Nationwide Launches New Cash ISA Range
Published: 24 February 2010 By MoneyHighStreet Staff Leave a Comment
Nationwide Building Society has launched an new Champion ISA, e-ISA and a new market leading 3 year fixed rate ISA.
These new ISAs from Nationwide will be of particular interest to those who are still deciding where to invest their money this year and are yet to use their annual cash ISA allowance or want to switch their existing cash ISA balances to get a better deal.
The Nationwide Champion ISA is available to both new and existing customers. This ISA has a fixed introductory bonus of 1.35% gross p.a. until 30 June 2011 for balances of £1,000 plus. Including the introductory bonus the Champion ISA pays a return of up to 2.5% gross p.a./AER.
One penalty free withdrawal can be made in a tax year without notice. Further witdrawals can be made in the same tax year but are subject to 60 days’ notice or loss of interest.
Nationwide will use Moneyfacts, an independent organisation, to check the basket of competitors’ top paying branch-based cash ISAs, meaning customers don’t have to. The Society will then update the Champion ISA’s interest rate accordingly. Rates will be calculated on the second Monday of each month and come into effect from the 1st of the following month.
Michelle Slade, Moneyfacts spokesperson, said: “With today’s hectic lifestyles, shopping around for the best rates can be difficult. This is why the Champion ISA could help savers make the most of their money, as it automatically tracks the interest rates from a basket of eight key competitors. As experts in financial products, I’m pleased to say that Moneyfacts has been chosen by Nationwide to independently verify Champion ISA’s interest rate.”
The e-ISA pays 2.75% gross p.a. AER variable, including an introductory bonus of 1% gross p.a. until 30 June 2011.
The new market leading 3 year Fixed Rate ISA pays 4.4% gross p.a./AER for the annual interest option.
The previous Nationwide six month, two year, three year for over 50s and five year Fixed Rate ISAs were withdrawn at the close of business on 23 February 2010. The two year Tracker ISA continues to be available.
