Why choose Instant ISA Saver?

Instant ISA Saver Issue 16

The interest rate is dependent on the balance in your account.

Interest is calculated daily and paid annually on 30 September and on the date the account is closed.

You can choose to have interest paid to you by having it added to your account, or by asking us to pay it into a different Nationwide current or savings account (as long as it is possible to make interest payments into that account) or a current account with another building society or bank.

Yes, the interest rates are variable.

Please see the “Variation of your interest rate and other account terms and conditions” and “How will we tell you about interest rate changes?” sections of the Cash ISA General Terms and Conditions which sets out when we can vary the interest rate and how and when we will notify you if this happens.

This estimated balances are for illustration only and assumes that:

• the account is opened on 1 October
• interest is paid into the account
• no further deposits or withdrawals are made
• there is no change to the interest rate

To open this account you must:

• be aged 16 or over
• not have paid in more than the annual ISA allowance in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA and a Lifetime ISA in this tax year
• not have paid in to a cash ISA with another ISA manager in this tax year (unless you are transferring the money paid in to the other cash ISA to this one)
• be resident in the UK for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the UK, or you must be married to, or in a civil partnership with, a person who performs such duties.

You can open this account with a minimum of £1 up to a maximum of the annual ISA allowance (currently £20,000 for tax year 2019/2020).
You can also transfer existing ISA funds into the account at any time.

You can open this account:

• using the 'Start application' button below this Summary Box
• via our Internet Bank or Banking app - if you're registered
• in branch

If you already have an ISA with us or another ISA manager, you can transfer your existing ISA funds to this ISA in branch or via an online application form on nationwide.co.uk/isas.

You can manage your account:

• via our Internet Bank or Banking app - if you are registered
• in branch

It’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. Simply go to nationwide.co.uk, use our Internet Bank or Banking app or visit one of our branches.

Yes, this is an instant access savings account so you can get access to your money whenever you need it without notice or loss of interest.

Subject to the account balance, 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 savings account (as long as it is possible to make payments into the account), using the Internet Bank or our Banking app - if you're registered
• make transfers by CHAPS (please note, this service is only available in branch and there is a fee payable).

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.

Interest is calculated on each whole pound in the account.

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 treatment of your account for tax purposes will depend on your individual circumstances. For more information please visit HM Revenue & Customs’ (HMRC) website hmrc.gov.uk.

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

The interest rates and information in this summary box are effective from 06 April 2019.