IMPORTANT: Our Savings General Terms and Conditions and the terms and conditions that apply specifically to this product are changing. The changes will apply from 1 May 2018. Please follow the relevant terms and conditions links on this page to see a summary of the changes.

In addition to the Savings General Terms and Conditions, the following conditions apply to Limited Access Online Saver. If there is a conflict between the general conditions and these Limited Access Online Saver conditions, the Limited Access Saver conditions will take priority.

In these conditions the following words and expressions have the following meanings:

  • 'Account Year' means the 12 month period from the date that the account was opened and each subsequent period of 12 months thereafter
  • ‘Nominated Account’ means a current account or savings account held with Nationwide or a current account held with another UK provider on which you are a named account holder and which can receive incoming payments by Faster Payments that you have designated as your nominated account.

Part I

Account Holding and Ownership

  1. You must be aged 16 or over to hold the account.
  2. The account can have a maximum of two account holders.
  3. The account cannot be held where there is a requirement for both signatories to act jointly.
  4. All account holders must register, or already be registered, for Internet Banking. Registration for Internet Banking is a requirement for the ongoing operation of the account.
  5. Your account can be operated using a valid UK Power of Attorney or Court of Protection order or Curator Bonis (Scotland) unless there is a requirement for two representatives to act jointly.
  6. You can only be an account holder of one Limited Access Online Saver account, which can be held in either sole or joint names.

Opening and operating the account

  1. The account must be operated using Internet Banking unless that service is not available in which case you may carry out the transaction or request the service at a Nationwide branch.
  2. The account is opened with a zero balance. A minimum payment of at least £1 must be made to the account within 28 calendar days from account opening, otherwise the account will be closed.
  3. The maximum balance on the account is £5 million.

Paying Money In

  1. Payments can only be made into the account by electronic transfer.

Taking Money Out and Closure

  1. A maximum of five withdrawals are permitted each Account Year without a reduction in the interest rate. Subsequent withdrawals are permitted but a lower interest rate will then apply.
  2. You can only take money out of your account by transferring it to your Nominated Account or by making an internal transfer to another Nationwide account held in your name (solely or jointly). 
  3. The account can be closed at any time online using Internet Banking (subject to the stated closure restrictions and servicing times on the Internet Bank). Any balance and interest earned will be transferred by electronic transfer to your Nominated Account.

Correspondence and Notices

  1. Where we hold an email address or mobile phone number for you, we may contact you and send you notices electronically, otherwise we will send you a letter by post. It is your responsibility to ensure that the details we hold for you are up to date.


  1. We will calculate interest on each whole penny in the account.
  2. Interest is calculated daily and paid annually on the anniversary of the account opening and on closure. Interest will be paid on these dates even where they fall on a Saturday, Sunday or a Bank Holiday. You will not receive less interest on deposits made after 29th February in a leap year than you would receive in a non-leap year.
  3. Interest can only be paid into the account except on account closure when it will be paid to the Nominated Account.
  4. The interest rate payable on the account is variable and is based on the number of withdrawals made during an Account Year.
  5. If you make five or fewer withdrawals in an Account Year you will receive the higher interest rate for the whole of the Account Year.
  6. If you make six or more withdrawals in an Account Year you will receive the lower interest rate for the period from the date of the sixth withdrawal for the remainder of the Account Year.

Part II

Payment Services

  1. If we make changes to this part of the agreement, we will give you at least two months’ personal notification before the change takes effect. You have the right to close or switch your account without charge before the date any changes come into effect. If you do not close your account, you will be treated as having accepted the changes.
  2. You cannot make the following payments on your account;
    1. Internal transfers to Nationwide accounts not held in your name.
    2. Faster Payments other than to your Nominated Account.
    3. Other types of electronic transfers (including CHAPS and overseas electronic payments).
  3. Payments to a Nationwide accounts will be made by internal transfer in accordance with the Savings General Terms and Conditions.
  4. Payments to a Nominated Account with another UK provider will be made by Faster Payment. These payments (including payments made on closure) will be subject to the Faster Payment upper limit which is set by us from time to time. We’ll make this available to you when you ask us to make a payment.
  5. If you wish to close your account by transferring the balance to a Nominated Account with another UK provider and your closing balance (including added interest) is more than the current Faster Payment upper limit, you will need to make one or more withdrawals to reduce the closing balance below the Faster Payment upper limit before instructing us to close your account through Internet Banking.
  6. We can accept your Faster Payment instructions at any time via the Internet Bank. Faster Payments will normally arrive at the organisation that holds your Nominated Account within one working day of the day you ask us to make your payment. We need to receive your payment instruction by 10pm on the working day before you want the payment to be sent. If we don’t, your payment will be sent on the next working day and arrive at the organisation that holds your Nominated Account by the end of the following working day.
  7. You cannot normally cancel a Faster Payment after we have accepted your instruction.
  8. If the Current Account Switch Service advises us that your Nominated Account has been switched to another provider, we may update your Nominated Account with the new sort code and account number.
  9. Statements will only be made available through the Internet Bank.