Payment of monthly interest - sterling account

You must retain a minimum balance of £1,000.00 in a monthly income account. If the balance falls below this level your account will be converted to the equivalent annual interest account.

Monthly Interest is credited on the 1st working day of each calendar month, and can be paid in the following ways:

• paid to another Nationwide International account
• paid directly into a Nationwide Building Society instant access account such as CashBuilder or FlexAccount
• paid directly into any UK bank or building society current account
• paid into a bank account outside the UK

There is no charge for payments made to a UK bank or building society account. However a charge will be made for payments made to a non-UK bank account, this will be deducted from your interest. Please bear in mind that all payments to foreign banks may be converted to the local currency before they're credited to your account and charges may be made for this service.

If you set up a new designated account, we may require it to be held in the account holders name and may refuse to set up a designated account in any other name. We may restrict or refuse any third party transaction.