In addition to the Savings general terms and conditions and Bond general terms and conditions, the following conditions apply to Smart Fixed Rate Bonds. If there is a conflict between the Savings general terms and conditions and Bond general terms and conditions and these Smart Fixed Rate Bond conditions, the Smart Fixed Rate Bond conditions will take priority. Please also refer to the information you were given when you opened the account which contains the term of the account, the interest rate and when interest is paid to you.

Account holding and ownership

  1. You must be aged 7 or over to open a Smart Fixed Rate Bond account.
  2. A Smart Fixed Rate Bond account may be opened by an adult in trust for a child under the age of 18 years. An adult can only open one account per child.
  3. The Smart Fixed Rate Bond account can have a maximum of two joint account holders.
  4. The minimum deposit to open the account and minimum balance is £1.
  5. The maximum balance in the account is £5 million.
  6. Nationwide reserves the right to limit the number of Smart Fixed Rate Bond accounts you can have.
  7. The account is for a fixed term which will start on the day the account is opened and end on the expiry of the period set out in the information you were given when you opened the account.
  8. We may from time to time issue other Smart Fixed Rate Bond accounts with different interest rates or terms without offering you the opportunity to transfer your deposit to the new account free of these conditions.
  9. Additional deposits into the account after the initial deposit are not permitted.

Interest

  1. 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 (except Regular Savings) or current account with us or any other provider. Interest paid on maturity will be added to the balance in the account.
  2. If you choose annual interest the date of payment of that interest is specific to each Smart Fixed Rate Bond issue. Please refer to the information you were given when you opened the account or ask in a branch.
  3. If you choose monthly interest, it will be paid on the last day of each calendar month and on maturity.
  4. Where interest is paid monthly for a fixed period of time, the last monthly interest payment will be added to the account and not paid to any other account you have nominated to receive interest payments.

Taking money out

  1. Part withdrawals are not permitted during the term of the account.
  2. On maturity, the balance in the account together with interest will automatically transfer into a savings maturity account, from which you will have instant access to remove your funds. We will contact you with more information before your bond matures. Alternatively, you may choose to transfer your balance to another Nationwide account, in either your or a third party's name(s).
  3. If you request to close your account, the whole deposit up to £500,000 may be withdrawn immediately by cheque. Larger amounts may be withdrawn by cheque within several days after making an arrangement with any local branch.
  4. Withdrawals in cash are not permitted.
  5. The account can be closed prior to maturity, Fixed Rate subject to the following early access charge (these charges will not apply on closure due to the death of the account holder).

Early closure charges

Term 1 year or less 2 years 3 years 4 years 5 years
Early access charge 90 days 180 days 270 days 320 days 365 days
  1. If the term includes part of a year your early access charge will be calculated based on the next whole year e.g. 18 month term = the 2 year early access charge.
  2. The amount of the early access charge will depend on the term of the Smart Fixed Rate Bond and will be equivalent to the number of days' interest at the prevailing rate as detailed in the table above. If there is insufficient earned interest, then the amount of the early access charge will be taken from the funds in the account. The funds in the account, together with any interest earned and less the early access charge, will be paid to you.