In addition to the general terms and conditions, the following conditions apply to Limited Access Saver. If there is a conflict between the general conditions and these Limited Access Saver conditions, the Limited Access Saver conditions will take priority.

In these conditions the following words and expressions have the following meanings:

  • 'Account Year' means the 12 month period from the date that the account was opened and each subsequent period of 12 months thereafter
  • 'Higher Interest Rate' means the interest rate payable on the account where there have been 5 or fewer withdrawals during an Account Year
  • 'Lower Interest Rate' means the interest rate payable on the account where there have been 6 or more withdrawals during an Account Year

Account Holding and Ownership

  1. You must be aged 16 or over to hold the account
  2. The account can have a maximum of two joint account holders
  3. You can only be the first named account holder of one Limited Access Saver account, which can be held in either sole or joint names
  4. The minimum balance on the account is £1
  5. The maximum balance on the account is £5 million

Interest

  1. Interest is calculated daily and paid annually on the anniversary of account opening and on closure
  2. Interest can be paid either into the account, a Nationwide current or savings account (subject to the terms and conditions of that receiving account), or a current account with another bank or building society
  3. The interest rate payable on the account is variable and based on the balance in your account and the number of withdrawals made during an Account Year
  4. We will calculate interest on each whole pound in the account
  5. If you make 5 or fewer withdrawals in an Account Year you will receive the Higher Interest Rate for the whole of the Account Year
  6. If you make 6 or more withdrawals in an Account Year you will receive the Higher Interest Rate for the period of the Account Year up to the date before the 6th Withdrawal and the Lower Interest Rate from the date on which the 6th withdrawal was made for the remainder of the Account Year

Operating the account

  1. A maximum of 5 withdrawals are permitted each Account Year without notice or loss of interest. Subsequent withdrawals are permitted without notice however the Lower Interest Rate will apply from the date of the 6th withdrawal until the end of the Account Year