e-Savings - Savings interest rates and account details

Summary Box

Key Product Information for our savings accounts

Account name

e-Savings (linked to FlexAccount)

Interest rates (AERs) - Variable

Balance	*AER %**	AER** %	Gross p.a. %	Net p.a. %
£1 - £3,000,000	0.45	n/a	0.45	0.36

Effective from: 01 April 2009

Tax Status

e-Savings account interest is paid net of basic rate tax, depending on your status.

Conditions for bonus payment

n/a

Withdrawal arrangements

Instant access

Access

Internet or phone via your FlexAccount.

Minimum & maximum balances	£1 minimum £3,000,000 maximum
How to open	You first need a Nationwide FlexAccount with Internet Banking. Opening e-Savings is as simple as selecting the link within the Internet Bank and saying how much you'd like to transfer in. The savings account will take up to 5 days to show on the Internet Bank, although your savings will start to earn interest from the day of deposit.
Maximum number of savings account holders	2, the e-Savings will be opened in the same name(s) as the linked FlexAccount.
Minimum age	16

Paying in	Funds are transferred online into the e-Savings from your FlexAccount current account using the Internet Bank or Telephone Banking. It is not possible to pay directly into e-Savings, all payments must come via the FlexAccount.
Taking money out	Savings account funds can only be transferred online from e-Savings to a FlexAccount on the Internet Bank or via Telephone Banking.
Keeping track of my money	Full statement available on the Internet Bank. Mini-statements are available through Telephone Banking. No paper statement is provided as this is an online account.
Interest	e-Savings interest rates are calculated daily and paid annually on the 31 March. Interest rates are variable.

AER* stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

AER** includes conditional bonus (if applicable)

The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).

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