Flex Instant Saver

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.

This product is for members with a Nationwide current account who want to save money and want to manage their account online.

‘Nominated Account’ is an account you’re named on that can accept payments from your Flex Instant Saver account. This account must be:

• a Nationwide current account or savings account; or
• a current account with another UK provider that accepts Faster Payments.

You need to be aged 16 or over.

You must have a Nationwide current account. If this account is closed after you’ve opened a Flex Instant Saver, we may transfer your account to a different instant access savings product. The terms and conditions and the interest rate for that product will then apply. We’ll tell you personally before we transfer your account.

Your account can be in sole or joint names and you can have a maximum of two joint account holders. Only one of the account holders must have a Nationwide current account. Otherwise, all account holders must meet these conditions to hold the account.

If it’s been more than 28 days since you opened your account and you still haven’t paid any money in, we’ll close it.

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.

You must be registered to use the Internet Bank and have a valid email address.

Your account has a fixed term of 12 months, beginning on the day you open your account.

After the fixed term ends, we’ll transfer your account to a different instant access savings product. The terms and conditions and the interest rate for that product will then apply. We’ll tell you personally before we transfer 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.

We'll pay interest into your account on each anniversary of your account opening. If you open your account on 29 February, we'll pay your interest on 28 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.

You can only pay money into your account by electronic transfer.

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.