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

Account holding and ownership

  1. The account can have a maximum of four joint account holders
  2. The minimum balance on the account is £1.
  3. The maximum balance on the account is £5 million.

Interest

  1. Interest is calculated daily and paid annually on 31 October and on closure.
  2. Interest can be paid either into the account, a Nationwide current or savings account (excluding Regular Savings or Flexclusive Regular Saver), or a current account with another bank or building society.
  3. We will calculate interest on each whole pound in the account.
  4. The core interest rate payable on the account is variable. In addition to the core interest rate, a fixed bonus interest rate is payable on some issues of this account for a set period applicable to the issue number of the account. The issue number of the account and details about any bonus interest rate payable can be found by logging onto the Internet Bank or by contacting us.

Operating the account

  1. There is no requirement to make a monthly deposit into the account after the initial deposit. If you choose to make further deposits into the account, the minimum deposit is £1. The maximum monthly deposit is £500.
  2. The overall balance in the account can be increased by a maximum of £500 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.
  3. If you attempt to transfer funds into the account exceeding the maximum monthly deposit limit all or part of these funds will be returned to the originating account.
  4. If the maximum monthly deposit limit is exceeded more than once we reserve the right to close the Monthly Saver account and transfer the funds into an Easy Access account which pays a variable interest rate and has no restrictions on deposits or withdrawals. If this happens the terms and conditions of the Easy Access account will apply from the date of transfer.
  5. If your account has a bonus interest rate, once that bonus interest rate expires we will close the Monthly Saver account and transfer the funds into an Easy Access account which pays a variable interest rate and has no restrictions on deposits or withdrawals. When this happens the terms and conditions of the Easy Access account will apply from the date of transfer.
  6. You can withdraw any available funds in the account without notice or loss of interest.