationwide.co.uk, via our Internet Bank or Banking app (if you're registered) or come see us in branch.

Can I withdraw money?

Yes, this is an instant access savings account so you can get access to your money whenever you need it.

You can:

  • Withdraw up to £500 in cash a day or up to £500,000 by cheque at any of our branches
  • Transfer money to another Nationwide current account or instant access savings account held in your name, using our Internet Bank or Banking app (if you’re registered for Internet banking)

  • You can also transfer existing ISA funds in to the account.

You can replace any withdrawn money from your cash ISA, as long as you withdraw and replace it in the same tax year, without impacting your annual ISA allowance.

Additional information

  • Your passbook provides a record of transactions (a passbook will only be issued for accounts opened in branch)
  • The maximum balance on this account is subject to your annual ISA allowance.

Interest rate definitions explained:

  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year
  • Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

The rates and information in this summary box are correct as of 1 December 2016.

This Summary Box sets out the key features of the savings account. For full details, please read the account terms and conditions.

Before you apply, please make sure you read the Summary Box and terms & conditions in full and print or save a copy of the PDFs below for future reference.