Savings Legal information
Rates may vary (except fixed rates). Income tax will usually be deducted from the interest at the lower rate (currently 20%) unless you are registered to receive interest gross as required by the HM Revenue and Customs.
Complaints we cannot settle to your satisfaction through our internal procedure you may refer to the Financial Ombudsman Service.
Calls may be recorded.
Nationwide Building Society is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. You may be entitled to compensation from the Scheme if we cannot meet our obligations. In relation to savings accounts, payments under the Scheme are limited to a maximum of £50,000, that is 100% of the first £50,000 of an investor's total shares and/or deposits. In relation to investment accounts, payments under the Scheme are limited to a maximum of £48,000, that is 100% of the first £30,000 and 90% of the next £20,000. Each individual in a joint account is eligible to receive compensation up to the limit. Further information about the Scheme is available from the Financial Services Compensation Scheme.
Setting standards for banks, building societies and other banking service providers.
We subscribe to the Banking Code. Not all financial institutions do. Doing your banking with someone who subscribes to the Banking Code gives you extra confidence. You should check that any other financial institution you deal with for banking services (such as savings accounts, current accounts, loans and credit cards) also subscribes.
The Banking Code sets minimum standards of good service that you can expect from banks, building societies and other providers of banking services. The section below tells you about our key commitments and responsibilities to you under the Banking Code.
Our key commitments to you
We promise that we will act fairly and reasonably in all our dealings with you by meeting all the commitments and standards in this Code. The key commitments are shown below.
- we will make sure that our advertising and promotional literature is clear and not misleading and that you are given clear information about our products and services
- we will give you clear information about accounts and services, how they work, their terms and conditions and the interest rates which may apply
- when you have chosen an account or service we will give you clear information about how it works, the terms and conditions and the interest rates which apply to it
- we will help you use your account or service by sending you regular statements (where appropriate) and we will keep you informed about changes to the interest rates, charges or terms and conditions
- we will help you to switch your current account between financial institutions subscribing to this Code
- we will lend responsibly
- we will deal quickly and sympathetically with things that go wrong and consider all cases of financial difficulty sympathetically and positively
- we will treat all your personal information as private and confidential, and operate secure and reliable banking and payment systems
- we will publicise this Code, have copies available and make sure that our staff are trained to put it into practice
How you can find out more
The Banking Code is updated regularly. The most recent edition came into force on 31 March 2008. It contains standards that cover:
- choosing products and services which meet your needs
- running your account
- borrowing money
- interest rates, charges and terms and conditions, and how you will be told about any changes to these
- cards and PINs
- protecting your account and your personal information
- moving or closing your account
- dealing with financial difficulties
- and complaints
If you ask us, we will tell you how to make a complaint and how quickly we will deal with it. If we cannot settle the complaint to your satisfaction, you may ask the Financial Ombudsman Service to look into it. If your complaint is about National Savings and Investments, you can ask the Independent Adjudicator to look into it. You can contact them both at South Quay Plaza, 183 Marsh Wall, London, E14 9SR.
Copies of the Banking Code
If you would like a free copy of the Banking Code, you can get one from us. Or you can view and download a copy from the British Bankers' Association's website at www.bba.org.uk.
Banking Code Standards Board
The Banking Code is monitored by an independent organisation – the Banking Code Standards Board. It makes sure that any institutions which subscribe to the Code follow it and it can take action if any institution fails to do so. You can contact them at Level 12, City Tower, 40 Basinghall Street, London, EC2V 5DE or via their website at www.bankingcode.org.uk.
I (each of us if more than one is applying) agree that:
(a) you will rely on the information I have given you on this form, which I confirm is complete and true. You may decide to decline my application;
(b) as well as the account conditions, Nationwide’s rules apply to this account and I can obtain a copy of these in any of your branches;
(c) the money I am investing in this account is my own;
(d) to open a Loyalty Fixed Rate Bond, I must have been a continuous member of the society for at least three years when the account is opened.
Use of my information
(e) any information about me and my account may be shared within Nationwide to open and manage the account, make lending decisions, collect debts, trace debtors, prevent fraud and money laundering and for business analysis. It may also be shared within Nationwide and with specialist companies for market research purposes on behalf of Nationwide. Nationwide may use my information to populate application forms for products provided or introduced by Nationwide. If I notify you of changes to my personal details, it is your normal practice to update all of my accounts unless I ask you not to. If I have opened an account or policy with another organisation introduced to me by Nationwide, you will pass these updates to them but I am advised to contact them to confirm the changes;
(f) you may make searches about me at credit reference agencies who will supply you with information, including information from the Electoral Register, for the purpose of verifying my identity. The agencies will record details of the search whether or not my application proceeds. The searches will not be seen or used by lenders to assess my ability to obtain credit. You may use scoring methods to assess my application and to verify my identity. Credit searches and other information which is provided to you and/or the credit reference agencies, about me and those with whom I am linked financially, may be used by Nationwide and other companies if I apply for other facilities including insurance applications and claims. This information may also be used for debt tracing and the prevention of money laundering as well as the management of my account. Alternatively, you may ask me to provide physical forms of identification;
(g) any information about me and my account can be shared within Nationwide to prevent or detect fraud, or to assist in verifying my identity. You may also search the records of fraud prevention agencies who will supply you with information. You may pass information to financial and other organisations involved in fraud prevention to protect yourselves and your customers from theft and fraud. If I give you false or inaccurate information and you identify fraud, you will record this and pass it to fraud prevention agencies to prevent fraud and money laundering;
(h) Nationwide may inform me of special offers, products and services, either by letter, telephone or e-mail.
If I am a new Nationwide customer and I do not wish to receive marketing material by letter, telephone or email, or any combination of these I can write to you at Nationwide Building Society, Marketing opt-out, FREEPOST SCE 7125, Swindon SN38 9LY.
If I am an existing Nationwide customer my current marketing preferences will continue unless I tell you otherwise.
'Nationwide' means Nationwide Building Society and its subsidiaries (which include Nationwide Trust Ltd, Nationwide International Ltd, The Mortgage Works (UK) plc, and UCB Home Loans Ltd).
(i) I have the right of access to my personal records held by you and the credit and fraud Agencies. Nationwide charges a fee for this service. I can ask for a copy of your leaflet ‘How Nationwide uses personal information’ which will tell me how to apply for my records and explains in more detail how my information will be used by Nationwide and the fraud prevention agencies;
If you were a member of the Society on 2nd November 1997 and have continued to be a member since that date, the following wording does not apply to you.
Charitable Assignment
By applying to open an account after 2nd November 1997, I also apply to be a charity member of The Nationwide Foundation (“the Foundation”) unless I am already a charity member. I agree that, if the account is opened by the Society and I am or became a charity member of the Foundation, I will be bound to assign to the Foundation (or any charity(ies) nominated by it, but to no other person) the rights to any conversion benefits to which I would otherwise become entitled as a member or depositor at any time before, or within two years after, my membership of the Society comes to an end.
This agreement is irrevocable and authorises the Society to make over to the Foundation (or to any charity(ies) nominated by it) any such benefits without further notice to me. I understand that neither the Society nor the Foundation will release me from this agreement or vary its terms. I understand that (except in the case of any class of person where the Society considers this to be inappropriate) the Society will require on behalf of itself and the Foundation that all applicants for share and mortgage accounts agree to the above condition (or a condition having substantially the same effect), unless the Society decides and announces by press release that it is no longer in the best interests of the Society to do so generally on a continuing basis. Any such decision by the Society would not have retrospective effect and I would continue to be bound by the above condition.
For this purpose “conversion benefits” means any benefits under the terms of any future transfer of the Society’s business to a company (i.e. on conversion or takeover) except the statutory right to have shares in the Society (including any balances on share accounts) converted into deposits with the company and, if the Society merges with any other society, after the date of such merger “Society” includes such other society.
In this declaration and charitable assignment “you”/ “the Society”/ “Nationwide” means Nationwide Building Society and its subsidiaries (which include Nationwide Trust Ltd, Nationwide International Ltd, The Mortgage Works (UK) plc and UCB Home Loans Ltd)
e-Savings is a facility of FlexAccount available for use through the Nationwide Internet Banking site and you agree to be bound by the Rules of the Society, and the Terms and Conditions below.
In these Terms and Conditions, references to either gender include the other and references to the singular include the plural.
e-Savings can only be held by individuals over the age of 16 and must not be utilised for business purposes or hold trust funds other than a trust fund necessarily created by virtue of e-Savings being opened and held in joint names. e-Savings can have a maximum of two holders.
Deposits can only be made from a FlexAccount held by at least one of the e-Savings holder(s). Transfers can only be made from the available balance in a FlexAccount. Cheque and cash deposits are not allowed directly into e-Savings. Deposits will earn interest from the first full day they are in e-Savings.
Withdrawals can only be made to a FlexAccount held by at least one of the e-Savings holder(s). All withdrawals must be authorised through the Internet Banking site. Cheque, cash, Standing Order, Direct Debit, CHAPS and SWIFT withdrawals cannot be made directly from e-Savings.
On closure of e-Savings the closing balance will be sent directly to a FlexAccount held by the e-Savings holder. Requests to close e-Savings can only be made through the Internet Banking site.
Where e-Savings is in joint names the authority of both of you is deemed to have been given in respect of all transactions.
Interest at the published rates, which have been applicable throughout the year, will be paid on 31 March. Interest can only be added to the e-Savings balance.
Statements will be available on the Nationwide Internet Banking site at all times.
The minimum transaction amount on e-Savings is £1.
e-Savings will be debited with all payments authorised by you and any other charges becoming payable from time to time.
The Society will only communicate confidential information through secure browser based messages on the Internet Banking site and through the post.
We will deduct tax at the lower rate from any interest paid unless you are an eligible non-taxpayer and have completed an HM Revenue and Customs Form R85 for interest to be paid gross (without tax deducted). On a joint account interest can be paid net (with tax deducted) to one account holder and gross to the other. If you pay income tax at a higher rate, you will have to pay any additional tax on your interest.
Unless your account has a fixed interest rate, we may vary interest rates. Unless your account guarantees to match or track the Bank of England Base Rate, we will only vary the rate for one or more of the following reasons:-
- to reflect general market conditions or changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers of financial services
- to reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator
- to respond to changes in the rates applying to our mortgage business
- to reflect changes to our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds
- to maintain our financial strength for the benefit of all our members
The minimum amount required to open e-Savings is £1. You must also keep at least £1 in e-Savings at all times. The maximum investment in e-Savings is £3,000,000. If required, the Society will only write to you at the home address registered on the Society's records.
The Society has complete discretion as to whether and on what terms it will accept instructions by facsimile transmission and e-mail (except those via Nationwide's Internet Banking messaging facility by registered Internet Banking users) in relation to e-Savings. The Society may discontinue e-Savings without individually notifying you. In accordance with the Society's Rules and the Banking Code's requirements the Society may vary interest rates and/or these Terms and Conditions. Under normal circumstances, the Society will not close your e-Savings without giving you at least 30 day's notice. Interest will not accrue to e-Savings following closure.
On the death of an e-Savings holder the capital value of the e-Savings and accrued interest is payable to the deceased's personal representatives. On the death of a joint e-Savings holder, the capital value of the e-Savings and accrued interest will be payable to the survivor or the survivor may elect to have the e-Savings vested in the survivor's name. In either circumstance Nationwide must be presented with the appropriate documentation. The Society is not responsible for failure of any machine, data processing system, transmission link, or any industrial dispute or circumstances beyond its control where such failure, dispute or circumstances obstruct the provision of services to the e-Savings holder.
The operation of the account will be governed by English Law and the language we will use in our communications will be English.
This agreement is governed by English law
1. In these terms and conditions 'you/yours' means the account holder and 'we/us/our' means Nationwide Building Society. 'Account' means your e-Bond and e-Bond Maturity accounts, which are share accounts and are either in your own name or held jointly with someone else. These terms and conditions are governed by English law.
2. The minimum initial deposit and minimum balance on the e-Bond is £1. The maximum balance is £3,000,000. You may hold more than one e-Bond as long as the combined balance does not exceed £3,000,000.
3. The e-Bond can only be opened by a transfer from a Nationwide FlexAccount through the Internet Bank or by a transfer from the e-Bond Maturity account. The deposit will earn interest from the first full day it is in the e-Bond. The e-Bond must be opened and held in the same names as the FlexAccount used to open it. The e-Bond can be viewed on the Internet Bank and no certificate will be issued.
4. We may stop offering the e-Bond to new customers without telling you.
5. Part withdrawals are not permitted during the term of the e-Bond.
6. Additional deposits into the e-Bond after the initial deposit are not permitted.
7. We may from time to time issue other fixed rate or fixed term accounts at different interest rates or terms without offering you the opportunity to transfer your deposit to the new account free of these conditions.
8. Subject to availability, e-Bonds may be issued for a fixed term of six or nine months, one, two or three years, starting on the date the account is opened and ending after six or nine calendar months or on the first, second or third anniversary of the opening of the account, depending on the bond chosen.
9. Interest on one, two and three year e-Bond is paid annually on the anniversary of opening or monthly on the last day of each calendar month and on maturity. Interest on six or nine month e-Bond is paid on maturity or monthly on the last day of each calendar month and on maturity.
10. Monthly interest on the e-Bond will be paid directly to the Nationwide FlexAccount used to open the account. Annual interest on a one year e-Bond will be paid into the e-Bond. Annual interest on a two or three year e-Bond can be paid directly to the e-Bond or paid to the Nationwide FlexAccount used to open the account. Where the bond term is not a full year and you have not chosen to receive interest monthly, interest is paid into your Bond on maturity.
11. The e-Bond can be closed prior to maturity, subject to the following early access charge (these charges will not apply on closure due to the death of the account holder).
| Term Remaining | ||||
|---|---|---|---|---|
| More than 3 years | 2-3 years | 1-2 years | Less than 1 year | |
| Loss of interest | 180 days | 150 days | 120 days | 90 days |
The funds in the account, together with any interest earned and less the early access charge, will be paid to you within the time stipulated by you or within 30 days whichever is longer.
12. On maturity, the balance in the e-Bond together with interest will automatically be converted to an e-Bond Maturity account on the Internet Bank and will earn interest at the rate applying to our e-Savings account, details of which can be found at www.nationwide.co.uk or by calling 08457 302010. Transfers from this account may be made without notice or penalty. Additional deposits into the e-Bond Maturity account are not permitted. No credits can be made to the e-Bond Maturity account except at the time of roll-over into a new e-Bond.
13. You agree to be bound by our Rules and these terms and conditions. Our Rules are available from any branch or on our website at www.nationwide.co.uk
14. We may vary these conditions. If the change is to your benefit, we may make the change immediately and tell you about it either by sending you a message on the Internet Bank or putting a notice on our website or an advertisement in the press. If the change is to your disadvantage, we will tell you about it personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to either close or switch the account without loss of interest.
15. On the death of a sole account holder the balance in the account together with interest and any bonus will be paid to their personal representatives without notice or loss of interest. On the death of a joint account holder, the balance together with interest and any bonus will be payable to the surviving account holder without notice or loss of interest or the surviving account holder can choose to keep the account in their name.
16. In normal circumstances, we will not close your account without giving you at least 30 days' notice.
17. We are not responsible for failure of any machine, data processing system, transmission link or any industrial dispute or circumstances beyond our control which obstructs or disrupts any service we provide to you.
18. The account must not be used for business purposes.
19. You must tell us straightaway if you change your name, address, telephone number or e-mail address.
20. A statement will be available on the Internet Bank.
21. We will deduct income tax at the lower rate from any interest paid unless you are an eligible non-taxpayer and have completed an Inland Revenue Form R85 for interest to be paid gross (without tax deducted). On a joint account interest can be paid net (with tax deducted) to one account holder and gross to the other. If you pay income tax at a higher rate, you will have to pay any additional tax on your interest.
22. The account can have a maximum of two account holders. Where the account is in joint names, the authority of both of you is deemed to have been given in respect of all transactions.
23. In the event of a dispute between joint account holders, we may freeze the account until we receive written instruction from both of you.
24. The account cannot be operated by a Trustee or Power of Attorney and cannot be opened with a FlexAccount that is run by a Power of Attorney unless we have evidence of physical or mental incapacity.
25. We will only communicate confidential information through secure browser based messages on the Internet Bank or through the post. If we need to write to you, we will only write to you at the home address registered on our records.
The operation of the account will be governed by English Law and the language we will use in our communications will be English.
1. In these terms and conditions ‘you/yours’ means the account holder and ‘we/us/our’ means Nationwide Building Society. ‘Account’ means your accounts (CapitalBuilder, Bonus 30 and 60 Day Direct) which is a share account and is either in your own name or held jointly with someone else.
2. You agree to be bound by our Rules and these terms and conditions. Our Rules are available from any branch or on our website at nationwide.co.uk
3. If after opening the account you are not happy with your choice of account, you may transfer the balance to another account with us or have your money returned without loss of interest, provided that you tell us of your intention within two weeks from the date the account was opened. If your original deposit was by cheque, you cannot transfer or close the account until your cheque has cleared through the banking system, which might take up to three to five working days.
4. The minimum initial deposit on the account is £100 and the minimum balance is £1.
5. We may stop offering the account to new customers without telling you.
6. We may vary these conditions. If the change is to your benefit, we may make the change immediately and tell you about it either by writing to you or putting a notice in our branches and/or on our website or an advertisement in the press. If the change is to your disadvantage, we will write and tell you about it personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to either close or switch the account without loss of interest.
7. On the death of an account holder (other than a nominee or trustee) the balance in the account together with interest and any bonus will be paid to their personal representatives without notice or loss of interest. On the death of a joint account holder, the balance together with interest and any bonus will be payable to the surviving account holder(s) without notice or loss of interest or the surviving account holder(s) can choose to keep the account in their name(s).
8. In normal circumstances, we will not close your account without giving you at least 30 days notice.
9. We are not responsible for failure of any machine, data processing system, transmission link or any industrial dispute or circumstances beyond our control which obstructs or disrupts any service we provide to you.
10. The account must not be used for business purposes.
11. You must tell us straightaway:
a. if your card or passbook is lost or stolen or you think it is being misused. You can tell any of our branches or telephone 08457 30 20 10 at any time of the day or night. You must also report the loss or theft to the police.
b. if you change your name, address, telephone number or e-mail address (if we communicate with you in this way).
Interest
12. Cash and automated credits paid into the account will earn interest from the first full day following receipt. For interest on cheque deposits, refer to condition 18a, b and c.
13. We will deduct income tax at the lower rate from any interest paid unless you are an eligible non-taxpayer and have completed an HM Revenue and Customs form R85 for interest to be paid gross (without tax deducted). On a joint account interest can be paid net (with tax deducted) to one account holder and gross to the other provided there are no more than two joint account holders. If you pay income tax at a higher rate, you will have to pay any additional tax on your interest.
14. Unless your account has a fixed interest rate, we may vary interest rates. We will only vary the rate for one or more of the following reasons:
a. To reflect changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers of financial services;
b. To reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator;
c. To respond to changes in the rates applying to our mortgage business;
d. To reflect changes to our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds;
e. To maintain our financial strength for the benefit of all our members.
15. If we vary the rate for one of these reasons, we will tell you about it by putting a notice in our branches and/or on our website or an advertisement in the press. If we vary the rate for any other reason we will notify you personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest.
16. Joint account holders shall choose the order of names on the account and only the first named account holder will be entitled to voting rights in respect of the account.
17. In the event of a dispute between joint account holders, we may freeze the account until we receive written instructions from all
of you.
18. a) Banking of cheques for payment will at all times be subject to the rules, and clearing processes, of any cheque clearing system(s) used by us. The central clearing cycle is normally three working days (not including Saturdays, Sundays and Bank Holidays). There are three elements in the cheque clearing cycle:-
i) Clearing for interest (when we start paying interest on any cheque you deposit with us).
ii) Clearing for withdrawal (when we will allow you to withdraw against any cheque you deposit with us).
iii) Clearing for certainty (when you can be certain that we will not debit any cheque you deposit with us which is returned unpaid (unless you are a knowing party to fraud), without your permission).
The date of each of the above three elements is detailed overleaf.
| Interest paid from: | Withdrawals allowed from: | Certainty from: |
|---|---|---|
| the start of the 2nd working day following the day of deposit | the start of the 5th working day following the day of deposit subject to any additional conditions for your account for withdrawing money. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. | the end of the 6th working day following the day of deposit. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. |
b) Certainty applies from the end of the 6th working day (11.59 pm) following the day of deposit. Although the Society will let you withdraw against cheques as shown above, this does not mean the cheque has cleared for certainty. Cheques can be returned unpaid before certainty and if so, will be debited from your account.
| For withdrawal | For interest | |
|---|---|---|
| Cash deposits | Immediate | Next working day |
| Automated credits | Immediate | Next working day |
c) Cheques drawn from or paid into the account will be treated as valid for six months from the date of the cheque. Cheques must not be post dated.
19. You can make deposits at Nationwide cash machines by following the on-screen instructions. Cheques paid in at Nationwide cash machines will be treated as normal cheque deposits for availability and clearance purposes. There may be a delay of up to two working days before cash paid into the account at a Nationwide cash machine will be available for withdrawal.
20. For your protection we may require proof of identity before allowing withdrawals from your account.
21. Subject to any additional conditions for your account regarding withdrawing money, you may withdraw up to £500 in cash each day or up to £500,000 by cheque immediately. Larger amounts may be withdrawn by cheque within several days after making an arrangement with any local branch.
22. We will debit your account with all payments and withdrawals authorised by you together with any charges in accordance with our published charges.
23. Automated credits will be available for withdrawal from the date of receipt into the account.
24. Withdrawals by CHAPS payments are available subject to an administration charge. Arrangements can be made for the withdrawal of funds by international transfer. Details of charges, foreign exchange conversion and timescales are available on request or when a transaction is authorised.
CapitalBuilder
In addition to conditions 1 to 24, conditions 25 to 34 below apply to CapitalBuilder.
25. The account is only available to those aged 7 and over.
26. The account can have a maximum of four joint account holders.
27. The maximum deposit and balance in the account is £2 million.
28. Interest is paid to the account on 30 September each year or it can be paid directly to a Nationwide savings account (excludes Regular Savings) or current account with us or any other provider.
29. The interest rate will be at least 0.50% above the interest rate of the appropriate tier on our CashBuilder instant access account or equivalent branch based instant access account. Any increase in interest rate will take effect within one month of our rate change announcement.
30. On a balance of £10,000 or more, withdrawals or transfers may be made at any time without notice or loss of interest provided at least £10,000 remains in the account.
31. On a balance of £10,000 or less:
a. withdrawals may be made at any time subject to 90 days written notice, or immediately subject to a loss of 90 days interest on the amount withdrawn. If the funds under notice are not withdrawn by the date the notice ends, a further 10 days will be allowed for this withdrawal without loss of interest.
b. one withdrawal of up to £5,000 each calendar year may be made without notice or loss of interest provided at least £1 remains in the account.
32. Payments and withdrawals can be made at any branch. Withdrawal limits from agencies are lower.
33. The passbook must accompany any request for withdrawal.
34. Unless condition 3 applies, no interest will be paid if the account is closed within 90 days of opening.
Bonus 30
In addition to conditions 1 to 24, conditions 35 to 46 below apply to Bonus 30.
35. The account is only available to those aged 7 and over.
36. The account can have a maximum of four joint account holders.
37. The maximum deposit and balance in the account is £2 million.
38. Interest is paid on 31 December each year. Interest can be paid into the account or a Nationwide savings account (excludes Regular Savings) or current account with us or any other provider.
39. Unless condition 3 applies, no interest will be paid if the account is closed within 30 days of opening.
40. You will qualify for the bonus if:
a. the balance remains at £1 or above; and
b. no withdrawals are made during the calendar year.
41. The bonus is variable and is calculated on the daily balance in the account over the year. If you qualify for the bonus it is added to the account on 31st December each year.
42. The interest rate will be at least 0.50% (excluding 0.75% gross pa bonus) above the interest rate of the appropriate tier on our CashBuilder instant access account or equivalent branch based instant access account. Any increase in interest rate will take effect within one month of our rate change announcement.
43. You are allowed one withdrawal of up to £5,000 each calendar month without notice or loss of interest provided at least £1 remains in the account. Further withdrawals may be made by giving 30 days written notice, or immediately subject to 30 days loss of interest on the amount withdrawn. If the funds under notice are not withdrawn by the date the notice ends, a further 10 days will be allowed for this withdrawal without loss of interest.
44. The bonus can be withdrawn from the account in the following or subsequent calendar years without notice or penalty.
45. Payments and withdrawals can be made at any branch. Withdrawal limits from agencies are lower.
46. The passbook must accompany any request for withdrawal.
60 Day Direct
In addition to conditions 1 – 24, conditions 47 to 63 below apply to 60 Day Direct.
47. The account is only available to those aged 18 and over who are UK residents.
48. The account can have a maximum of two joint account holders.
49. The maximum deposit and balance in the account is £2 million.
50. Special presentations of cheques are not available and cash deposits are not allowed. All cheques paid into the account must be in sterling. Cheques in foreign currencies will not be accepted as payments into the account.
51. Interest is paid to the account on 31st August each year or it can be paid directly to a Nationwide savings account (excludes Regular Savings) or current account with us or any other provider.
52. The interest rate will be at least 0.25% above the interest rate of the appropriate tier on our InvestDirect instant access account or equivalent postal based instant access account. Any increase in interest rate will take effect within one month of our rate change announcement.
53. A statement will be sent to you in September each year and will be produced on the same date of the month as the account was opened (e.g. if the account was opened on 25th March, then the statement will be produced on 25th September).
54. Withdrawals may be made by giving 60 days written notice, or subject to 60 days loss of interest on the amount withdrawn. The minimum withdrawal amount is £1.
55. Automated withdrawals can be made to a current account with us or any other provider as pre-chosen by you, or to a Nationwide savings account on specific request (subject to the terms and conditions of that account). Withdrawals will take three to five working days, following the end of the notice period, to reach an account with another provider. On joint accounts, any change to the detail of the pre-chosen account shown on the application must be made jointly.
56. Save in exceptional circumstances (as determined by us) cheque, CHAPS and SWIFT withdrawals will not be available.
57. Requests for withdrawals must be made by post using the envelopes and stationery provided, or addressed to Nationwide Building Society, Nationwide House, PO Box 1010, Swindon SN38 1BD. You must quote your account number on all correspondence. Failure to do this may lead to delays.
58. We aim to process all instructions received before 12 noon on any working day (excluding weekends and bank holidays) on the day of receipt. We will use first class post but this does not guarantee next day delivery. We will not be liable for delays due to circumstances outside our control including postal delays.
59. On closure of the account, the balance may be transferred to another Nationwide account or a cheque for the balance can be issued. Transfers to an account with another organisation are not allowed.
60. We will only write to you at the address registered on our records.
61. The account cannot be opened or operated through any of our branches.
62. You must phone us or tell your local branch to place a stop on a cheque, if lost or stolen. We reserve the right to refuse to place a stop on a cheque and may request a specific form of indemnity to be completed by you.
63. We have complete discretion as to whether, and on what terms, we will accept instructions by fax and e-mail (except from registered Nationwide Internet Banking users) in relation to your account.
CashBuilder, InvestDirect, Regular Savings and Monthly Income 60+ terms and conditions
General
1. In these terms and conditions ‘you/yours’ means the account holder and ‘we/us/our’ means Nationwide Building Society. ‘Account’ means your CashBuilder, Monthly Income 60+, InvestDirect or Regular Savings which is a share account and is either in your own name or held jointly with someone else.
2. You agree to be bound by our Rules and these terms and conditions. Our Rules are available from any branch or on our website at nationwide.co.uk
3. If after opening the account you are not happy with your choice of account, you may transfer the balance to another account with us or have your money returned without loss of interest, provided that you tell us of your intention within two weeks from the date the account was opened. If your original deposit was by cheque, you cannot transfer or close the account until your cheque has cleared through the banking system, which might take up to three to five working days.
4. The minimum initial deposit and minimum balance on Regular Savings is £1. For CashBuilder, Monthly Income 60+ and InvestDirect the minimum initial deposit is £100 and the minimum balance is £1.
5. We may stop offering the account to new customers without telling you.
6. We may vary these conditions. If the change is to your benefit, we may make the change immediately and tell you about it either by writing to you or putting a notice in our branches and/or on our website or an advertisement in the press. If the change is to your disadvantage, we will write to tell you about it personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to either close or switch the account without loss of interest.
7. On the death of an account holder (other than a nominee or trustee) the balance in the account together with interest and any bonus will be paid to their personal representatives without notice or loss of interest. On the death of a joint account holder, the balance together with interest and any bonus will be payable to the surviving account holder(s) without notice or loss of interest or the surviving account holder(s) can choose to keep the account in their name(s).
8. In normal circumstances, we will not close your account without giving you at least 30 days’ notice.
9. We are not responsible for failure of any machine, data processing system, transmission link or any industrial dispute or circumstances beyond our control which obstructs or disrupts any service we provide to you.
10. The account must not be used for business purposes.
11. You must tell us straightaway:
a. If your card or passbook is lost or stolen or you think it is being misused. You can tell any of our branches or telephone 08457 30 20 10 at any time of the day or night. You must also report the loss or theft to the police.
b. If you change your name, address, telephone number or e-mail address (if we communicate with you in this way).
Interest
12. We will deduct income tax at the lower rate from any interest paid unless you are an eligible non-taxpayer and have completed an HM Revenue and Customs form R85 for interest to be paid gross (without tax deducted). On a joint account interest can be paid net (with tax deducted) to one account holder and gross to the other provided there are no more than two joint account holders. If you pay income tax at a higher rate, you will have to pay any additional tax on your interest.
13. Unless your account has a fixed interest rate, we may vary interest rates. We will only vary the rate for one or more of the following reasons:
a) to reflect changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers of financial services;
b) to reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator;
c) to respond to changes in the rates applying to our mortgage business;
d) to reflect changes to our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds;
e) to maintain our financial strength for the benefit of all our members.
14. If we vary the rate for one of these reasons, we will tell you about it by putting a notice in our branches and/or on our website or an advertisement in the press. If we vary the rate for any other reason we will notify you personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest.
Joint accounts
15. Joint account holders shall choose the order of names on the account and only the first named account holder will be entitled to voting rights in respect of the account.
16. In the event of a dispute between joint account holders, we may freeze the account until we receive written instructions from all of you.
Paying money in
17. Cash and automated credits paid into the account will earn interest from the first full day following receipt. For interest on cheque deposits, refer to condition 18.
18. Banking of cheques for payment will at all times be subject to the rules, and clearing processes, of any cheque clearing system(s) used by us. The central clearing cycle is normally three working days (not including Saturdays, Sundays and Bank Holidays). There are three elements in the cheque clearing cycle:-
(i) Clearing for interest (when we start paying interest on any cheque you deposit with us).
(ii) Clearing for withdrawal (when we will allow you to withdraw against any cheque you deposit with us).
(iii) Clearing for certainty (when you can be certain that we will not debit any cheque you deposit with us which is returned unpaid (unless you are a knowing party to fraud), without your permission).
The date of each of the above three elements is detailed below.
| Interest paid from: | Withdrawals allowed from: | Certainty from: |
|---|---|---|
| the start of the 2nd working day following the day of deposit | the start of the 5th working day following the day of deposit subject to any additional conditions for your account for withdrawing money. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. | the end of the 6th working day following the day of deposit. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. |
19. Certainty applies from the end of the 6th working day (11.59 pm) following the day of deposit. Although the Society will let you withdraw against cheques as shown above, this does not mean the cheque has cleared for certainty. Cheques can be returned unpaid before certainty and if so, will be debited from your account. Other non cheque deposits will be available for withdrawal and will receive interest as detailed below:
| For withdrawal | For interest | |
|---|---|---|
| Cash deposits | Immediate | Next working day |
| Automated credits | Immediate | Next working day |
20. Cheques drawn from or paid into the account will be treated as valid for six months from the date of the cheque. Cheques must not be post-dated.
21. You can make deposits at Nationwide cash machines by following the on-screen instructions. Cheques paid in at Nationwide cash machines will be treated as normal cheque deposits for availability and clearance purposes. There may be a delay of up to two working days before cash paid into the account at a Nationwide cash machine will be available for withdrawal.
Taking money out
22. For your protection we may require proof of identity before allowing withdrawals from your account.
23. Subject to any additional conditions for your account regarding withdrawing money, you may withdraw up to £500 in cash each day or up to £500,000 by cheque immediately. Larger amounts may be withdrawn by cheque within several days after making an arrangement with any local branch.
24. We will debit your account with all payments and withdrawals authorised by you together with any charges in accordance with our published charges.
25. Automated credit will be available for withdrawal from the date of receipt into the account.
26. Withdrawals by CHAPS payment are available subject to an administration charge. Arrangements can be made for the withdrawal of funds by international transfer. Details of charges, foreign exchange conversion and timescales are available on request or when a transaction is authorised.
Cards
Where a card has been issued to you to use with your account, the following conditions apply:
27. You may be given a personal identification number (PIN) to withdraw cash with your card, either at a branch and/or from a cash machine, subject to the additional conditions of your account. You must keep your PIN secret and not tell it to anyone or record it in any way which allows anyone else to get to know it. You should never keep a note of your PIN with the card. The notice of the PIN must be destroyed promptly on receipt.
28. You can also use your card and PIN to pay in cash using our Fast Cash and Cheque machines or any other Nationwide cash machine.
29. Cards will be re-issued from time to time and these conditions will apply to new cards.
30. We may refuse to re-issue or renew or replace a card and we may cancel or suspend use of the card without telling you in advance.
31. The card remains our property and we may at any time ask you to return it to us.
32. Any cash machine can retain a card following repeated keying of the wrong PIN or due to technical failure or if a card has been reported lost or stolen. If this happens, we will do our best to return the card to you or issue a new one, but we will not accept liability for any losses that might arise as a result of this happening.
33. We must be notified immediately if the card is lost or stolen or may be misused or if you know or suspect someone else knows your PIN. You can tell any one of our branches or telephone 08457 30 20 10 at any time of the day and night.
34. Your liability for transactions not authorised by you will be a maximum of £50 before you notify us of the loss, theft or potential misuse, unless you have acted fraudulently or without reasonable care.
35. If you find the card after you have told us it is lost or stolen you must not use it and you must destroy it.
CashBuilder
In addition to conditions 1 to 35, conditions 36 to 40 below apply to CashBuilder accounts.
36. The maximum deposit and balance in the account is £2 million.
37. The account offers a passbook or card option. The passbook or card must accompany any request for withdrawal.
38. The following conditions apply to passbook accounts only:
a. The passbook account can only have a maximum of four joint account holders.
b. The passbook account is not available to those aged under 7.
39. The following conditions apply to card accounts only:
a. The card account can only have a maximum of two joint account holders.
b. The card account is not available to those aged under 11.
c. You must sign the card immediately on receipt.
d. A statement will be sent to you each year on the anniversary of the account opening. You can request statements monthly, quarterly, half-yearly or annually by writing to us.
e. If you want to request a mini statement or make a balance enquiry, you can only do this at a cash machine (mini statements are available from Nationwide cash machines only) or by using our Internet Banking service or Telephone Self Service, for which you must be registered. For further information on registering for these services please see nationwide.co.uk or contact your branch. Requests for mini statements and balance enquiries cannot be made at a Nationwide branch counter.
f. Limits apply to the amount you can withdraw at a cash machine or a Nationwide branch counter and the amount you can withdraw from your account each day. Please see nationwide.co.uk/card_withdrawals or contact your branch for more information on these limits. If you wish to make a withdrawal from your account and your balance is less than the minimum cash withdrawal limit for your account, you can transfer the funds into an alternative account via the Internet Bank or Telephone Self Service, provided you are registered to use these services, or you will need to withdraw the whole balance and close your account.
40. Interest is paid to the account on 31 December each year or it can be paid directly to a Nationwide savings account or current account with us or any other provider.
InvestDirect
In addition to conditions 1 to 35, conditions 41 to 55 below apply to InvestDirect
41. The account is only available to those aged 18 and over who are UK residents.
42. The account can have a maximum of two joint account holders.
43. The maximum deposit and balance in the account is £2million.
44. Special presentations of cheques are not available. All cheques paid into the account must be in sterling. Cheques in foreign currencies will not be accepted as payments into the Account.
45. Interest is paid to the account on 30th September each year or it can be paid directly to a Nationwide savings account (excluding Regular Savings) or current account with us or any other provider.
46. A statement will be sent to you in October each year and will be produced on the same date of the month as the account was opened (e.g. if the account was opened on 25th June, then the statement will be produced on 25th October).
47. Standing order, Direct Debit, CHAPS and SWIFT withdrawals cannot be made from the account.
48. The minimum daily cheque withdrawal or transfer to another Nationwide account is £250. Withdrawals for up to £300 cash each day can be made from Nationwide and LINK cash machines.
49. Requests for withdrawal cheques and credits must be made by post using the envelopes and stationery provided or addressed to Direct Savings, Nationwide Building Society, Nationwide House, Pipers Way, Swindon SN38 3FN. You must quote your account number on all correspondence. Failure to do this may lead to delays.
50. Cash deposits will only be accepted in Nationwide cash machines. We do not accept any liability for cash sent by post.
51. We will only write to you at the address registered on our records.
52. We aim to process all instructions received before 12 noon on any working day (excluding weekends and bank holidays) on the day of receipt. We will use first class post but this does not guarantee next day delivery. We will not be liable for delays due to circumstances outside our control including postal delays.
53. The account cannot be opened or operated through any of our branches.
54. You must phone us or tell your local branch to place a stop on a cheque, if lost or stolen. We reserve the right to refuse to place a stop on a cheque and may request a specific form of indemnity to be completed by you.
55. We have complete discretion as to whether and on what terms, we will accept instruction by fax and email (except from registered Nationwide Internet Banking users) in relation to your account.
Regular Savings
In addition to conditions 1 to 35, conditions 56 to 70 below apply to Regular Savings
56. Only one Regular Savings account can be held by you at any time and this can be either in your own name or held jointly with someone else
57. The maximum initial deposit in the account is £250.
58. A statement will be sent to you each year in November. You can request statements monthly, quarterly or half yearly by contacting us.
59. Interest is paid to the account on 31 October each year.
60. The account can have a maximum of two joint account holders.
61. The overall balance in the account can be increased by a maximum of £250 per calendar month from the starting balance. The starting balance is the account balance at the start of the first day each month. Interest paid to the account does not count towards the monthly increase in balance.
62. You can withdraw any available funds in the account without notice or loss of interest. Withdrawals of interest count as a normal withdrawal from the account.
63. The rate of interest you will receive will depend on the change in the account balance each month.
64. All payments of cash or cheques into the account must be made at a Nationwide cash machine unless the cash machine is unavailable.
65. We will reject payments that increase the starting balance by more than £250. The whole amount will be returned to you.
66. Payments into the account by CHAPS or SWIFT are not allowed.
67. All withdrawals from the account must be made at a Nationwide cash machine unless the cash machine is unavailable or the withdrawal is above the cash machine limit.
68. The card must accompany any request for a withdrawal from the account.
69. Closures are treated as a full withdrawal of the funds and in the month of closure the minimum interest rate tier will apply.
70. This account is only available for those aged 11 and over.
Monthly Income 60+
In addition to conditions 1 to 35, conditions 71 to 76 below apply to Monthly Income 60+.
71. The account is only available to UK residents aged 60 or over. In the case of a joint account, all account holders must be aged 60 or over.
72. The account is only available where the account holder (or at least one of them in the case of a joint account) also holds a Nationwide FlexAccount that has a pension (or salary if you’re still working) automatically credited to it (‘the linked FlexAccount’).
73. If the linked FlexAccount is closed or the salary/pension credits are not made, then we reserve the right to close the account and transfer the balance to a Nationwide CashBuilder account at the interest rate applying to the CashBuilder account. We will write to the account holder(s) before we transfer an account under this condition.
74. Interest is paid on the last day of each calendar month and can only be paid to the linked FlexAccount. If interest for any month is less than £1 it will not be transferred to the linked FlexAccount but will be carried forward and added to interest earned in the following or subsequent months until the accrued interest exceeds £1. Once the interest due reaches or exceeds £1 it will be paid to the linked FlexAccount on the last day of that calendar month.
75. The account can have a maximum of two joint account holders.
76. The passbook must accompany any request for a withdrawal from the account.
Smart account terms and conditions
General
1. In these terms and conditions ‘you/yours’ means the account holder and ‘we/us/our’ means Nationwide Building Society. ‘Account’ means your Smart account, which is a share account and is either in your own name or held jointly with someone else.
2. You agree to be bound by our Rules and these terms and conditions. Our Rules are available from any branch or on our website at nationwide.co.uk
3. If after opening the account with a new deposit you are not happy with your choice of account, you may transfer the balance to another account with us or have your money returned without loss of interest, provided that you tell us of your intention within two weeks from the date the account was opened. If your original deposit was by cheque, you cannot transfer or close the account until your cheque has cleared through the banking system, which might take up to three to five working days.
4. The minimum initial deposit and minimum balance on the account is £1.
5. We may stop offering the account to new customers without telling you.
6. We may vary these conditions. If the change is to your benefit, we may make the change immediately and tell you about it either by writing to you or putting a notice in our branches and/or on our website or an advertisement in the press. If the change is to your disadvantage, we will write and tell you about it personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to either close or switch the account without loss of interest.
7. On the death of an account holder (other than a nominee or trustee) the balance in the account together with interest and any bonus will be paid to their personal representatives without notice or loss of interest. On the death of a joint account holder, the balance together with interest and any bonus will be payable to the surviving account holder(s) without notice or loss of interest or the surviving account holder(s) can choose to keep the account in their name(s).
8. In normal circumstances, we will not close your account without giving you at least 30 days notice.
9. We are not responsible for failure of any machine, data processing system, transmission link or any industrial dispute or circumstances beyond our control, which obstructs or disrupts any service we provide to you.
10. The account must not be used for business purposes.
11. You must tell us straightaway:
a. if your card or passbook is lost or stolen or you think it is being misused. You can tell any of our branches or telephone 08457 30 20 10 at any time of the day or night. You must also report the loss or theft to the police.
b. if you change your name, address, telephone number or e-mail address (if we communicate with you in this way).
Interest
12. Cash and automated credits paid into the account will earn interest from the first full day following receipt. For interest on cheque deposits, refer to condition 18.
13. We will deduct income tax at the lower rate from any interest paid unless you are an eligible non-taxpayer and have completed an HM Revenue and Customs Form R85 for interest to be paid gross (without tax deducted). On a joint account interest can be paid net (with tax deducted) to one account holder and gross to the other provided there are no more than two joint account holders. If you pay income tax at a higher rate, you will have to pay any additional tax on your interest.
14. Unless your account has a fixed interest rate, we may vary interest rates. Unless your account guarantees to match or track the Bank of England Base Rate, we will only vary the rate for one or more of the following reasons:
a. to reflect changes in general interest rates, including the interest rates or terms on which other providers of financial services offer similar accounts;
b. to reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator;
c. to respond to changes in the rates applying to our mortgage business;
d. to reflect changes to our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds;
e. to maintain our financial strength for the benefit of all our members.
15. If we vary the rate for one of these reasons, we will tell you about it by putting a notice in our branches and/or on our website or an advertisement in the press. If we vary the rate for any other reason we will notify you personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest.
Joint accounts
16. Joint account holders shall choose the order of names on the account and only the first named account holder will be entitled to voting rights in respect of the account.
17. In the event of a dispute between joint account holders, we may freeze the account until we receive written instructions from all of you.
Paying money in
18. a) Banking of cheques for payment will at all times be subject to the rules, and clearing processes, of any cheque clearing system(s) used by us. The central clearing cycle is normally three working days (not including Saturdays, Sundays and Bank Holidays). There are three elements in the cheque clearing cycle:-
(i) Clearing for interest (when we start paying interest on any cheque you deposit with us).
(ii) Clearing for withdrawal (when we will allow you to withdraw against any cheque you deposit with us).
(iii) Clearing for certainty (when you can be certain that we will not debit any cheque you deposit with us which is returned unpaid (unless you are a knowing party to fraud), without your permission).
The date of each of the above three elements is detailed below.
| Interest paid from: | Withdrawals allowed from: | Certainty from: |
|---|---|---|
| the start of the 2nd working day following the day of deposit | the start of the 5th working day following the day of deposit subject to any additional conditions for your account for withdrawing money. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. | the end of the 6th working day following the day of deposit. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. |
b). Certainty applies from the end of the 6th working day (11.59 pm) following the day of deposit. Although the Society will let you withdraw against cheques as shown above, this does not mean the cheque has cleared for certainty. Cheques can be returned unpaid before certainty and if so, will be debited from your account. Other non cheque deposits will be available for withdrawal and will receive interest as detailed below:
| For withdrawal | For interest | |
|---|---|---|
| Cash deposits | Immediate | Next working day |
| Automated credits | Immediate | Next working day |
c). Cheques drawn from or paid into the account will be treated as valid for six months from the date of the cheque. Cheques must not be post-dated.
19. You can make deposits at Nationwide cash machines by following the on-screen instructions. Cheques paid in at Nationwide cash machines will be treated as normal cheque deposits for availability and clearance purposes. There may be a delay of up to two working days before cash paid into the account at a Nationwide cash machine will be available for withdrawal.
Taking money out
20. For your protection we may require proof of identity before allowing withdrawals from your account.
21. Subject to any additional conditions for your account regarding withdrawing money, you may withdraw up to £500 in cash each day or up to £500,000 by cheque immediately. Larger amounts may be withdrawn by cheque within several days after making an arrangement with any local branch.
22. We will debit your account with all payments and withdrawals authorised by you together with any charges in accordance with our published charges.
Cards
Where a card has been issued to you to use with your account, the following conditions apply:
23. You may be given a personal identification number (PIN) to withdraw cash with your card, either at a branch and/or from a cash machine, subject to the additional conditions of your account. You must keep your PIN secret and not tell it to anyone or record it in any way which allows anyone else to get to know it. You should never keep a note of your PIN with the card. The notice of the PIN must be destroyed promptly on receipt.
24. You can also use your card and PIN to pay in cash using our Fast Cash and Cheque machines or any other Nationwide cash machine.
25. Cards will be re-issued from time to time and these conditions will apply to new cards.
26. We may refuse to re-issue or renew or replace a card and we may cancel or suspend use of the card without telling you in advance.
27. The card remains our property and we may at any time ask you to return it to us.
28. Any cash machine can retain a card following repeated keying of the wrong PIN or due to technical failure or if a card has been reported lost or stolen. If this happens, we will do our best to return the card to you or issue a new one, but we will not accept liability for any losses that might arise as a result of this happening.
29. We must be notified immediately if the card is lost or stolen or may be misused or if you know or suspect someone else knows your PIN. You can tell any one of our branches or telephone 08457 30 20 10 at any time of the day or night.
30. Your liability for transactions not authorised by you will be a maximum of £50 before you notify us of the loss, theft or potential misuse, unless you have acted fraudulently or without reasonable care.
31. If you find the card after you have told us it is lost or stolen you must not use it and you must destroy it.
32. If the child is under seven, the account must be opened by an adult on behalf of the child and all references to ‘account holder’ in these terms and conditions shall mean the adult. A maximum of two adults may hold the account in joint names. When the child reaches the age of 7, the account may be transferred into the child’s sole name.
33. If the child is over sixteen, the account must be opened in the child’s name and joint accounts are not permitted.
34. The account may not be opened by anyone over the age of 18 years and may not be held by an account holder who is over 18 years and 6 months.
35. Once you reach the age of 18 years and 6 months, we will automatically convert your account into a CashBuilder account, or nearest equivalent account, and the new terms and conditions will apply. Passbook accounts will be converted to a CashBuilder passbook account, while card accounts will be converted to a CashBuilder card account.
36. The account offers a passbook or, at age 11, a card option. The passbook or card must accompany any request for withdrawal.
37. The following conditions apply to card accounts only:
a. you must sign the card immediately on receipt
b. statements will be sent to you quarterly if you make a transaction, but may be requested on a monthly, half-yearly or yearly basis by writing to us.
38. Interest is paid to the account twice a year on the 30 June and 31 December.
39. You may withdraw up to £500 in cash each day or up to £500,000 by cheque against cleared funds without notice. You may not withdraw more money from the account than there is in it.
40. The maximum balance in the account is £2 million.
41. Withdrawals by CHAPS payment are available subject to an administration charge. Arrangements can be made for the withdrawal of funds by international transfer. Details of charges, foreign exchange conversion and timescales are available on request or when a transaction is authorised.
42. On the death of the account holder when the account is opened by a single adult on behalf of a child, the balance of the account together with interest will be paid to the adult’s personal representatives without notice or loss of interest. The adult’s estate will indemnify us against any claim by the child concerning this payment to the adult’s personal representatives. Alternatively, the personal representatives can appoint a new adult to hold the account on behalf of the child or, if the child is over 7, the personal representatives can choose to transfer the account into the child’s sole name.
43. On the death of a joint account holder when the account is opened jointly by two adults, the balance together with interest will be payable to the surviving account holder without notice or loss of interest or the surviving account holder can choose to keep the account in their name on behalf of the child or, if the child is aged 7 or over, transfer the account into the child’s sole name.
44. In the event of the death of the child, where the account is held by an adult(s), the account will be converted to a CashBuilder account, or nearest equivalent account, in the name of the account holder(s).
Cash Child Trust Fund terms and conditions
General
1. In these Terms and Conditions “Account” means a Nationwide Cash Child Trust Fund account held in the name of the Child; "Child" means the child named on the application and being the beneficial owner of the Account; “Child Trust Fund” means child trust fund; "FSA" means the Financial Services Authority; "FSA Rules" means the rules issued from time to time by the FSA; "Regulations" means the Child Trust Fund Regulations 2004, as amended from time to time; “Subscription Year", in the year of Account opening means the period starting on Account opening and ending on the day before the Child's next birthday. In following years the Subscription Year runs from the Child's birthday to the day before the Child's next birthday; "We/Us/Our" means Nationwide Building Society; "You" means the Account registered contact detailed in the Account application.
2. For the avoidance of doubt, the agreement arising under these Terms and Conditions is an initial service contract agreement for the purposes of the European Distance Marketing Directive 2002.
3. The Account is a share account and You agree to be bound by Our rules and these account Terms and Conditions.
4. We are a Child Trust Fund Manager approved by HM Revenue and Customs. We will manage the Account in accordance with the Regulations.
5. The Child will always be the beneficial owner of the Account and will only hold one Child Trust Fund at any one time.
6. We will satisfy Ourselves that any person to whom We delegate any of Our functions or responsibilities is competent to carry out those functions and responsibilities.
7. We will notify You if, by reason of any failure to satisfy the provisions of the Regulations, the Account is, or will become void.
8. The Account cannot be lent to a third party nor used as security for a loan.
Payments & Interest
9. Payments may be made into the Account up to a maximum subscription limit of £1,200 in any Subscription Year. Government contributions and interest arising on the Account do not count toward this limit.
10. If the maximum referred to above is exceeded We will return the payment either to You for the Child or to the payer at Our entire discretion.
11. The minimum subscription is £1. Lump sum and regular contributions may be made provided they do not exceed the subscription limit.
12. Any payment made into the Account and which does not breach the subscription limit is a gift to the Child and, as such, is not refundable. You must make best efforts to inform any person intending to make a payment of this.
13. Government payments to the Account will earn interest from the first full day after receipt. Cash paid in will earn interest from the first full day after receipt. Cheques paid in will start earning you interest at the start of the second working day following the day of deposit. Cheques are cleared for certainty from the end of the 6th working day following the day of deposit. Certainty is when you can be certain we will not debit from your account any cheque which is returned unpaid without your permission (unless you are a knowing party to fraud). Cheques can be returned unpaid before certainty and if so, will be debited from your account.
14. Interest will be calculated and credited to the Account annually on the Child's birthday and on closure.
15. We may vary the interest rate. We will only do so for one or more of the following reasons:
- to reflect changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers of financial services;
- to reflect any changes or anticipated changes in the law, regulation or codes of practice or to respond to a decision by a court, ombudsman or regulator;
- to respond to changes in the rates applying to Our mortgage business;
- to reflect changes to Our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to Us of borrowing funds;
- to maintain Our financial strength for the benefit of all Our members.
If We vary the interest rate for one of these reasons, We will tell You about it by putting a notice in Our branches and/or on Our website or an advertisement in the press. If We vary the rate for any other reason We will notify You personally at least 30 days in advance.
Bonus
16. A bonus (which is variable) will be applied to the Account provided payments totalling at least £240 in addition to any Government contribution and/or accrued interest, has been made to the Account during the Subscription Year. To qualify, payments must be received into the Account by the last working day before the end of the Subscription Year.
17. The bonus will be calculated on the daily Account balance during the Subscription Year at the rate applicable at the time and will be applied to the Account on the Child's birthday.
Tax
18. Gains or income received to the Account are free of personal forms of taxation such as income or capital gains tax.
Notices and Statements
19. A statement showing information including the balance on the Account as at the statement date and the previous statement date will be sent to the Child each year within 30 days after the Child's birthday and if the Account is transferred to another provider.
20. We will contact You at the latest address on Our records.
21. An item will be treated as arriving 48 hours after posting (if sent to an address in the UK) or ten days after posting (if sent abroad).
22. You must advise Us in writing immediately if Your (or the Child's) name or address changes. You may be charged for any costs and expenses incurred by Us in establishing Your address or that of the Child.
Withdrawals
23. Withdrawals from the Account before the Child's eighteenth birthday are generally prohibited, but may be made in accordance with the Regulations for example to pay legitimate management charges and other incidental expenses; where a terminal illness claim has been made on behalf of the Child and been agreed in accordance with the Regulations.
Transfers
24. We will transfer the Account (free of charge) to another Child Trust Fund Manager upon Your written instruction provided that another Child Trust Fund Manager has confirmed that any applicable cancellation period has expired. We will endeavour to carry out the transfer as soon as reasonably possible. Your instruction can state the time within which the transfer is to be completed, but should not be less than 30 days.
25. Upon Your written instruction We will transfer the Account (free of charge) to the Legal & General Equity Stakeholder Child Trust Fund. We will endeavour to carry out the transfer as soon as reasonably possible. Your instruction can state the time within which the transfer is to be completed, but should not be less than 30 days.
26. No charge will be made for transfer into either a Nationwide Cash Child Trust Fund or Legal & General Equity Stakeholder Child Trust Fund from another Child Trust Fund provider.
Closing the account
27. The Account will close (free of charge) and tax exemption will end:
- On the death of the Child. A death certificate will be required as evidence and our closure form will need to be completed to close the account.
- On the Child reaching his/her eighteenth birthday. Upon the Child's eighteenth birthday the Account ceases to be a Child Trust Fund.
- Upon the direct instruction of HM Revenue and Customs.
Liability
28. We cannot provide a service as a result of something beyond Our reasonable control (for example, failure of equipment or power supplies, industrial action, HM Revenue and Customs delays), We will not be liable for any loss arising (whether directly or indirectly) as a result.
Changes to the Terms and Conditions
29. We may vary these Terms and Conditions. If the change is to Your benefit, We may make the change immediately and tell You about it either by writing to You or putting a notice in Our branches and/or on Our website or an advertisement in the press. If the change is to Your disadvantage, We will write and tell You about it personally at least 30 days in advance.
General information
30. We are entitled to provide HM Revenue and Customs with any information about the Account as required by law.
31. We and/or Our agent may require evidence of Your identity or of that of the Child. If evidence is required please provide it promptly.
32. This agreement is governed by English law and all communications and documentation will be in English.
33. The Regulation, law and HM Revenue and Customs practice applicable to the Account may change in the future.
Fixed Rate Bond, Loyalty Fixed Rate Bond or 1 year Tracker Bond terms and conditions
General
Terms and conditions for Fixed Rate Bond, Loyalty Fixed Rate Bond or 1 year Tracker Bond (please see additional sections for Terms and Conditions specific to each account).
1. In these terms and conditions ‘you/yours’ means the account holder and ‘we/us/our’ means Nationwide Building Society. ‘Account’ means your Fixed Rate Bond, Loyalty Fixed Rate Bond or 1 year Tracker Bond which is a share account and is either in your own name or held jointly with someone else.
2. You agree to be bound by our Rules and these terms and conditions. Our Rules are available from any branch or on our website at nationwide.co.uk
3. If after opening the account you are not happy with your choice of account, you may transfer the balance to another account with us or have your money returned without loss of interest, provided that you tell us of your intention within two weeks from the date the account was opened. If your original deposit was by cheque, you cannot transfer or close the account until your cheque has cleared through the banking system, which might take up to three to five working days. (This does not apply to Fixed Rate Bonds or Loyalty Fixed Rate Bond).
4. The minimum initial deposit and minimum balance on Fixed Rate Bond and Loyalty Fixed Rate Bond is £1. For 1 year Tracker Bond the minimum initial deposit is £100.
5. We may stop offering the account to new customers without telling you.
6. We may vary these conditions. If the change is to your benefit, we may make the change immediately and tell you about it either by writing to you or putting a notice in our branches and/or on our website or an advertisement in the press. If the change is to your disadvantage, we will write and tell you about it personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to either close or switch the account without loss of interest.
7. On the death of an account holder (other than a nominee or trustee) the balance in the account together with interest and any bonus will be paid to their personal representatives without notice or loss of interest. On the death of a joint account holder, the balance together with interest and any bonus will be payable to the surviving account holder without notice or loss of interest or the surviving account holder can choose to keep the account in their name.
8. In normal circumstances, we will not close your account without giving you at least 30 days notice.
9. We are not responsible for failure of any machine, data processing system, transmission link or any industrial dispute or circumstances beyond our control which obstructs or disrupts any service we provide to you.
10. The account must not be used for business purposes.
11. You must tell us straightaway:
a. If your certificate, card or passbook is lost or stolen or you think it is being misused. You can tell any of our branches or telephone 08457 30 20 10 at any time of the day or night. You must also report the loss or theft to the police
b. If you change your name, address, telephone number or e-mail address (if we communicate with you in this way).
12. On maturity or closure, withdrawals by CHAPS payment are available subject to an administration charge. Arrangements can be made for the withdrawal of funds by international transfer. Details of charges, foreign exchange conversion and timescales are available on request or when a transaction is authorised.
13. On maturity, the balance in the account together with interest will automatically be converted to a Nationwide notice account. Withdrawals from the new account can be made without notice or penalty for the first 30 days after the maturity date, after which the terms and conditions of the new account will apply.
14. Part withdrawals are not permitted during the term of the account.
15. Additional deposits into the account after the initial deposit are not permitted.
16. We may from time to time issue other fixed rate or fixed term accounts at different interest rates or terms without offering you the opportunity to transfer your deposit to the new account free of these conditions.
17. A statement will be sent to you in April each year if interest has been paid on the account
18. The account is only available to people aged seven and over.
19. The account can have a maximum of two joint account holders.
20. Annual interest can be paid into the account or paid directly to a Nationwide savings account (except Regular Savings), or current account with us or any other provider. Monthly interest can only be paid directly into a Nationwide savings account or current account with us or any other provider. Interest paid on maturity will be added to the balance in the account.
21. The account can only be held in your own name. For children aged under seven, the account should be held in trust.
22. You may hold more than one account as long as the total balance does not exceed £2 million.
23. If the account is closed, the whole deposit up to £100,000 may be withdrawn immediately by cheque against cleared funds. Larger amounts may be withdrawn by cheque within several days after making an arrangement with any local branch. Withdrawals in cash will not be permitted.
Interest
24. Cash paid into the account will earn interest from the first full day following receipt. Cheques paid in will earn interest from the start of the 2nd working day (excluding weekends and bank holidays) following the day of deposit.
25. We will deduct income tax at the lower rate from any interest paid unless you are an eligible non-taxpayer and have completed a HM Revenue and Customs Form R85 for interest to be paid gross (without tax deducted). On a joint account interest can be paid net (with tax deducted) to one account holder and gross to the other. If you pay income tax at a higher rate, you will have to pay any additional tax on your interest.
26. Unless your account has a fixed interest rate, we may vary interest rates. We will only vary the rate for one or more of the following reasons:
a. To reflect changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers of financial services;
b. To reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator;
c. To respond to changes in the rates applying to our mortgage business;
d. To reflect changes to our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds;
e. To maintain our financial strength for the benefit of all our members.
27. If we vary the rate for one of these reasons, we will tell you about it by putting a notice in our branches and/or on our website or an advertisement in the press. If we vary the rate for any other reason we will notify you personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest.
Joint accounts
28. Joint account holders shall choose the order of names on the account and only the first named account holder will be entitled to voting rights in respect of the account.
29. In the event of a dispute between joint account holders, we may freeze the account until we receive written instructions from all of you.
Paying money in
30. Cash and automated credits paid into the account will earn interest from the first full day following receipt. For interest on cheque deposits, refer to condition 31.
31. Banking of cheques for payment will at all times be subject to the rules, and clearing processes, of any cheque clearing system(s) used by us. The central clearing cycle is normally three working days (not including Saturdays, Sundays and Bank Holidays). There are three elements in the cheque clearing cycle:-
(i) Clearing for interest (when we start paying interest on any cheque you deposit with us).
(ii) Clearing for withdrawal (when we will allow you to withdraw against any cheque you deposit with us).
(iii) Clearing for certainty (when you can be certain that we will not debit any cheque you deposit with us which is returned unpaid (unless you are a knowing party to fraud), without your permission)
The date of each of the three elements above is detailed below.
| Interest paid from: | Withdrawals allowed from: | Certainty from: |
|---|---|---|
| the start of the 2nd working day following the day of deposit. | the start of the 5th working day following the day of deposit subject to any additional conditions for your account for withdrawing money. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. | the end of the 6th working day following the day of deposit. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. |
32. Certainty applies from the end of the 6th working day (11.59 pm) following the day of deposit. Although the Society will let you withdraw against cheques as shown above, this does not mean the cheque has cleared for certainty. Cheques can be returned unpaid before certainty and if so, will be debited from your account. Other non cheque deposits will be available for withdrawal and will receive interest as detailed below:
| For withdrawal: | For interest: | |
|---|---|---|
| Cash deposits | Immediate | Next working day |
| Automated credits | Immediate | Next working day |
33. Cheques drawn from or paid into the account will be treated as valid for six months from the date of the cheque. Cheques must not be post-dated
1 year Tracker Bond
In addition to conditions 1 to 33, conditions 34 to 36 apply to 1 year Tracker Bond.
34. Interest is paid on 30 September or monthly on the last day of each calendar month and on maturity.
35. The account may be closed at any time subject to 90 days’ notice or the loss of 90 days’ interest.
36 The account is for a fixed term of one year starting on the date the account is opened and ending on the first anniversary of the opening of the account.
Fixed Rate Bond and Loyalty Fixed Rate Bond
In addition to conditions 1 to 33, condition 37 applies to both Fixed Rate Bond and Loyalty Fixed Rate Bond.
37. The account can be closed prior to maturity, subject to the following early access charge (these charges will not apply on closure due to the death of the account holder).
Term remaining
| More than 3 years | Between 2 & 3 years | Between 1 & 2 years | Less than 1 year | |
| Loss of interest | 180 days | 150 days | 120 days | 90 days |
The funds in the account, together with any interest earned and less the early access charge, will be paid to you within the time stipulated by you or within 30 days, whichever is longer.
Loyalty Fixed Rate Bond
In addition to conditions 1 to 33 and 37, condition 38 applies to Loyalty Fixed Rate Bond.
38. The account can only be opened if you are an existing Nationwide member and have been a continuous member for at least three years on the date the account is opened.
Instant Access ISA, Members' ISA Bond and Fixed Rate ISA Bond terms and conditions
Please see additional sections for terms and conditions specific to Instant Access ISA, Members’ ISA Bond and Fixed Rate ISA Bond.
1. In these Terms and Conditions ‘you/your’ means the account holder and ‘we/us’ means Nationwide Building Society, ‘Account’ refers to either the Instant Access ISA, Members’ ISA Bond or Fixed Rate ISA Bond.
2. The cash ISA (‘the ISA’) is a share account.
3. You agree to be bound by our rules (available on request) and these account Terms and Conditions.
4. The Nationwide cash ISA can comprise an Instant Access ISA, Members’ ISA Bond, Fixed Rate ISA Bond, Instant ISA ex Tessa (formerly Tessa Maturity ISA), ISA Bond ex Tessa (formerly Tessa Maturity ISA Bond) and/or any cash ISA provided by the former Portman Building Society. Subject to condition 6 you may hold an Instant Access ISA, a Members’ ISA Bond, a Fixed Rate ISA Bond, Instant ISA ex Tessa (formerly Tessa Maturity ISA), ISA Bond ex Tessa (formerly Tessa Maturity ISA Bond) and/or any cash ISA provided by the former Portman Building Society providing that the total subscription limits are not exceeded.
5. The account is only available to people aged 16 or over.
6. You can currently invest up to £3,600 in a cash ISA each tax year. This can be split between an Instant Access ISA, a Members’ ISA Bond, a Fixed Rate ISA Bond and/or any cash ISA provided by the former Portman Building Society. This subscription is in addition to any funds held in a Instant ISA ex Tessa (formerly Tessa Maturity ISA) and/ or ISA Bond ex Tessa (formerly Tessa Maturity ISA Bond). This information is based on our understanding and interpretation of current tax legislation and HM Revenue and Customs practice both of which may change in the future.
7. You agree that you will not (pending termination or transfer) subscribe to any other cash ISA in the same year as subscribing to this one.
8. The minimum initial deposit for a Fixed Rate ISA Bond account is £1. For Members' ISA Bond and Instant Access ISA the minimum initial deposit is £100.
9. Cash and automated credits paid into the account will earn interest from the first full day following receipt. For interest on cheque deposits, refer to condition 10.
10. Banking of cheques for payment will at all times be subject to the rules, and clearing processes, of any cheque clearing system(s) used by us. The central clearing cycle is normally three working days (not including Saturdays, Sundays and Bank Holidays). There are three elements in the cheque clearing cycle:-
(i) Clearing for interest (when we start paying interest on any cheque you deposit with us).
(ii) Clearing for withdrawal (when we will allow you to withdraw against any cheque you deposit with us).
(iii) Clearing for certainty (when you can be certain that we will not debit any cheque you deposit with us which is returned unpaid (unless you are a knowing party to fraud), without your permission).
The date of each of the above three elements is detailed below.
| Interest paid from: | Withdrawals allowed from: | Certainty from: |
|---|---|---|
| the start of the 2nd working day following the day of deposit. | the start of the 5th working day following the day of deposit subject to any additional conditions for your account for withdrawing money. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. | the end of the 6th working day following the day of deposit. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. |
11. Certainty applies from the end of the 6th working day (11.59 pm) following the day of deposit. Although the Society will let you withdraw against cheques as shown above, this does not mean the cheque has cleared for certainty. Cheques can be returned unpaid before certainty and if so, will be debited from your account. Other non cheque deposits will be available for withdrawal and will receive interest as detailed below:
| For withdrawal: | For interest: | |
|---|---|---|
| Cash deposits | Immediate | Next working day |
| Automated | Immediate | Next working day |
12. Cheques drawn from or paid into the account will be treated as valid for six months from the date of the cheque. Cheques must not be post-dated.
13. The ISA investments will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan.
14. Subject to early access charges on Fixed Rate ISA Bonds (see condition 43 for further information), if after opening the account, you do not consider it to be suitable, you may transfer the balance to another account with the Society, or have the money returned, provided that in either case the Society receives notification of your intention within 30 days from the date that the ISA was opened. The interest will be paid gross to you and the subscription will not count towards your ISA limits for that tax year. You can open a subsequent Cash ISA with the Society or another financial institution, up to your allowance for that tax year.
15. In normal circumstances, we will not close your account without giving at least 30 days’ notice. Interest will not accrue to the ISA following closure. If your ISA breaches HM Revenue and Customs regulations the Society reserves the right to either:
(a) convert all or part of the account to the Nationwide CashBuilder Book account without prior notice, and interest will be paid at the CashBuilder Book rate, with tax deducted; or
(b) close the account or, where only a subscription is invalid, reject the subscription and return the funds. We will notify you in writing within 30 days of the conversion or closure being carried out.
16. Proof of your identity, verification of your address and your National Insurance Number will be required on account opening.
17. For your protection, we may require proof of identity before allowing withdrawals, if applicable, from the account or the account to be closed.
18. On your death the capital value of the ISA and the accrued gross interest is payable to your personal representatives. From the date of your death your ISA will receive net (with tax deducted) interest at the ISA rate that applies to the account (or for Fixed Rate ISA Bond, the net variable rate that applies to Members’ ISA Bond). No further deposits into the account can be made and the account must be closed once probate or letters of administration has been granted.
19. You must tell us straightaway:
(a) if your certificate is lost or stolen or if you think it is being misused. You can tell any of our branches or telephone 08457 30 20 10 at any time of the day or night. You must also report the loss or theft to the police.
(b) if you change you name, address, telephone or email address (if we communicate with you in this way).
20. We may vary these conditions. If the change is to your benefit, we may make the change immediately and tell you about it either by writing to you or putting a notice in our branches and/or our website or an advertisement in the press. If the change is to your disadvantage, we will tell you about it personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest. In the case of conflict, HM Revenue and Customs ISA regulations prevail over these terms and conditions.
21. Due to HM Revenue and Customs regulations, if you do not subscribe to your cash ISA for a whole tax year or longer, you will be required to complete a cash ISA Renewal Form before any further subscriptions can be added.
22. Subject to early access charges on Fixed Rate ISA Bonds, if you wish to transfer all or part of your ISA to another ISA Manager we will transfer the account within the time stipulated by you or within 30 days of receiving the request from your new provider, whichever is the longer. We will notify you if, due to any failure to satisfy the provisions of the HM Revenue and Customs ISA Regulations, the ISA has, or will, become void.
23. If we delegate any of our functions or responsibilities under these Terms and Conditions we will satisfy ourselves that the person or organisation we delegate to will be competent to carry out those functions or responsibilities.
24. We are not responsible for the failure of any machine, data processing system, transmission link, or any industrial dispute or circumstances beyond our control where such failure, dispute or circumstances obstruct provision of services to you.
25 Unless your account has a fixed rate of interest, we may vary interest rates. We will only vary the rate for one or more of the following reasons:
(a) to reflect changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers of financial services
(b) to reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator
(c) to respond to changes in the rates applying to our mortgage business
(d) to reflect changes to our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds
(e) to maintain our financial strength for the benefit of all our members.
26. If we vary the rate for one of these reasons, we will tell you about it by putting a notice in our branches and/or on our website or an advertisement in the press. If we vary the rate for any other reason we will notify you personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest.
Instant Access ISA
In addition to Terms and Conditions 1-26 above, the following Terms and Conditions 27-32 apply.
27. You may withdraw up to £500 in cash each day or a greater amount by cheque, provided that you have the available funds in your account.
28. Withdrawals from the account require no notice and on your instructions and subject to condition 27 above all or part of the funds in the account, together with interest earned will be paid to you within the time stipulated by you or within 30 days of receiving your request, whichever is the longer.
29. The passbook must be produced on any request for a withdrawal.
30. Payment into the account can only be made up to the annual subscription limit. This includes any amount invested in the Members’ ISA Bond, Fixed Rate ISA Bond and/or any cash ISA provided by the former Portman Building Society in the same tax year. No further subscriptions can be accepted into the account, which would exceed the total subscription limit, even where a partial withdrawal has been made.
31. Any increase in interest rates will take effect within one month of the announcement of such increase.
32. Interest is credited to your account annually on 31 March and on closure. It can be transferred to your Nationwide FlexAccount or savings account (excluding Regular Savings). You can also ask to have your interest credited to any other bank or building society current account
Members’ ISA Bond
In addition to the Terms and Conditions 1-26 above, the following Terms and Conditions 33-40 apply.
33. Members’ ISA Bond (‘the Bond’) is only available to existing members of the Society who have been continuous members for at least three years on the date of opening the Bond. Only one Bond per member is allowed.
34. Any increase in interest rates will take effect within one month of the announcement of such increase.
35. You may make one additional subscription to the Bond in each successive tax year without completing a new application form. Additional subscriptions are acknowledged with a receipt unless payments are made online. If you do not make a subscription to the Bond in any tax year, you must complete a renewal form in order to subscribe to the Bond in any subsequent tax year.
36. If the Bond is closed, the ISA subscription for the current tax year invested in the Bond is lost and cannot be reinvested in any other ISA. However, if the full allowance was not invested, the remaining amount allowed during that tax year can be reinvested in a Nationwide Instant Access ISA, Fixed Rate ISA Bond and/or cash ISA provided by the former Portman Building Society.
37. One part withdrawal is permitted each year, subject to 60 days’ notice or 60 days’ loss of interest. No further part withdrawals are permitted in the same tax year, but the Bond may be closed subject to 60 days’ notice or 60 days’ loss of interest in that tax year.
38. On your instructions and subject to condition 37 above all or part of the funds in the account, together with interest earned will be paid to you within the time stipulated by you or within 30 days, whichever is the longer.
39. Interest is added to the Bond annually on 31 March and on closure. The interest can be transferred to your Nationwide FlexAccount or savings account (excluding Regular Savings) or any other bank or building society current account. Provided you have given instruction prior to 5 April to transfer the interest, this transfer will not be counted as your one permitted withdrawal for that tax year subject to condition 36.
40. Transfers into the Bond from Bonus 30 are permitted without loss of interest and the bonus interest earned will not be forfeited.
Fixed Rate ISA Bond
In addition to Terms and Conditions 1-26 above, the following Terms and Conditions 41-51 apply.
41. Fixed Rate ISA Bonds are for the advertised fixed term. The term will start on the day the account is opened and end on an anniversary of that day, depending on the term of the bond chosen.
42. Part withdrawals are not permitted during the term of the account. 43. The account can be closed prior to maturity, subject to the early access charge shown below. Please note these charges do not apply:
(a) on closure, or transfer to another cash ISA, during the first 14 days after the account opening, following receipt of a Cancellation Form which can be obtained from any Nationwide branch and must be returned to a Nationwide branch.
(b) on closure due to the death of the account holder.
| Time remaining | More than 3 years | Between 2 & 3 years | Between 1 & 2 years | Less than 1 y |
|---|---|---|---|---|
| Loss of interest | 180 days | 150 days | 120 days | 90 days |
The funds in the account, together with any interest earned and less the early access charge (if applicable), will be paid to you within the time stipulated by you or within 30 days whichever is longer.
44. If the account is closed, the whole deposit may be withdrawn immediately, less any interest charge, by cheque against cleared funds. Withdrawals in cash will not be permitted.
45. Additional deposits to the account after opening are not permitted.
46. We may stop offering the account to new customers without telling you.
47. We may from time to time issue other fixed rate accounts at different interest rates or terms without offering you the opportunity to transfer your deposit to the new account free of these conditions.
48. A statement will be sent to you in April each year if interest has been paid on the account.
49. If the account is closed, any ISA subscription for the current and/or previous tax year(s) is lost and cannot be reinvested in any other ISA. However, if the full allowance was not invested, the remaining amount allowed during the current tax year can be reinvested in another Nationwide cash ISA.
50. Interest is paid on 31 March each year or monthly on the last day of each calendar month and on maturity. Interest can only be paid to the account where annual interest is selected. Interest can also be paid to a Nationwide FlexAccount or savings account (excluding Regular Savings) or any other bank or building society current account. Monthly interest can not be paid into a Members’ ISA Bond or Regular Savings. If annual interest is paid into a Members’ ISA Bond, this will count as an additional subscription and no further subscriptions can be paid into the Members’ ISA Bond in that tax year. Interest can be paid into an Instant Access ISA and will not count towards the annual subscription limit.
51. On maturity, the balance in the account together with interest will automatically be converted to a Nationwide variable rate Instant Access ISA. This will not affect your annual ISA subscription limit.
BusinessInvestor terms and conditions
1. a. BusinessInvestor account (“the account”) is a deposit account of the Society and holders agree to be bound by these Terms and Conditions.
b. Account holders must be resident in the UK.
c. Credit facilities WILL NOT be available on this Account.
2. In these Terms and Conditions:
a. words importing persons include sole traders, partnerships, incorporated traders and unincorporated bodies or associations and charities.
b. references to either gender include the other and references to the singular include the plural, references to legislation include references to any applicable amendments.
c. “you”/“your” means the account holder(s); “we”/“us”/“our” means Nationwide Building Society.
3. The minimum required to open the account is £5,000.
4. Cash and automated credits paid into the account will earn interest from the first full day following receipt. For interest on cheque deposits, refer to condition 5.
5. Banking of cheques for payment will at all times be subject to the rules, and clearing processes, of any cheque clearing system(s) used by us. The central clearing cycle is normally three working days (not including Saturdays, Sundays and Bank Holidays). There are three elements in the cheque clearing cycle:-
i) Clearing for interest (when we start paying interest on any cheque you deposit with us).
ii) Clearing for withdrawal (when we will allow you to withdraw against any cheque you deposit with us).
iii) Clearing for certainty (when you can be certain that we will not debit any cheque you deposit with us which is returned unpaid (unless you are a knowing party to fraud), without your permission).
The date of each of the above three elements is detailed below.
| Interest paid from: | Withdrawals allowed from: | Certainty from: |
|---|---|---|
| the start of the 2nd working day following the day of deposit. | the start of the 5th working day following the day of deposit subject to any additional conditions for your account for withdrawing money. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. | the end of the 6th working day following the day of deposit. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. |
6. Certainty applies from the end of the 6th working day (11.59 pm) following the day of deposit. Although the Society will let you withdraw against cheques as shown above, this does not mean the cheque has cleared for certainty. Cheques can be returned unpaid before certainty and if so, will be debited from your account. Other non cheque deposits will be available for withdrawal and will receive interest as detailed below:
| For withdrawal: | For interest: | |
|---|---|---|
| Cash deposits | Immediate | Next working day |
| Automated credits | Immediate | Next working day |
7. Cheques drawn from or paid into the account will be treated as valid for six months from the date of the cheque. Cheques must not be post-dated.
8. Interest is calculated daily and will be paid in the account on the first day of March, June, September and December.
9. Unless your account has a fixed interest rate, we may vary interest rates. We will only vary the rate for one or more of the following reasons:
a) To reflect changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers or financial services;
b) To reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator;
c) To respond to changes in the rates applying to your mortgage business;
d) To reflect changes to our costs, including administration costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds;
e) To maintain our financial strength for the benefit of all our members.
10. If we vary the rate for one of these reasons, we will tell you about it by putting a notice in our branches and/or on our website or an advertisement in the press. If we vary the rate for any other reason we will notify you personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest.
11. a. Deposits can be made at any branch, however coinage will not be accepted.
b. Bank note deposits will be accepted up to a daily maximum of £5,000 and notes must be presented batched by denomination. Larger amounts will only be accepted in exceptional circumstances and by prior arrangement with the account holding branch.
c. A maximum of 10 cheques may be deposited on any one day. Larger numbers will only be accepted in exceptional circumstances and by prior arrangement with the account holding branch.
d. Deposits must be made at our branches and not via any other financial institution. Should a deposit be made in breach of this Condition a charge shall be debited to the account in accordance with Clause 13(b) below. The debiting of such a charge will not amount to a waive of this Condition.
e. We offer no cash exchange facility.
12. The treatment of interest for tax purposes will be as follows:
a. Interest will normally be paid at the net rate which is the rate after deduction of income tax at the appropriate rate.
b. Interest may be paid at the gross rate which is the rate without deduction of income tax at the appropriate rate to the following category of account holders, where they have provided us with a declaration in writing in a form prescribed or authorised by HM Revenue and Customs:
(i) to an individual who is eligible and has registered that they do not expect to be liable to income tax and to the extent that the interest paid gross does not exceed the single person’s tax allowance for the period in question.
(ii) a payment to a charity in respect of which exemption from tax is granted under S.505 (1)(c) Income and Corporation Taxes Act 1988 (ICTA).
(iii) an investment by a company within the meaning of Section 832(1) of the ICTA 1988 - i.e. a body corporate or unincorporated association (such as a club or society but not a partnership).
(iv) an investment by a retirement benefits scheme wholly exempt under S.592(2) ICTA 1988.
c. (i) An account holder who is an individual may be liable to assessment to income tax at a higher rates upon the gross equivalent amount of interest received.
(ii) The receipt of interest gross by a company will not prevent that interest being liable to corporation tax. Where an account holder who is a company (as defined by S.832(1) IC