2 March 2018
Nationwide launches two new market-leading ISA products on Friday 2 March.
Loyalty Single Access ISA
Nationwide is launching a new, market-leading Loyalty Single Access ISA, which will pay a headline rate of 1.40% AER/tax-free (variable) on balances of £1 or more. This will become the Society’s top paying variable-rate ISA, available to customers who have been with the Society for a minimum of 1 year.
Loyalty Single Access ISA can be opened and managed via Nationwide’s Internet Bank, Mobile Banking app or branches.
Single Access ISA
Single Access ISA, at a highly competitive rate of 1.30% AER/tax-free (variable), is available for new customers or those who have been with the Society for less than 1 year. The account can be opened online or in branch and then operated via Nationwide’s Internet Bank, Mobile Banking app or branches.
Both Loyalty Single Access ISA and Single Access ISA accept transfers in, so customers can transfer balances from other ISAs in order to make the most of these highly competitive rates.
Tom Riley, Director of Savings at Nationwide, commented: “Rewarding loyalty is at the heart of what we’re about at Nationwide, so we’re pleased to be able to offer a market-leading ISA rate to our loyal customers, along with a highly competitive rate for new customers or those with less than 1 year’s membership.
“ISAs remain an important product for many consumers, as interest from a cash ISA doesn’t count towards your Personal Savings Allowance, so it remains a tax efficient way to save for the short or long term.
“This latest loyalty offer follows on from the launch of a range of loyalty bonds and fixed rate ISAs last year, along with Loyalty Saver, which remains one of the most popular products in our savings range. Nationwide has also rewarded customers by returning £245 million to them over the first 6 months of the financial year through better than average interest rates, lower fees and higher incentives.”
Notes to Editors:
If more than one withdrawal is made per year, the interest rate for both Loyalty Single Access ISA and Single Access ISA will go down to 0.50% AER/tax-free (variable) from the date of the second withdrawal until the anniversary of account opening, at which point it will go back to the higher rate.
AER stands for Annual Equivalent Rate which 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.