Our Product Terms and Conditions

These Product Terms and Conditions are specific to your savings product. They form part of your savings account’s terms and conditions, so you need to read these along with the other documents that make up your agreement.

Your Product Terms and Conditions have priority over anything that’s said differently in another part of your agreement.


Flex Instant Saver

This product is for people who want to save regularly but also need to get hold of their money and want to manage their account online.

A key term you need to know

‘Nominated Account’ is an account you’re named on that can accept payments from your Flex Instant Saver account. This account must be:

  • a Nationwide current account or savings account; or
  • a current account with another UK provider that accepts Faster Payments.

Conditions for holding your account

You need to be aged 16 or over.

You must have a Nationwide current account. If this account is closed after you’ve opened a Flex Instant Saver, we may transfer your account to a different instant access savings product. The terms and conditions and the interest rate for that product will then apply. We’ll tell you personally before we transfer your account.

Your account can be in sole or joint names and you can have a maximum of two joint account holders. Only one of the account holders must have a Nationwide current account. Otherwise, all account holders must meet these conditions to hold the account.

If it’s been more than 28 days since you opened your account and you still haven’t paid any money in, we’ll close it.

You can’t have more than £5 million in your account. This limit doesn’t include any interest calculated on your account balance and added to your account.

You must be registered to use the Internet Bank and have a valid email address.

Term

Your account has a fixed term of 12 months, beginning on the day you open your account.

After the fixed term ends, we’ll transfer your account to a different instant access savings product. The terms and conditions and the interest rate for that product will then apply. We’ll tell you personally before we transfer your account.

Managing your account

You run your account using the Internet Bank or our Banking app. If the Internet Bank isn’t available, you can use a Nationwide branch instead.

Interest

We'll pay interest into your account on each anniversary of your account opening. If you open your account on 29 February, we'll pay your interest on 28 February.

We'll also pay interest when you close your account. We'll then pay the money in your account (including interest) into:

  • a current account or savings account you have with Nationwide (as long as it accepts payments); or
  • your Nominated Account.

The interest rate we pay on your account is variable, meaning it can go up or down. From time to time, your account may have tiered interest rates based on how much money you have in your account. The interest rate we pay on each tier will be variable. When your balance changes and takes your account to a different tier, we’ll automatically apply the interest rate for the new tier.

Paying money into your account

You can only pay money into your account by electronic transfer.

Taking money out of your account

You can only take money out of your account by sending it to:

  • a current account or savings account you have with Nationwide (as long as it accepts payments)
  • your Nominated Account.

We’ll send money you withdraw to your Nationwide current account or savings account by internal transfer. And if you’re withdrawing money by sending it to your Nominated Account, we’ll send it by Faster Payment.

You can only close your account using the Internet Bank.

Important related links


Protecting your money

The Financial Services Compensation Scheme (opens in a new window) (FSCS) is a free, independent service that protects up to £85,000 of your eligible money at Nationwide.