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Nationwide Launches new Fixed Rate ISA Bond Paying 3.25%

Personal_Finance / ISA's Mar 22, 2009 - 03:41 PM GMT

By: Nationwide

Personal_Finance Nationwide Building Society announced details of a new four year Fixed Rate ISA Bond, paying up to 2.75% gross p.a. / AER. The new Fixed Rate ISA Bond offers savers a choice of annual or monthly interest and provides a tax-free guaranteed rate of return.

The new Fixed Rate ISA Bond complements Nationwide's existing range of one, two and three year Fixed Rate ISA Bonds:

  • One year Fixed Rate ISA Bond, paying up to 3.00% gross p.a. / AER;
  • Two year Fixed Rate ISA Bond, paying up to 3.00% gross p.a. / AER;
  • Three year Fixed Rate ISA Bond paying up to 3.25% gross p.a. / AER.

The Society also offers an Instant Access ISA, a Members' ISA Bond 1 and a Stocks and Shares ISA.

Nationwide recently revealed that during the 2008/09 tax year, savers will potentially waste £100 million 2 by failing to make full use of their £3,600 ISA allowance. With the end of the tax year rapidly approaching, the Society is urging savers without an ISA to open one and those who already have an ISA to top it up.

Andy McQueen , Nationwide's savings and mortgages director, said : “It's really important that everyone makes the most of their tax-efficient annual ISA allowance. Once the end of this tax year has passed, savers will lose the opportunity to invest their maximum allowance for this year for ever. Although base rate is currently at an historic low, savers should still make the most of their tax efficient allowance and will reap the benefits of building up an ISA nest-egg when the economic climate improves. We're pleased to be able to offer a wide range of ISA products to suit our savers needs.”

Fixed Rate ISA Bonds:

  • Rates on the one, two and three and four year Fixed Rate ISA Bonds are limited offers and may be withdrawn without notice.
  • All existing Nationwide cash ISA and Tessa Maturity ISA holders can transfer all of their existing Nationwide ISA balances into a Fixed Rate ISA Bond without affecting their annual ISA subscription limits. Transfers in from other ISA providers are currently not permitted.
  • Customers can also add up to £3,600 when opening a Fixed Rate ISA Bond if they have not yet used their cash ISA allowance in the current tax year.
  • The one year Fixed Rate ISA Bond can be closed at any time subject to the loss of 90 days' interest. The two year Fixed Rate ISA Bond can be closed in the first year subject to the loss of 120 days' interest, and in the second year subject to the loss of 90 days' interest. The three year Fixed Rate ISA Bond can be closed in the first year subject to the loss of 150 days' interest, in the second year subject to the loss of 120 days' interest and in the third year subject to the loss of 90 days' interest. The four year Fixed Rate ISA Bond can be closed in the first year subject to the loss of 180 days' interest, in the second year subject to the loss of 150 days' interest, in the third year subject to the loss of 120 days' interest and in the fourth year subject to the loss of 90 days' interest.

Nationwide Stocks and Shares ISA:

Nationwide offers stocks and shares ISAs which are provided by Legal & General. A wider choice of 17 investment funds is available when you receive advice from our Senior Financial Consultants:

Alternatively, customers can invest, without advice, in the L&G (N) Target Return Trust, a low risk growth fund, in branch when they top-up their cash ISA to take full advantage of their annual £7,200 allowance. There's currently no initial charge on the fund and customers can invest from £20.

Nationwide also offers customers the option of investing in a range of six funds online, all from £20 and with no initial charge:

Nationwide Building Society transferred the ownership of its subsidiaries Nationwide Life and Nationwide Unit Trust Managers to Legal & General Assurance Society Ltd on 1st February 2008 and entered in to its distribution deal with Legal & General on 5th February 2008.

Nationwide Archive

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Ben Zola
24 Mar 09, 11:41
Why is this here?

This type of shameless and direct advertising of a really-not-that-great product should no tbe allowed. What happened here? This is not insight? It's an ad- pure and simple!

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