Junior ISA: Nationwide explain benefits of setting up account
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The Member Exclusive FRISA is an 18-month fixed Rate ISA, which was launched last month, and pays a rate of 0.75 percent AER/tax-free – making it currently a market-leading rate. It means members will benefit from the Society’s best current on-sale ISA rate.
As the name suggests, those applying must be an existing Nationwide Building Society member.
At the same time, Nationwide announced its first ever ISA transfer incentive.
The offer rewards those moving savings from another ISA provider into the Society’s Member Exclusive Fixed Rate ISA (FRISA).
Nationwide is offering £50 cashback to those who transfer in at least £10,000 into the Member Exclusive FRISA via the ISA transfer service.
To benefit from the 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.
To qualify for the Member Exclusive FRISA, savers will need to be an existing member – either by having Nationwide savings, mortgage or current account, by Tuesday March 16.
Nationwide said it has more than 15 million members.
Savers can open the account with a minimum of £1 – although the time to do so is running out.
Today is the last day for members to open the FRISA which pays 0.75 percent.
It means existing Nationwide members have until 23:59 today to open the account via Nationwide’s digital channels – including the building society’s website as well as the internet bank and mobile banking app.
Today is also the last day members can book a telephone appointment to open the Member Exclusive FRISA.
Anyone with a telephone appointment already scheduled between April 16 and the close of business on April 30 will still be able to open the account as those telephone appointments will continue as planned.
Any members opening the account via an application form received from their local branch up to and including today must return their application back to the branch within seven calendar days.
Since its launch on March 17, more than 127,000 Member Exclusive FRISA accounts have been opened.
As it is linked to the Member Exclusive FRISA, today is also the final day members can benefit from the Society’s ISA transfer incentive.
Speaking at the launch, 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.”
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