Withdrawing savings under the withdrawal count limit

bench2005

Hi,

I'm currently considering Nationwide's 1 Year Triple Access Online Saver product.

The terms state:

"Savers who are happy to make up to three withdrawals (during the 12-month term) without loss of interest"

However, what if I deposit my money for 2 months and withdraw the full amount in one transaction?  This is only one transaction and not three, therefore I shouldn't be penalised on the savings rate based upon the condition.

I didn't notice a minimum term for keeping the account open for and no limitation on the size of the transaction for withdrawing.

Based upon the above scenario, does anyone know for sure?

Thanks for reading.

Kind regards,

Ben

silvermum

You certainly won't be penalised for only making one withdrawal. The Triple Access aspect simply means that you can make three withdrawals within 12 months, but if you make a fourth then the interest rate will fall to the lower level.

How much are you saving? The only possible complication might be if there is a maximum you can transfer/ withdraw per day. I seem to recollect a figure of £20,000 on my previous Nationwide account?

ColdIron

ISTR Nationwide withdrawal limit is £10,000 per transaction but you can do more than 1 transaction per day

refluxer

If you've got another Nationwide account you can transfer to internally (eg. a current account) then I think you can transfer it all in one go in which case this would count as one withdrawal and presumably allow you to continue to use the Triple Access account beyond that point at the higher rate.

If you want to withdraw to an external (nominated) account then, as ColdIron mentioned, it would have to be in multiples of £10k due to the Faster Payment limit so if you had £30k+ saved then the rate would drop to 0.30% for the reminder of the year, but this obviously won't be a problem if you don't intend to continue using it. You'd actually have to close the account if you wanted to receive the interest anyway, as it's only paid annually or upon closure.

A notice account would be another option, although these tend to be 1, 3 or 6 months and your money would not be accessible at all during the notice period. If you could stretch to 90 days, then you'll currently get 2.71% with OakNorth.

You can get withdrawal terms for Nationwide's various accounts here  https://www.nationwide.co.uk/savings/help/ways-to-withdraw/

1 Year Triple Access Online Saver

If you take money out of this account more than 3 times, you will receive a lower rate of interest for the remainder of the term.

• Transfer money via our Internet Bank or Banking app to a Nationwide current or savings account held in your name. Subject to the terms and conditions of the receiving account.
• Make a quick transfer via our Internet Bank or Banking app to your nominated account. A nominated account can be a Nationwide current or savings account. Or it can be a current account you have with another UK provider. The account must be in your name, either as a sole or joint account holder. It must accept incoming payments.

Limits on transferring to your nominated account

Transfers to a nominated account held with another UK provider will be made by Faster Payment. These payments will be subject to the Faster Payment upper limit. The limit is currently £10,000 per transaction for this account.

You can however make multiple £10,000 withdrawals. Payments made on account closure will be subject to a Faster Payment limit of £100,000. This is set by Nationwide.

km1500

you can transfer as much as you like in one transaction from the triple access account to your Nationwide current account (or indeed another Nationwide account eg ISA obviously subject go the receiving account's t&c)