Nationwide Treasury accepts wholesale Time Deposits in tenors of 3-12 months. Find out how they work and how to make a Time Deposit enquiry.
How a Time Deposit works
A Time Deposit is a wholesale money markets investment which offers a fixed rate of interest for a fixed term. Interest is paid gross on maturity.
Each investment is dealt on a contract basis and as such early withdrawals cannot be made. On maturity the Time Deposit can be renewed at the then current rates.
All kinds of organisations and businesses can invest in a Time Deposit, from large companies and housing associations to local government, charities, trusts and partnerships. How much you can invest and for how long will vary, but you can begin your Time Deposit investment with a minimum of £1,000,000.
Explanation of procedures
How to arrange a deal
All deals need to be proposed via an email addressed to Nationwide Treasury’s money market desk ShortTermLiquidity@nationwide.co.uk. Such emails must be sent by an authorised dealer given by the client on the new client information form. One of Nationwide Treasury's money market dealers will reply to confirm live executable interest rates, and subsequently the deal can be agreed. All details including the deposit amount, interest rate, start and maturity dates are agreed at this time and a formal confirmation of the trade will also be sent by email. The depositor will need to arrange a CHAPS payment to Nationwide from the bank account specified on the new client information form. Funds can only be received and returned by Nationwide to this account.
What happens at maturity
As each deposit investment is a separate contract, it is standard practice for Nationwide to repay by CHAPS the principal and accrued interest to the specified bank details shown on the new client information form.
However Nationwide Treasury can accept roll-over instructions in relation to a maturing deposit. To arrange the client is welcome to contact Nationwide Treasury money markets dealers on the day of maturity (or a day or two prior to maturity if unavailable on the maturity date) via email to ShortTermLiquidity@nationwide.co.uk to arrange a new deal.
What is the process for new customers to be able to book Time Deposits?
This will largely depend on the type of investor and whether compliance checks have already been made by Nationwide's Treasury Compliance team. They can be contacted directly on Treasury.OpsCompliance@nationwide.co.uk. Assuming the counterparty is new to Nationwide, Treasury Compliance will send out a simple new counterparty information form which will need to be returned to them, in some cases with acceptable forms of identification. Once Treasury Compliance has set up the counterparty (which normally only takes a few days) deals can then be booked.
Please Note: The information you provide on this screen will be sent to Nationwide by email. Unlike our Internet banking messaging service, Internet email is not a 100% secure method of communication.
By sending this email you are agreeing to accept the risk and agree that we may respond using the same means.
The following are not eligible to claim compensation under the UK Financial Services Compensation Scheme for deposits:-
Large companies*, large mutual associations**, credit institutions, overseas financial services institutions, collective investment schemes operators or trustees, pension and retirement funds and their trustees, supranational institutions, governments, and central administrative authorities, provincial, regional, local and municipal authorities, firms within the Nationwide Building Society Group, persons considered responsible for the default, persons whose claim arises from transactions in connection with which they have been convicted of an offence of money laundering.
*Large companies are defined as firms with at least two of the three criteria: -turnover in excess of £6.5 million, balance sheet total in excess of £3.26 million; and more than 50 employees.
**Large mutual associations hold more than £1.4 million in net assets.
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