Nationwide Flex Regular Online Saver Sept. 2018 t's & c's

clivep

Our Nationwide regular savers matured today so I have set the new ones up. I note the process has changed this year...


There is now no initial deposit required when applying and you are asked whether you want an individual (sole) or joint a/c at the beginning of the application. (This removes the previous problem that could be experienced when trying to set up sole regular saver a/cs with only a joint current a/c available to fund the deposit).


For some reason you now have to specify a nominated a/c to make withdrawals into. You can easily change this online later if you need to.


Once the application is completed then the new a/c shows immediately in your online banking and you can transfer in your opening deposit straight away.



I always read the t's & c's but the full meaning of condition 8 escapes me -



8. The account can be held in a sole name or in joint names with a maximum of two joint account holders. Only one of the account holders must hold one of the current accounts on the terms listed above but, otherwise, all account holders must meet these conditions for holding the account.



The key features page states "there can be a maximum of two joint account holders. Only one account holder needs to be a member with a main current account". This is clear enough as is the first part of 8. above but what's the point of the last bit I highlighted?

colsten

I think it's a catch-all clause that says the second account holder must be over 16, is responsible for paying any tax due, can't withdraw any cash or cheques from the account etc etc etc. But best ask Nationwide if you have a second account holder who needs clarification.

surreysaver

colsten wrote: »

I think it's a catch-all clause that says the second account holder must be over 16, is responsible for paying any tax due, can't withdraw any cash or cheques from the account etc etc etc. But best ask Nationwide if you have a second account holder who needs clarification.

If Nationwide reckon its the second account holder who is responsible for paying their tax (and presumably notifying HMRC of how much taxable income this account provides them), it implies that Nationwide will be telling HMRC that all the interest from the account has been earned by the first account holder