How is interest calculated?
The current interest rate is 4.25% gross AER. – Since writing the interest rate has fallen to 3.50%
To open this account you must be a FlexAccount holder, to view the qualifying criteria click here .
This rate includes a bonus of 2.25% until 31/01/2013. Since writing the new rate includes a bonus of 1.50% until 30/11/2013. Nationwide Building Society promise to pay at least 1.50% above the Bank of England Base Rate until 01/01/2014.
Is interest accumulated to my savings?
The interest is paid annually.
How long do I have to tie my savings up for?
This is an instant access account.
Can I get access to my savings?
You have instant access to your savings with unlimited withdrawals, but amounts withdrawn cannot be replaced in the same tax year.
How do I manage my account?
To open the account you need to visit your local branch of Nationwide.
The account is also managed in branch.
How much can I save?
The account can be opened with £1.
The maximum amount is £5,640 for tax year 2012-2013.
How is the interest taxed?
This is a Cash ISA and therefore the interest is paid without the deduction of tax.
What are the advantages of this account?
- This is account offers the best rate available for an Instant Access Cash ISA
- Nationwide also promise to pay at least 1.50% above the Bank of England Base Rate until 01/01/2014
- Nationwide Building Society are members of the UK Financial Services Compensation Scheme (FSCS)
What are the disadvantages?
- The account is only available to customers who have a Nationwide FlexAccount
- For some, branch access to the account could be a disadvantage
The Investment Sense Verdict
If you have a Nationwide FlexAccount and meet the criteria laid out by the Society, the Flexclusive ISA is undoubtedly the best rate, currently available (at time of writing).
This account gets the thumbs up from Investment Sense with the good things it has on offer; best interest rate for an Instant Access Cash ISA, a promise to pay at least 1.50% above the Bank of England Base Rate, low initial deposit, instant access to your savings and unlimited withdrawals.
However, to access the account you will have to open a Nationwide FlexAccount, which may be too much trouble for some.
Should you wish to discuss this account, or ways of getting a real, above inflation, return on your savings, speak to one of our team of advisers today. They can be contacted on 0115 933 8433, 0845 078 7774 or by sending an email to email@example.com.