Limited Access Online Saver

Limited Access Online Saver is a variable rate savings account that allows you to make up to 5 withdrawals per Account Year without any loss of interest. There is also the flexibility to make further withdrawals, if you need to, at a lower rate of interest for the remainder of the Account Year.

You can only open an account and then access and manage your savings account online. Your variable interest rate is calculated daily and paid annually.

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Our support pages have information on how to manage your account and view interest rates.

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Summary Box

Account name

Limited Access Online Saver

What is the interest rate?

The interest rate on this account is dependent on the number of withdrawals made during the Account Year (see ‘Additional Information’ section).

Withdrawals per Account Year Interest rate AER/gross p.a. (variable)
5 or less withdrawals 0.50%
6 or more withdrawals 0.10%

Interest is calculated daily on each penny and is paid into the account annually on the anniversary of account opening and on closure.

Can Nationwide change the interest rate?

Yes, the interest rate is variable. This means that we have the ability to change the interest rate. Please see the ‘Interest’ section in the Savings General terms and conditions which sets out when we can vary the interest rate and how we will notify you if this happens.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Withdrawals per Account Year Interest rate AER/gross p.a. (variable) Balance after 12 months
0 0.50% £1005.00

The table above shows the balance on an initial deposit of £1,000 where no withdrawals have been made over 12 months with interest added to the account.

Withdrawals per Account Year Interest rate AER/gross p.a. (variable)* Balance after 12 months
6 0.10% £942.91

The table above shows the balance on an initial deposit of £1,000 over 12 months with interest added to the account, where a withdrawal of £10 was made on the 1st day of each calendar month for the first 6 months.

*Please note: this rate is only applied once the 6th withdrawal is made in the Account Year.

Both estimated balances are for illustration only and assume that:


  • Interest is paid into the account
  • No further deposits or withdrawals are made
  • There is no change to the interest rate
  • Individual circumstances do not change

How do I open and manage my account?

To open this account:

  • You must be aged 16 or over; and
  • A UK resident.
  • You can only be an account holder of one Limited Access Online Saver account, which can be held in either sole or joint names.
  • You will need your email address to open the account.

You can open this account:

  • Online only using the secure application form (use the 'Start application' button below this summary box) or by logging into the Internet Bank or Banking app.
  • You'll be registered for the Internet Bank as part of the opening process (if you’re not already registered).

You can manage your account:

  • Online only using the Internet Bank or the Banking app.
  • Once the account is open you have 28 calendar days to deposit the minimum opening balance of £1 or more into the account, otherwise the account will be closed.
  • The maximum you can hold in the account is £5 million.
  • Our main way of communicating with you about your account will be by email, unless a letter is required.

This account does not come with a card, passbook or certificate.

It’s easy to move your savings online between your existing Nationwide savings account or to open a new savings account with us. You can even close your existing savings account if you want to. Simply log on to the Internet Bank or Banking app.

Can I withdraw money?

Yes, you can make 5 withdrawals per Account Year without loss of interest. Further withdrawals are allowed but will result in a lower interest rate for the remainder of the Account Year.

You can:

  • Transfer money via the Internet Bank and the Banking app to your nominated account. This can be a Nationwide current or savings account, or a current account held with another UK provider. It has to be in your name either as a sole or joint account holder. The receiving account must accept incoming payments.**
  • Transfer money via the Internet Bank and the Banking app to a Nationwide current or savings account held in your name. Subject to the terms and conditions of the receiving account.

**Note: Transfers to a nominated account held with another UK provider will be made by Faster Payment. These payments (including payments made on account closure) will be subject to the Faster Payment upper limit, which is set by Nationwide from time to time and is currently £100,000 for this account. This means that you will need to use more than one withdrawal for payments (including closure) in excess of this amount.

Additional information

  • Your transaction history is available on the Internet Bank.
  • Account Year means the 12 month period from the date that the account was opened and each subsequent period of 12 months thereafter.

Interest rate definitions explained:

  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
  • Gross p.a. is the interest rate without tax deducted.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HMRC’s website.

The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

The rates and information in this summary box are correct as at 17 March 2017.

This Summary Box sets out the key features of the savings account. For full details, please read the account terms and conditions.

Before you apply, please make sure you read the Summary Box and terms & conditions in full and print or save a copy of the PDFs below for future reference.