Saving Early in a Cash ISA Could Earn You More Than GBP 125 Extra Interest
Savers Encouraged to Save a Little and Often Throughout the Year
(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwire) -- 04/03/12 -- Saving early in a cash ISA could earn savers more than GBP 125 extra interest(1), according to Building Society. It has compared the interest earned when saving the full cash ISA allowance on the first day of the tax-year compared to just the last day of the tax-year.
Economic conditions continue to be difficult for savers up and down the country, so it's understandable that not everyone will be able to save the full cash ISA allowance in April. The real message is therefore that savers should consider saving a little but often throughout the financial year, earning interest along the way. For example, even saving just GBP 50 per month could add up to GBP 3,200 after five years(2).
In the new tax-year ending 5 April 2013, people can save up to GBP 5,640 in a . Nationwide encourages all savers and investors who pay tax to make the most of their annual ISA allowance. The Society has filmed a new short ISA guide video () featuring money expert Michelle Slade and Nationwide head of savings Richard Marriott to remind savers and investors of the benefits of having an ISA and how easy it is to open one.
Richard Marriott, head of savings at Nationwide, said: "Savers who put their full ISA allowance into a product in April can earn more than GBP 125 more interest than those that wait for the end of the tax year. Clearly, not everyone can save GBP 5,000 in one go, but for those who can save, it's really important to get into the habit of saving a little and often."
Nationwide offers a range of cash ISAs that allow transfers from other providers, while also promising that it will pay interest on the date it receives the transfer application (provided funds are free to move and not subject to a notice period) - a move that has already benefitted savers GBP 1.6 million in the past year(3).
About Nationwide Building Society:
- Nationwide Building Society is the world's largest building society, the UK's second largest provider and third largest lender. It is also a major provider of , , and .
- With around 16 million members, Nationwide has a relationship with almost a quarter of the UK population. In the first half of 2010/2011 alone we helped 10,000 people buy their first home.
- Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the year 2010/11 Nationwide made a strong underlying profit of GBP 276 million - up 30% from the previous year.
- Our strong financial performance and prudent business model meant that Nationwide was included in Global Finance magazine's Top 50 Safest Banks in the World, one of only three UK institutions in the Top 50.
Notes to editors:
(1) Estimate. Calculation assumptions:
- Cash ISA subscribers 2010/11: 11,926,000
- Cash ISA subscription limit: GBP 5,640 (2012/13 allowance)
- Average cash ISA interest rate (industry): 2.27% (CACI, December 2011)
- Those saving the full cash ISA allowance on the first day of the tax year would collectively earn GBP 1,526,861,928 compared to GBP 4,183,183 if saving on the last day of the tax year. This equates to a difference of around GBP 128 per person.
(2) Depending on interest rate earned over those five years. Video: .
(3)
Contacts:
Media information:
Nationwide
Anthony Hua
01793 657770
Nationwide
Michelle Slade
01793 657500
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Unternehmensinformation / Kurzprofil:
Datum: 03.04.2012 - 12:13 Uhr
Sprache: Deutsch
News-ID 131463
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contact information:
Town:
LONDON, UNITED KINGDOM
Kategorie:
Insurance
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