Youthes make big Bucks!! (Nationwide Building Society ISA)

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Product:	Nationwide Building Society ISA
Date:	16/09/01 (459 review reads)
Rating:

Advantages: great interest rates

Disadvantages: not many

I opened a Nationwide instant access account nearly a year ago. When looking for an ISA it can seem a confusing task, so many types of ISA with so many banks. However help can be found with the likes of the money section of many weekend newspapers such as The Times, and internet sites such as MoneyFacts.

I am not sure what the situation is now, but for instant access, the Nationwide was among the very best, and also has the reasuurance of being with the biggest building society in Britain.

The account pays 6.5% Gross, which in todays climate of low savings rates is excellent. However the rules governing all Cash ISAs mean that you can only deposit £3000 in this tax year, which is set to drop to £1000 in subsequent years.

The Nationwide ISA is well worth a look, the only downside if you are used to current accounts is that you get a rather old-fashioned passbook, but it is still possible to set up direct debit payments to it if you want to save regularly.

Be warned though, with all the recent flotations of building societies, do not expect this as a way to qualify for a windfall should they ever convert to a bank, upon opening your account you are required to sign any potential windfalls to charity.

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