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    Instant Access Saver Issue 9: Summary Box

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    Petre Banu
    This document summarizes the key features of an Instant Access Saver account from Nationwide Building Society. The interest rate earned on the account balance varies between 0.01-0.05% depending on the account balance. Interest is paid yearly and calculated daily. Nationwide can change the interest rate at any time with notice. Estimated balances after 12 months are shown for initial deposits of £1,000, £10,000 and £50,000 based on the current interest rates. The account can be opened online, via mobile app, or in branch and allows deposits up to £5 million and withdrawals to other accounts in the customer's name.

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    Instant Access Saver Issue 9: Summary Box

    Uploaded by

    Petre Banu
    57 views2 pages
    This document summarizes the key features of an Instant Access Saver account from Nationwide Building Society. The interest rate earned on the account balance varies between 0.01-0.05% depending on the account balance. Interest is paid yearly and calculated daily. Nationwide can change the interest rate at any time with notice. Estimated balances after 12 months are shown for initial deposits of £1,000, £10,000 and £50,000 based on the current interest rates. The account can be opened online, via mobile app, or in branch and allows deposits up to £5 million and withdrawals to other accounts in the customer's name.

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    P3490-instant-access-saver

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    This document summarizes the key features of an Instant Access Saver account from Nationwide Building Society. The interest rate earned on the account balance varies between 0.01-0.05% depending on the account balance. Interest is paid yearly and calculated daily. Nationwide can change the interest rate at any time with notice. Estimated balances after 12 months are shown for initial deposits of £1,000, £10,000 and £50,000 based on the current interest rates. The account can be opened online, via mobile app, or in branch and allows deposits up to £5 million and withdrawals to other accounts in the customer's name.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    57 views2 pages

    Instant Access Saver Issue 9: Summary Box

    Uploaded by

    Petre Banu
    This document summarizes the key features of an Instant Access Saver account from Nationwide Building Society. The interest rate earned on the account balance varies between 0.01-0.05% depending on the account balance. Interest is paid yearly and calculated daily. Nationwide can change the interest rate at any time with notice. Estimated balances after 12 months are shown for initial deposits of £1,000, £10,000 and £50,000 based on the current interest rates. The account can be opened online, via mobile app, or in branch and allows deposits up to £5 million and withdrawals to other accounts in the customer's name.

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    Summary box

    Instant Access Saver Issue 9


    What is the interest rate?
    The interest rate depends on your account balance.

    Your account balance: Interest rate AER/gross a year


    (variable)
    £1 - £9,999 0.01%
    £10,000 - £49,999 0.03%
    £50,000+ 0.05%

    Receiving your interest


    • We work out your interest daily. This is then paid into your account yearly (on the
    anniversary of your account opening).
    • If you close your account early, we’ll pay your interest on the day it’s closed into another
    Nationwide current or savings account, or a current account with another UK provider.
    This account must be in your name, and be able to accept payments.

    Can Nationwide change the interest rate?


    Yes, the rates are variable. That means we can change them, up or down.
    The following sections of our Savings General Terms and Conditions explain when we can
    do this, and how we’ll let you know:
    • ‘Variation of your interest rate and other account terms and conditions’
    • ‘How will we tell you about interest rate changes?’
    You can also check our current rates in your branch, or online at nationwide.co.uk/savingsrates

    What would the estimated balance be after 12 months


    based on £1,000, £10,000 and £50,000 deposits?
    Initial deposit: Interest rate AER/gross a year (variable) Balance after
    12 months
    £1,000 0.01% £1,000.10
    £10,000 0.03% £10,003.00
    £50,000 0.05% £50,025.00

    This table shows what a future balance might look like. It assumes:
    • You don’t pay any more money in or take any out
    • The interest is paid into the account
    • The interest rates shown do not change.
    How do I open and manage my account?
    1. Check you can have this account
    You need to:
    • be 16 or over
    • be a UK resident.
    You cannot open this account in trust for the benefit of another person.

    2. How to open your account


    You can do so:
    • on nationwide.co.uk
    • on our Internet Bank or Banking app (if you’re registered)
    • by calling your local branch to make a telephone appointment.
    You need to pay money into your account within 28 days or the account will close. You can pay in any amount up to £5 million.

    3. Manage your account


    You can do so:
    • using our Internet Bank or Banking app (if you’re registered)
    • using a Nationwide ATM or paying-in machine, as long as you choose to have a cash card
    • in one of our branches, if you have a cash card.
    Your statement will be on the Internet Bank or you can ask for one in branch.

    Can I withdraw money?


    Yes, you can take money out in one of our branches, at a Nationwide ATM, or you can use our Banking app or
    Internet Bank to transfer money to any Nationwide savings or current account that’s in your name and accepts
    payments. You can also transfer money to a current account you hold with another UK provider as long as it will
    accept ‘Faster Payments’.

    For information on our cash and cheque withdrawal limits, ask in branch or check online at
    nationwide.co.uk/withdrawal-limits

    Additional information
    We’ll usually contact you about your account by email, unless we need to send you a letter. If we don’t have a valid email
    address for you, then we’ll contact you about your account by sending a letter.

    Interest rate terms explained


    AER
    AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded
    once each year.
    Gross
    The interest rate without tax deducted.
    Personal Savings Allowance (PSA)
    You may need to pay tax on any interest that takes you over your PSA. The treatment of your account for tax purposes will depend
    on your individual circumstances. All tax information is based on our understanding of current law and HM Revenue & Customs
    practice, both of which may change. For more information, visit hmrc.gov.uk
    The tax information is based on our understanding of current law and HMRC practice, both of which may change.
    The interest rates and information in this summary box came into effect on 16 October 2020.

    This summary box sets out the key features of the savings account. For full details, please read the account terms and conditions.

    P3490 - October 2020


    Building Society

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