Why choose Limited Access Saver?

Limited Access Saver Issue 6

The interest rate on this account is dependent on the number of withdrawals made during the account year.

Interest is calculated daily and paid into the account annually on the anniversary of account opening and on closure.

You can choose to have interest added to your account or paid directly to a Nationwide current or savings account (subject to the terms and conditions of the receiving account), or a current account with another bank or building society.

Yes, the interest rate is variable. This means we have the ability to change the interest rate. Please see the ‘Interest’ section in the Savings General Terms and Conditions which sets out when we can vary the interest rate and how we will notify you if this happens.

The table above shows the balance on an initial deposit of £1,000 over 12 months with interest added to the account, where a withdrawal of £10 was made on the 1st day of each calendar month for the first 6 months.

*This rate is only applied once the 6th withdrawal is made in the account year.

Both estimated balances are for illustration only and assume that:

• interest is paid into the account
• no further deposits are made
• there is no change to the interest rate
• individual circumstances do not change
• the illustrated balances after 12 months are shown after addition of interest and deduction of withdrawals made during the account year.

To open this account:

• you need to be aged 16 or over
• you can open this account with a minimum of £1 up to a maximum of £5,000,000
• 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.

You can open this account:

• in branch.

You can manage your account:

• via the Internet Bank or Banking app (you must be registered for Internet Banking)

• in branch.

Please note: you'll need a minimum of £1 in the account for it to operate.

It’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. We can also close your existing savings account, if you want us to. Simply go to nationwide.co.uk, use our Banking app or visit one of our branches.

Yes, you can make 5 withdrawals per account year without loss of interest. Further withdrawals are allowed but will result in a lower rate of interest for the remainder of the account year.

You can:

• Withdraw up to £500 in cash a day or up to £500,000 by cheque at any of our branches.
• Transfer money to another Nationwide current account or instant access savings account held in your name, using our Internet Bank or Banking app (if you’re registered for Internet Banking).
• Make transfers by CHAPS or overseas electronic transfers in sterling (please note, this service is only available in branch and there is a fee payable).

• Account year means the 12 month period from the date that the account was opened and each subsequent period of 12 months thereafter.

Interest rate definitions explained:

• AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
• Gross p.a. is the interest rate without tax deducted.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HMRC’s website.

The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

The rates and information in this summary box are correct as at 1 December 2017.