This is a passbook account being introduced by Nationwide Instant Access ISA, and therefore gives instant access to your available fund in your account. This system of ISA as we all know means Individual Savings Account. It is a very effective and flexible account whereby we can do incredible savings since the interest which is paid to the account holder against his or her fund is totally tax free. So practically the account holder gets to enjoy the entire amount of interest earned by his fund. The minimum age for this account is 16-years. The bank also issues a bonus of 1% gross p.a.
The interest rates varies from 0.25% to 0.50% hence maintenance of account balance is very vital. This account unlike other account is very feasible one can have unlimited number of fund withdrawals per annum. Well the biggest advantage is that you can have a minimum opening balance of £100. There is no notice period for additional number of withdrawals. Hence, the account holder can enjoy unlimited number of withdrawal over the entire stretch of taxable year.
This accounts AER is variable for a minimum balance £1 to maximum balance £9,999 the AER% is 0.25%, whereas for a minimum balance £10,000 to maximum balance £24,999 the AER% is 0.35% again for a minimum balance £25,000+ to an unlimited maximum balance the AER% is 0.50%. The gross percentage applicable per year is exactly the same. Now that’s what we call good profit from fund of savings account. So, the Nationwide Instant Access ISA is beneficial and attractive for earning money smartly. Therefore the pass book enables an instant access to your account detail right in your hand.
This instant access isa is available to any U.K. resident who is above 16-years old and receives the interest over these ISA that too tax free.
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