On Wednesday 17 March, Nationwide Building Society launches a new market-leading fixed rate ISA exclusively for existing members, as well as 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).
The Member Exclusive FRISA will be an 18-month fixed rate account paying a market-leading 0.75% AER/tax-free, meaning members will benefit from the Society’s best current on-sale ISA rate.
In order to open the Member Exclusive FRISA, savers will need to be an existing member (either by having a Nationwide savings, mortgage or current account) by Tuesday 16 March. Nationwide has more than 15 million members.
Savers will be able to open the 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. It can also be opened via the Society’s branches.
The launch of this new account follows on from the recent rate increase on Nationwide’s 1 Year Triple Access Online ISA, which offers a highly competitive 0.40% and which is available to all savers.
ISA transfer incentive:
The new account will accept transfers-in and, to further reward members who do, Nationwide is launching its first ever ISA transfer incentive, 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 sale1 and once the transfer is complete, £50 will be paid to the saver2.
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.”