Nationwide unveils over-50s ISA
Nationwide has launched a new ISA exclusively for investors aged 50 or above.
The three-year fixed-rate ISA Bond, or Frisa as it is being dubbed, is paying four per cent interest from Tuesday, October 6th.
This date coincides with rule changes which mean over-50s will be allowed greater annual ISA limits of £10,200, of which £5,100 may be saved in a cash ISA.
Nationwide's new cash ISA aims to help the over-50s make the most of their new allowances.
Eligible customers at the building society will be allowed to top up their Instant Access ISA and Members' ISA Bond, and eligible savers with a Frisa Bond or Tracker ISA can open additional accounts up to the £5,100 limit.
Andy Hutchinson, Nationwide's head of savings, said: "The launch of Nationwide's new 50 plus Fixed Rate ISA Bond is great news for new and existing customers who are looking to take advantage of the new increased annual ISA allowance."
He added: "Not matter what kind of ISA you have, eligible customers can take full advantage of the new allowance, so long as they have not already invested with another ISA provider this year."
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