Nationwide has launched a new investment bond, the Legal & General Portfolio Bond, offering a regular withdrawal facility to provide income.

Other highly rated funds have also been added to Nationwide’s fund platform to further support customers as they grow their investment portfolios.

All of the Nationwide funds are available for investment through a Unit Trust, Open Ended Investment Company (OEIC) or within an Individual Savings Account (ISA) or the new Portfolio Bond.

With the new ISA limit for the over 50s coming in from 6 October, customers will have an ISA allowance of £10,200.

The full allowance can be invested in a stocks and shares ISA or up to £5,200 of it can be saved in a cash ISA.

The L&G Portfolio Bond has no fixed term but Nationwide says customers should aim to invest for at least 5 years – if it is cashed in during the first 5 years an early surrender charge will be payable, except on death.

There are a range of 21 investment funds available. At least £1,000 needs to be invested in a fund with a minimum overall investment of £5,000.

Robin Bailey, director of insurance and investments at Nationwide, said ‘We believe that the L&G Portfolio Bond is good news for those customers who are looking for a regular withdrawal to provide them with a fixed level of income from their investments, whilst the new leading funds we have added to our platform offer more choice to customers.’

The L&G Portfolio Bond is exclusively available through the Nationwide’s Senior Financial Consultants. ©MoneyHighStreet.com Personal Finance