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In addition to the general conditions for MySave Accounts, the following conditions apply to MySave Online. If there is a conflict between the general conditions and these conditions, the MySave Online conditions will take priority.
- In these conditions 'Account Month' means the period from the day we receive your first payment to the end of the day before in the following month. For example, if we receive your first payment on the 15th of January, the Account Month will run from the start of the 15th day of each month to the end of the 14th day of each month.
Account Holding & Ownership
- The account can only be opened and operated if you are registered to use the MySave Online Savings service.
- The account can only be held by individuals over the age of 16.
- The account can have a maximum of two holders.
- Nationwide reserves the right to limit the number of MySave Online accounts held by each customer.
- The minimum initial deposit is £1,000 and the minimum balance on the account is £1.
- The initial deposit into the account must be made within 30 days of the account being opened.
- The maximum deposit and balance in the account is £5 million.
- In exceptional circumstances, including any failure by a third party supplier, we may suspend provision of the MySave Online Savings services or functions. In this event we will inform you either by message on the MySave Online Savings website and/or by post or email. During the period of any such suspension your rights in relation to your MySave Online Savings account(s) will be restricted to the withdrawal of your entire balance without loss of interest which we may pay by cheque if we are unable to credit the funds to your Nominated account.
Payments Into The Account
- Payments can only be made from your Nominated account.
- If your Nominated account is held with another bank or building society:
- Payments can be made by Direct Debit. Your first payment to the account may take up to 10 working days to be credited to the account as we will need to set up the instruction with the provider of your Nominated account.
- Direct Debit payments will be available for withdrawal 3 working days after they are credited to the account.
- Interest is calculated from the day the payment is credited to the account.
- In addition, if your Nominated account is a Nationwide current account:
- You can set up a payment from the Nominated account on the Nationwide Internet Bank at any time.
- For payments made on a working day before 6.30pm interest will be calculated from this day and the payment will normally arrive within 3 working days.
- For payments requested after 6.30pm or on a Saturday, Sunday or Bank Holiday the payment will be processed on, and interest will be calculated from, the next working day and the payment will normally arrive within the following 3 working days.
- Cheques can be accepted as the initial deposit and must be a personal cheque in your name and should be made payable to yourself and include your account or reference number. Cheques which do not meet this criteria may be returned.
- Cash deposits are not allowed directly into the account.
- Withdrawals can only be made online to the Nominated account and may take up to 3 working days. Payments requested after 1pm or on a Saturday, Sunday or Bank Holiday will start to be processed on the next working day. You cannot normally cancel a payment after we have accepted your instruction.
- Cheque, Cash, Standing Order and Direct Debit withdrawals cannot be made directly from the account.
- You can withdraw any available funds in the account without notice or loss of interest.
- The minimum withdrawal amount is £1.
- Interest is calculated daily at the published rates and is paid within 4 working days following the end of each Account Month. For example, if the 15th is a Saturday the funds will arrive on Thursday 20th. Interest can be paid to the Nominated account or another account as specified by you which must be in the same names as the account.
- If interest for any Account Month is less than £1 it will not be transferred to the Nominated account or other account specified by you for payment of interest, but will be carried forward and added to interest earned in the following or subsequent Account Months until the accrued interest exceeds £1. Once the interest due reaches or exceeds £1 it will be paid to the Nominated account or other account specified by you for payment of interest 4 working days after the last day of that Account Month.
- An additional day's interest will be paid in a leap year.
- On closure of the account the closing balance will be sent directly to the Nominated account, unless we have suspended the MySave Online Savings service due to exceptional circumstances, in which case the closing balance may be paid to you by cheque.
- Requests to close the account can only be made through the MySave Online Savings site and are subject to any requirements in this agreement for confirmation of closure to be given in writing or by phone.
- You can close your account at any time without notice and subject to the conditions for 'taking money out' and any exceptional circumstances which have led to us having to suspend the MySave Online Savings service, when you will need to contact us by post or phone to close the account.
- If the initial deposit is not made within 30 days of opening the account, the account will be closed.
- We reserve the right to close the Account if the minimum operating balance or maximum balance is breached or if more than one account is held.
- We will only communicate confidential information where we have verified you.
- The account cannot be opened or operated by Power of Attorney unless we have evidence of physical or mental incapacity and, where there is more than one attorney, they are appointed to act jointly and severally. We are unable to accept a Power of Attorney or Receivership Order where restrictions are in place which may relate to the investment.