Nationwide increases rate on 18 month Fixed Rate ISA

Nationwide has announced that it is increasing the rate on its recently launched 18 month Fixed Rate ISA by up to 0.30%.

This competitive new rate will be available to all accounts opened from 24 February 2011.  All customers who opened the account since its launch on Friday 18 February will automatically be moved onto the new rate.

With effect from Thursday 24 February, the new rates for annual interest will range from 3.25% to 3.55% gross p.a./AER depending on the balance.

Robin Bailey, Nationwide's director for savings, says: "This latest interest rate rise makes this ISA an extremely attractive option, especially for those savers who want to maximise the return on their money without tying up their funds for a lengthy period of time.  Forming part of an extensive Fixed Rate ISA range, the 18 month Fixed Rate ISA is another example of Nationwide offering the choice and variety to cater for the differing needs of savers up and down the country."

The rates on the rest of Nationwide's cash ISAs (one, three and four-year Fixed Rate ISAs, e-ISA, Champion ISA, Instant Access ISA and Members' ISA Bond), remain unchanged.

Monthly interest options are also available.