Monthly Income 60+ Key Product Information
This Key Product Information gives you information that is specific to the particular savings account you have with us. It forms part of the terms and conditions of your account and needs to be read together with the other documents that make up your agreement. If anything is inconsistent between those documents and this Key Product Information, this Key Product Information will apply.
- The account is only available to UK residents aged 60 or over.
- The account can have a maximum of two joint account holders. In the case of a joint account, all account holders must be aged 60 or over.
- The minimum initial deposit is £100.
- The maximum balance in the account is £5 million.
- The interest rate payable on the account is variable. From time to time, the account may have tiered interest rates, based on the balance in your account. Where this is the case, the interest rate payable on each tier is variable. When the balance in your account changes, taking you into a different tier, the interest rate for the new tier will be applied automatically.
- Interest is paid on the last day of each calendar month and can only be paid to a Nationwide savings account (excluding Regular Savings) or a current account with us or any other provider.
- If interest for any month is less than £1 it will not be transferred to this other account but will be carried forward and added to interest earned in the following or subsequent months until the accrued interest exceeds £1. Once the interest due reaches or exceeds £1 it will be paid to the other account on the last day of that calendar month.
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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.