Nationwide, the UK’s largest building society by assets, is to launch an online only ISA.

The cash ISA, called Web ISA, is available to Nationwide customers who have a card-based savings or current account. Customers can apply for a card account prior to opening the Web ISA.

On balances over £1,000 the Web ISA pays a rate of between 1.75% and 2.00% AER/tax-free.

The rate includes an introductory fixed bonus rate of between 1.25% and 1.50% until 31 August 2014.

Web ISA allows new subscriptions and transfers of existing cash ISA balances held with Nationwide or other providers.

The ISA allows withdrawals and deposits subject to annual cash ISA allowances.

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