Junior ISA: Nationwide explain benefits of setting up account
When you subscribe we will use the information you provide to send you these newsletters.Sometimes they’ll include recommendations for other related newsletters or services we offer.Our Privacy Notice explains more about how we use your data, and your rights.You can unsubscribe at any time.
The new 18-month fixed rate ISA will be launched tomorrow, on Wednesday, March 17. The Member Exclusive FRISA will be exclusively available for existing members.
The account offers a fixed rate of 0.75 percent AER/ta-free for 18 months.
To open the account, savers will need to be an existing member (either by having a Nationwide savings, mortgage or current account) by today – Tuesday, March 16.
Currently, the building society has more than 15 million members.
As well as the launch of the new account, Nationwide has also announced its first ever ISA transfer incentive, to reward those moving savings from another ISA provider into the Society’s Member Exclusive Fixed Rate ISA (FRISA).
Members can get £50 for moving £10,000 or more to the Society, Nationwide said.
To get the incentive, the money must go into the Member Exclusive FRISA using the ISA transfer service.
To benefit from this offer, ISA transfer-in applications need to be submitted while the account remains on sale and once the transfer is complete, £50 will be paid to the saver.
As of Wednesday, savers can open the new fixed rate account, with a minimum of £1, using Nationwide’s digital channels, including on www.nationwide.co.uk as well as the Internet Bank and Mobile Banking App.
The account can also be opened via the building society’s branches.
Tom Riley, Nationwide’s Director of Banking & Savings, said: “As a mutual, we continue to look at how best to reward and offer value to our members and the launch of our new Member Exclusive FRISA does just that.
“As we fast approach the end of the tax-year, this new account means our current best on-sale ISA rate is available exclusively to existing members.
“We want to ensure that this new account is available to as many members as possible, which is why it is available to open online and via our branches.
“New members will still be able to benefit from our highly competitive Triple Access Online ISA.
“In what remains an ultra-low interest rate environment, we have tried to find alternative ways to reward all types of savers, which is why we are launching our first ever ISA transfer incentive, exclusively for existing members.
“While our Start to Save account looks to reward those who don’t have much to put away, our new £50 cashback offer is aimed at giving something back to those members who have built up a significant amount in their savings over the years and who choose Nationwide to look after their nest egg.”
The fixed ISA news follows Nationwide’s recent rate increase on its Triple Access Online ISA.
On March 5, the building society launched a new issue of this account, paying an increased rate.
It now pays 0.40 percent AER tax-free for 12 months.
Nationwide said the rate is “one of the highest available from a major high street provider”.
This instant access account allows the saver to make three withdrawals during the 12-month term.
Any further withdrawals would lower the interest rate to 0.01 percent for the remainder of the 12-month period.
Source: Read Full Article