Have some spare cash that you’d like to put to one side, while at the same time earn risk-free interest? If so, it might be worth considering a Nationwide ISA. In a nutshell, the UK building society offers a full range of ISA accounts, some of which pay more than others. Notably, the ISA that you opt for will depend on your current investment goals, and whether or not you think you are going to need to access your cash on-demand.
Nevertheless, if you’re thinking about using Nationwide for your ISA needs, be sure to read our comprehensive review. Within it, we’ll explore the different ISA accounts on offer, alongside their respective interest rates, eligibility, and whether or not you’ll be penalised for making a withdrawal.
Nationwide ISAs: What ISAs are offered?
Nationwide Building Society offers a good selection of ISA accounts. Scroll through the following accounts to find one that meets your individual needs.
Is a Nationwide ISA safe?
As a UK building society that falls under the remit of the Financial Services Compensation Scheme (FSCS), your savings are protected by the UK government in the event that the institution ceased to exist. As the FSCS protects savers up to the first £85,000 per institution, you should not invest more than this with Nationwide.
However, the above protections won’t apply if you end up losing money via a Nationwide Stocks and Shares ISA. As the value of your chosen investments can go up and down, this is the risk that you take. As such, if you are looking for a truly risk-free investment channel, then you might be best off sticking with a simple Cash ISA.
How much can I invest into my Nationwide ISA per year?
The tax-free limits that you can make each year via your chosen Nationwide ISA fall in-line with that of all other ISAs. For the 2019/20 tax year, the total amount that you can place into an ISA is £20,000. You can split your annual ISA allowance across multiple Nationwide accounts.
For example, while you might be thinking about putting £20,000 in the Fixed-Rate ISA account, you could just as easily split this 50/50 by putting £10,000 in a Stocks and Shares ISA, with the remaining £10,000 in the Fixed-Rate ISA. However, it is important to remember that before you make a withdrawal mid-year, you need to check whether or not the account is flexible. If it isn’t, and you plan to replace a recent withdrawal, you won’t be able to reset the limit.
Do I need to have an account with Nationwide to open an ISA?
This depends on the specific Nationwide ISA you are looking to open. Notably, the 1 Year Triple Access Online ISA - which pays the highest interest rate at 1.21% AER per year, requires you to already have a current account or savings account.
Is a Nationwide Stocks and Shares ISA safe?
It depends on how you define 'safe'. While Nationwide is a hallmark UK building society with a rich history, you need to remember that your Stocks and Shares ISA can go up and down. Ultimately, it depends on what investments you currently have in your portfolio.
How much can I put into a Nationwide ISA?
The limits fall in-line with that of the 2019/20 annual allowance, which stands at £20,000 per year. Take note, there is nothing stopping you from splitting your £20,000 across multiple Nationwide ISAs.