Nationwide 1Y Triple Access Saver - Withdrawal problem

Rayjohnbradley

Found there is a fundamental problem with this account, if you open a joint account and invest the maximum amount under the FSCS guarantee (£170K) you can only make 3 withdrawals a year (maximum £10k per withdrawal) which would leave £140K, however the maximum amount you can have in the account to close it and transfer the funds to your nominated account is £100k. I have spoken to Nationwide on line support and my local branch and they confirm that you cannot get your funds back without making more than 3 withdrawals, The branch have agreed to raise a chaps payment into my account which defeats the object of this being an internet banking account only

Anyone else experienced this problem?

grumbler

??

...you can take money out three times in the term without losing interest. If you take money out more than this, you’ll get a lower rate for the rest of the term.

So, just make the forth withdrawal and then close the account.

SonOfPearl

From the end of March 2023, Nationwide are changing their daily payment limits. Whether you’re sending money online or in a Nationwide branch, you’ll be able to send up to £100,000.

https://www.nationwide.co.uk/news-and-stories/payment-limits/

Band7

You can get many joint FSCS-protected easy access accounts without any withdrawal restrictions and much better interest rates. See here.

You'll have an even larger selection if it doesn't have to be a joint account. Not listed on this link for some unknown reason are the current top accounts, Zopa and Tandem.

noh

Just withdraw to your Nationwide current account. There is a limit of £5m for savings to current account transfers.
To get it out of the current account would then at present need multiple 10k transfers.