Fixed Rate Bond 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.

This account is designed for those who want to save money with the confidence that the interest rate won’t change for a fixed period and who are unlikely to need access to their money during that period.

These terms only apply if your account was opened on or after 1 May 2018.

1. You need to be aged 16 or over. (If you are aged between 7 and 15 and already hold a Nationwide Fixed Rate Bond, or previously held money in a Fixed Rate Bond which has been transferred to a Fixed Term Bond Maturity account, you are able to open a new Fixed Rate Bond, but only after the term of the existing Fixed Rate Bond ends.)
2. You cannot have more than £5 million in this account. The £5 million limit does not include any interest calculated on the account balance and added to the account.
3. The account can be held in a sole name or in joint names with a maximum of two joint account holders. All account holders must meet these conditions for holding the account.
4. If you already have other Fixed Rate Bond accounts with us, we may refuse to allow you to open a new Fixed Rate Bond account with us.

5. There is a fixed term for this account and we will provide you with details of the term that applies to your Fixed Rate Bond issue at account opening. The fixed term will start on the day you open your account.
6. After the fixed term ends ('maturity') your money will be transferred into an instant access savings account. The terms and conditions and the interest rate applicable to that account, at that time, will apply. We will personally notify you before making this transfer.

7. You can access your account in any of the following ways:
   • Via the Internet Bank or our Banking app (if you are registered to use the Internet Bank);
   • In branch.
   • By post (for maturity instructions only).

8. The interest rate payable on the account is fixed for the term of the account. We will provide you with details of the interest rate that applies to your Fixed Rate Bond issue at account opening.

9. Annual interest is paid at the end of the day before each anniversary of your account opening, at the end of the fixed term and on the date your account is closed.
10. You can choose to have annual interest paid to you by having it added to this account, or by asking us to pay it into a different Nationwide current or savings account (as long as it is possible to make interest payments into that account) or a current account with another building society or bank.

11. Monthly interest is paid at the end of each month, at the end of the fixed term and on the date your account is closed. If you open your account towards the end of the month, your first interest payment may not be paid until the end of the following month.
12. Monthly interest must be paid into a different Nationwide current or savings account (as long as it is possible to make interest payments into that account) or a current account with another building society or bank. Interest paid at the end of the fixed term will instead be added to this Fixed Rate Bond.

13. Once you have paid in money to open your account you cannot make any additional payments into the account.

14. You cannot make partial withdrawals from your account.
15. You can close the account and withdraw the whole of the balance during the fixed term, subject to the payment of an early access charge. The early access charge will depend on the length of the fixed term and will be based on a number of days' interest at the rate applicable to your Fixed Rate Bond issue, as follows:

The early access charge will not apply if the account is closed early due to the death of the account holder (or, if there are two joint account holders, on the death of the last surviving account holder) or if the account is closed during the 14 day cancellation period described in the 'Closing your account' section of the Savings General Terms and Conditions.

16. If your account is closed early, we will pay you the balance of the money in your account together with any accrued interest, less the amount of the early access charge. If the amount of the early access charge is more than the accrued interest, the difference will be deducted from the money in your account.
17. At the end of the fixed term, if you do not wish the money to be transferred to an instant access savings account you can instruct us to close the account and you can withdraw the money.
18. Withdrawals at the end of the fixed term or on early closure can be made in the following ways:
    • by internal transfer to another current account or savings account held with Nationwide; or
    • by corporate cheque.
19. Withdrawals made by internal transfer must be to an account held in your name (or in both of your names if this account is held in joint names) and any withdrawal by corporate cheque will be made payable to you (or to both of you if this account is held in joint names).