Written on: 19/01/2004 by blue10 (2 reviews written)
High interest rate paid gross, for small amounts of money. Branch based, easy access to account.
If investing in a mini cash ISA, you are not allowed to invest in a maxi ISA, which comprises stocks and shares.
I would recommend the Nationwide Instant Access ISA as an essential way to save. Everyone pays tax on their earnings and purchases, a cash ISA means that, at least, interest on some savings can be tax-free.
The ISA account is branch based with a passbook, and can be opened with as little as £1. Interest is currently 4%, which is much higher than most ordinary branch-based accounts, and the chancellor can't get his hands on a penny! That includes amounts up to £3000 - the current maximum amount that can be paid into a cash ISA.
Access is easy, money can be added or withdrawn from any Nationwide Building Society branch, and offices are in most towns. The account balance can also be viewed over the internet and funds transferred when you have registered.
The account has the government CAT standard which means no charges, easy access and fair interest rates.
Savers who have been with the Nationwide for over three years can invest in The Member's ISA bond, which pays 4.3% gross interest. Terms are more restrictive though, for example, only one withdrawal is allowed each year, and you have to give 60 days notice.
Because of the great tax-free interest rate and easy access to the account, I think the Instant Access ISA is a great way to save. Although if wishing to include shares in an ISA, a maxi ISA is the way to go.
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