20 March 2019
Nationwide launches two new highly competitive ISA products on Thursday 21 March.
Loyalty Single Access ISA
Nationwide is launching Loyalty Single Access ISA, which will pay a highly competitive 1.40% AER/tax-free (variable) on balances of £1 or more. This will become the Society’s top paying variable-rate ISA1, available to members who have been with the Society for a minimum of 1 year.
Loyalty Single Access ISA can be opened and managed online, via Nationwide’s Internet Bank, Mobile Banking app or in branch.
Single Access ISA
Single Access ISA, will pay a competitive 1.30% AER/tax-free (variable) and 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 highly competitive rate to our loyal members, as well as offering a competitive rate for those new to the Society or with less than 1 year’s membership.
“ISAs remain an important product for many members, 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.”
Notes to Editors:
1 Excluding Help to Buy ISA, which is only available for first-time buyers.
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.