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Nationwide rewards loyalty with new Isa

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Nationwide has launched a new Isa product, designed to reward existing customers.

The Loyalty Single Access Isa is available to members who have been Nationwide customers for a minimum of a year. The Isa pays 1.4% AER tax free on balances over £1, which makes it the Society’s top paying variable-rate Isa. The Loyalty Single Access Isa can be opened and managed online, via Nationwide’s internet bank, mobile banking app or in branch.

This is competitive with other variable rate Isas. The top paying is currently Santander’s 123 e-Isa, which pays 1.5% (source: Savings Champion)

Nationwide has also launched a Single Access Isa, for new customers. This pays 1.3% AER tax free. The account can be opened online or in branch and then operated via Nationwide’s Internet Bank, Mobile Banking app or the group’s branch network.

Both products will accept in-coming transfers, so customers can transfer balances from other ISAs.

Tom Riley, director of savings at Nationwide, said: “We’re pleased to be able to offer a highly competitive rate to our loyal members, as well as offering a competitive rate for those new to the Society or with less than 1 year’s membership. ISAs remain an important product for many members, as interest from a cash ISA doesn’t count towards your Personal Savings Allowance, so it remains a tax efficient way to save for the short or long term.”

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