What to do when your fixed rate bond matures
Explore your options for when the fixed interest rate on your Nationwide bond ends.
Note:
You cannot reinvest or close a fixed rate bond or move your money until you hear from us, either by email or post.
What happens when your bond matures?
We will contact you
If you have an online bond, you will receive:
- an email before your bond matures
- an email on the day your bond matures
- a reminder email after your bond matures, if you have not used your maturity account
If you have a branch bond, you will receive:
- a pack in the post before your bond matures
- an email on the day your bond matures, if we have an email address for you
- a reminder email or letter after your bond matures, if you have not used your maturity account
If you send your instructions before your bond matures
However you tell us what to do with your bond – in our app, by post or in a Nationwide branch – your instructions will be processed once your bond matures. We will then calculate the interest you have earned.
If you chose to reinvest your bond, you will see your new product in your online banking on your maturity date. If you chose to withdraw your money and close your bond, we will either send your balance to a Nationwide account you hold or send you a cheque.
If you wait until after your bond matures
When the fixed interest rate on your bond ends, your bond will mature into an instant access maturity account. This will have a lower interest rate, but you can withdraw money from it at anytime.
We will pay the interest you have earned into your new instant access maturity account. You do not need to request it and it cannot be paid into a different account.
You can keep your maturity account until you are ready to decide what to do with your savings.
Your 3 bond maturity options
Think carefully about your savings goals and what is best for you before letting us know your decision.
Option 1: Reinvest in the same type of bond
If you have an online bond, you can reinvest your money in a new Fixed Rate Online Bond. Similarly, if you have a branch bond, you can reinvest your money in a new Fixed Rate Branch Bond.
If there are different term bonds available (for example, 1 year and 2 year bonds), you can choose which term to reinvest into.
What interest rate will you get?
Our Fixed Rate Branch Bond and Fixed Rate Online Bond have the same interest rate. You can check the latest interest rate for our Fixed Rate Online Bond on our website.
If you ask to reinvest your bond before your maturity date, you will benefit from our Rate Guarantee: if the interest rate changes between the dates we notify you of your options and your existing product maturity date, we will give you the better interest rate as long as you get back to us by your maturity date. This is part of our savings promises.
What happens when you reinvest?
When you reinvest, you can:
- reinvest the full balance in your new bond
- reinvest some of your money and withdraw the rest
- reinvest the full balance and top up the balance
Option 2: Move your money to another Nationwide savings account you hold
You can move some or all of the money you have saved in your bond to another Nationwide savings account.
For example, you could put some of your money into an account that gives you more access and the rest into another bond. We also sometimes offer customer-exclusive savings accounts that are available for a limited time.
You will need to open the Nationwide account first before you can ask to move your money there.
Option 3: Withdraw your money and close your bond
You can close your bond and withdraw all your money if you have other plans for it.
Depending on your bond, this can either be done online, through the post or at a Nationwide branch.