Bonus 1+ account Issue 5 - Key Features
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Apply to open a Bonus 1+ account - Issue 5 today |
Our variable rate Bonus 1+ account offers you the choice of either annual or monthly interest options. The account is tiered so the more you invest the higher the return but whatever sum you invest, you're assured of a competitive interest rate. The Bonus 1+ account includes a 12 month introductory bonus, which reverts to a lower rate once the bonus has expired. ACT NOW! This account is a limited offer and may be withdrawn without notice.
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| Annual interest / monthly interest / interest on closure rate and bonus | Annual, monthly and interest on closure options are available and include a 12 month introductory bonus rate. Please note the introductory bonus rate is variable and can change over the duration of the account. |
| Statements | On the first working day after the bonus has expired a statement will be dispatched to you showing the new interest rate on the account. |
| Withdrawals | During the first and each subsequent twelve month period that your account is open, one immediate access withdrawal is permitted of up to a maximum of 25% of the cleared account balance on the day of transaction. This means you can get access to a quarter of your funds straight away with access to the rest of your money only 95 days away. Additional funds placed on deposit after the immediate access option has been used are also subject to 95 days notice. You always have easy access to your money. |
| Additions | You can deposit additional funds into the account whenever you want. |
| Minimum investment | £5,000 |
| Maximum balance | £5million |
| Tiers | £5,000 - £24,999 £25,000 - £5million |
| Interest options | Annual interest - paid on the 31 March. Monthly interest - paid on the first working day of each calendar month. Interest on closure - a straightforward way of putting you in control of when your interest is paid. Your interest will continue to accrue each day, but instead of it being paid each month or each year, your interest will be paid only at the point at which you choose to close your account. To close your account you will need to provide us with instructions of where you want us to transfer your funds to. This might be to an alternative savings account with Nationwide International or another bank or building society. If you do close your account to receive your interest, remember that you can open another Nationwide International account at any time. Once you have chosen the interest on closure option on an account, it will not be possible to change it to a different interest option for that account. |
| Setting Notice | If you need more than 25% of your funds or you have already used your one immediate withdrawal you must set notice on the funds you require. At the time of setting notice you need to let us know the amount and date of withdrawal, your preferred payment method e.g. cheque, electronic transfer etc. and the destination details of the funds placed on notice. We treat the period of notice as starting on the first working day we receive complete instructions from you, provided we receive these instructions prior to 4pm. The option of early access to your funds by paying an early access charge is not available on this account. The total of all active notice requests may not exceed the balance held in the account and we do not accept instructions or requests to place deposits on constant or rolling notice. |
| Internal transfers and account type changes | You can make internal transfers from this account or change to a new account type without setting notice as long as the new account type has the same or greater access restrictions. For example, you may, after the bonus period has expired, wish to change to another new Bonus 1+ account and benefit from a further introductory bonus.
You can do this provided that you have not already used your one immediate access withdrawal for the account year and the Bonus 1+ product is still available. (A new immediate access withdrawal is available at the start of each account year - in this case on the same day that the bonus expires). If you have used the withdrawal you still have the option to change to a Bonus 95 product or to any of NIL's fixed rate accounts whose term is longer than 95 days. |
| Operating your account | You can operate your account by post, telephone, fax, and, when registered, by our Internet Banking service. |
| Change in interest rate | The interest rate is variable and we may change at any time the rate or rates of interest to be paid on your account. If we reasonably believe that the change is to your advantage or to reflect in a proportionate manner, changes in the Bank of England base rate we may do that without prior notification.
Where we make a change in interest rates which is outside of the above conditions, we will give 45 days notice of such a change and you will be notified either in writing or by the placement of an advert in a UK national newspaper. |
| Statements | The moment a transaction is carried out on your account, it is automatically updated on our internet banking service enabling you to see your transactions at any time of the day, anywhere in the world.
As well as the statement sent on the expiry of the bonus period, you will receive a statement annually in April, detailing interest that has been paid during the previous year. If no interest has been paid then an annual statement will not be sent. All transactions on your account will be summarised and acknowledged by a monthly statement created on or around the 15th of the month, unless you specifically request an immediate confirmation. If no transactions have taken place a monthly statement will not be sent. If you would like extra statements during the year, just let us know and we'll be happy to send them free of charge. |
* All interest rates are quoted gross.