Your Questions
- What happens after I send in my application form to open a new account?
- How safe is my deposit?
- Will I be a member of Nationwide Building Society?
- Can I arrange a withdrawal by telephone?
- Can I pay cash or travellers cheques in to my account?
- How can I keep track of my investments?
- How is my interest calculated?
- When is interest paid?
- What happens in the event of my death?
- I am currently working abroad but will shortly be moving to the UK, how does this affect my account?
- What is the European Union Savings Tax Directive, and what happens if I am resident within the EU?
| What happens after I send in my application form to open a new account? |  Return
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As soon as we receive your application form, whether by fax or post,
your account will be opened and a confirmation letter and statement will
be sent to the address of the first named account holder. Once identification
requirements have been completed for all account holders, your new
account will be fully operational.
| How safe is my deposit? | Return
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Nationwide International is the wholly owned subsidiary of Nationwide Building Society. As well as the statutory protection provided by the Isle of Man Depositors' Compensation Scheme (2010), Nationwide Building Society agrees to fully discharge the liabilities of its subsidiary. We believe this ‘double protection’ provides peace of mind for even the most cautious investor*.
| Will I be a member of Nationwide Building Society? | Return
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Nationwide International Limited is the wholly owned subsidiary of Nationwide
Building Society. Account holders of Nationwide International Limited
are depositors and not members, therefore, by opening an account with
Nationwide International you will not obtain membership rights in Nationwide
Building Society.
| Can I arrange a withdrawal by telephone? | Return
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Because we recognise that time is precious and that sometimes it’s
vital that you can access your account quickly, we provide a Telebanking
service which allows you to make withdrawals by phone or fax.
| Can I pay cash or travellers cheques in to my account? | Return
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For security reasons we are unable to accept cash or travellers cheques
for payment into our postal account range. You can make deposits
by electronic/telegraphic transfer, cheque/draft or BACS.
| How can I keep track of my savings? | Return
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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.
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.
| How is my interest calculated? | Return
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Interest is calculated on a daily basis on cleared funds in your account.
For Sterling accounts 1 year is defined as 365 days and for US Dollar
and Euro accounts, 1 year is defined as 360 days. All our accounts offer
competitive tiered rates of interest
paid gross, so the more you save the higher your returns!
| When is interest paid? | Return
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On Sterling accounts you can choose to have your interest paid annually,
monthly or
paid on closure.
On US Dollar and Euro accounts interest is paid annually
or paid on closure.
Annual interest is paid on 31 March and monthly interest is paid on the
1st working day of each calendar month.
| What happens in the event of my death? | Return
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For sole account holders it may be necessary for the personal representatives to obtain Manx grant of probate or letters of administration before funds can be released to your estate. Nationwide International can assist in these matters – for further information please contact one of our customer service team who will be happy to help.
In the event of the death of a joint account holder, the account will
automatically be transferred to the surviving account holder(s) upon production
of a certified copy of the death certificate.
| I am currently working abroad but will shortly be moving to the UK, how does this affect my account? | Return
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If you are non-UK resident for tax purposes, and you are returning to the UK shortly, it may be beneficial to ‘Bed & Breakfast’ your account so that all accrued interest can be capitalised. On receipt of your instructions your account(s) will be closed and re-opened on your chosen date. Unlike many of our competitors, there will be no loss of interest when carrying out this type of instruction.
If you do not originate from the UK, and are not intending to settle in the UK permanently, then it may be appropriate for separate capital and income/interest accounts to be established.
Please note, we are not able to give specific tax advice and recommend
that you contact a professional tax consultant who can advise you appropriately
depending on your circumstances.
| What is the European Union Savings Tax Directive (EUSTD), and what happens if I am resident within the EU? | Return
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The EUSTD is an agreement between member states of the European Union (EU) applicable to individuals who earn interest in one EU country but reside in another. Legislation, in the Isle of Man arising from the EUSTD, originally allowed customers the choice between paying a retention tax at source on interest or for the details of their interest to be exchanged with their European country of residence. In 2010 this legislation was revised so that from 1st July 2011 the retention tax option was withdrawn and all interest paid to individuals resident in the EU is now subject to Exchange of Information arrangements.
If you are resident within the EU and require further information on the EUSTD and how it may affect you, please visit our EUSTD section.
* The effectiveness of this undertaking can only be fully tested in the event a claim is made under this commitment.