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.

e-Savings

This account is for people who want to save their money and manage their account online.

A key term you need to know

‘Nominated Account’ is a current account you have with another UK provider that can accept payments from your e-Savings account. You’ll need to be named on this account and your address on record must be the same address we have for your e-Savings account. This account must also be able to accept payments by Faster Payment.

Conditions for holding your account

You need to be aged 16 or over.

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.

Your account can be in sole or joint names and you can have a maximum of two joint account holders. All account holders must meet these conditions for holding the account.

Term

Your account doesn’t have a fixed term.

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 at the end of the day before each anniversary of your account opening. We’ll start to calculate interest on it from the next day.

If you open your account on 29 February, we’ll pay your interest at the end of 27 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.

Statements

If you pay money into or take money out of your account in any month, we’ll provide you with a statement for that month. Even if there haven’t been any payments on your account during the year, we’ll always provide you with a statement on the day after the anniversary of your account opening or shortly afterwards.

You can find your statements on the Internet Bank.