Inherited ISA Allowance

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1 Inherited ISA Allowance Your guide This provides details on using an inherited ISA allowance, also referred to as an additional permitted subscription (APS) allowance, with Nationwide and transferring an allowance to and from Nationwide.

2 Your guide This leaflet aims to tell you everything you need to know about the inherited ISA allowance, also referred to as an additional permitted subscription (APS) allowance and how eligible customers can use this additional allowance with Nationwide. It is designed to answer any questions you may have. If you have any further questions or want to find out our current interest rates, just ask at your local branch, visit nationwide.co.uk or call us on The rates and terms we advertise for accounts are only available for limited periods and may be withdrawn without notice. Certain accounts may not always be available. Contents The inherited ISA allowance 4 Before you can use an inherited ISA allowance 4 Using the inherited ISA allowance with Nationwide 5 Transferring your allowance from Nationwide to another provider 5 The identification we need 6 Account information 7 Operating your account 8 Terms and Conditions

3 The inherited ISA allowance On 3 December 2014, the Treasury announced new ISA rules where if the holder of an ISA dies, their spouse or civil partner* will be able to inherit an additional ISA allowance. This applies to ISA holders who have died since 3 December 2014 and the new allowance can be used from 6 April The value of the inherited ISA allowance will be equivalent to the value of funds that the spouse or civil partner held in their ISAs when they passed away. You could hold allowances with a number of ISA providers. This will not impact the normal annual ISA allowance that savers and/or investors can continue to use. When deciding which allowance you want to initially utilise, you may want to consider which allowance will expire first. Please be aware that you have to use your annual ISA allowance by 5 April of each tax year. Please note: the rules only apply to the transfer of an allowance and not the actual funds held within an ISA. The existing processes in place to move money held within the deceased s ISA into the name of a beneficiary will still be followed. The additional ISA allowance can be used for up to 3 years from the date of death or 180 days after the completion of the administration of the estate, if longer**. Money can be paid in as a lump sum or in instalments (if allowed for by the provider). At Nationwide, we re here to help. This leaflet aims to tell you everything you need to know about the inherited ISA allowance and how eligible customers can use this additional allowance with Nationwide. Before you can use an inherited ISA allowance Please ensure the death of your spouse or civil partner has been registered with each applicable ISA provider. You can register the bereavement with Nationwide by writing to us or visiting us in branch. Please provide the original or a certified copy of the death certificate. You can find more information at nationwide.co.uk If your spouse or civil partner held a Stocks and Shares ISA with Legal & General you will need to log the bereavement separately by contacting them directly. Please refer to your Legal & General documentation or for further information on how to contact them. Need help? Once the death has been registered if you are looking for help and/or advice with your finances, come and talk to your local branch or call us on Points to remember The value of the inherited ISA allowance will be equivalent to the value of funds held in the deceased s ISAs when they passed away. The additional ISA allowance: can be used for up to 3 years from the date of death or 180 days after the completion of estate, if longer **. refers to the transfer of an allowance and not the actual funds held within an ISA. Before you can use an inherited ISA allowance the death of your spouse or civil partner must be registered with every applicable ISA provider. Utilising the additional allowance with Nationwide If your spouse or civil partner held a cash ISA with Nationwide Once the death has been registered and you have decided that you would like to use your inherited ISA allowance within a Nationwide cash ISA, please complete application form SF294. You ll need your National Insurance number to do this. Once completed, you can take your form to your local branch or post it to us using the address on the application form. Once we have received your form, we ll open an Inheritance ISA this is a cash ISA designed to meet the new rules, but will operate differently to our other Nationwide cash ISAs. Please read the Operating your account section in this leaflet to learn more. You can pay money in when you open your account via a cheque or by transferring from a non-isa Nationwide account. Please ensure that the initial deposit does not exceed the total inherited ISA allowance value. You are free to transfer funds out of your Inheritance ISA at any time. This can be to another Nationwide ISA or to an ISA with another provider and won t count towards your annual ISA allowance. You can also use your inherited ISA allowance in a Stocks and Shares ISA. If you wish to consider this option through Nationwide please ask in branch for further information. If your spouse or civil partner held an ISA with another provider Providing you have not already started to use an inherited ISA allowance you can transfer this allowance to Nationwide. An allowance is considered used if you have paid money into an ISA with an additional allowance or already transferred it to another provider. To transfer your allowance to Nationwide, please complete application forms SF295 and SF296 (a separate completed SF296 will be required for every allowance you want to transfer). You ll need your National Insurance number to do this. The inherited ISA allowance transfer should be completed within 30 days of receiving your request. We ll write to you to confirm your inherited allowance when complete. Please note, this is a transfer of an inherited ISA allowance only, not the actual funds. You can add funds via a cheque or internal transfer from a non-isa Nationwide account. Please ensure that the amount you wish to open the account with does not exceed the total inherited ISA allowance value. Transferring your allowance from Nationwide to another provider If your spouse or civil partner held a cash ISA with us but you wish to transfer this allowance to another provider (either into a cash or Stocks and Shares ISA), you need to contact that provider who will then initiate the transfer for you. You can only do this if you have not deposited any funds towards the allowance and you must transfer the full allowance held across all Nationwide ISAs. *The deceased and the surviving spouse must have been living together at the date of death. That is, not separated under a court order, under a deed of separation, or in circumstances where the marriage or civil partnership has broken down. Other criteria applies, please ask for full details. ** If the date of death was between 3 December 2014 and 5 April 2015, the date of death will be taken as 6 April If the deceased held a Stocks and Shares ISA and ownership of the deceased s ISA investments has passed to the surviving spouse or civil partner they will have 180 days to move them back into a stocks & shares ISA. 4 5

4 Customer identification Why do I need to prove my identity? Whether you re a new or existing customer, we must verify your identity when you open a new account with us. This is so that we can meet UK money laundering regulations to help stop criminals from using financial products or services for their own benefit. We will only ask for enough information to allow us to open your account. What do I need to provide? We may be able to check your identity electronically by using reference agencies to search sources of information relating to you (an identity search); this search will not affect your credit rating. We may also ask you to provide paper ID evidence. If we do ask, please provide original items as we are not able to accept statements or bills printed from the internet. Existing customers We ll tell you if you need to provide evidence of your name and address once we ve received your application. New customers You must provide evidence of your identity when making this application. UK and European Economic Area Nationals Please take one document from the UK Photo ID List to a branch only (please do not post in); UK Photo ID Evidence we need to see Valid full UK Passport Valid full UK Photocard Driving Licence Or we can accept one document from the Proof of Name list and one document from the Proof of Current Address list if you re applying in a branch or returning your documents to us by post. Important We ll return any documents you send to us within seven days. If we cannot check your identity, we will not be able to continue with your application. Non European Economic Area Nationals If you don t come from the European Economic Area, we may ask you to provide your passport and proof of current address for ID purposes. Further help If you cannot produce any of the documents from the tables, please contact your local branch as there may be other forms of identification you can use. Thank you for helping to stop financial crime. Proof of name Evidence we need to see Valid full UK driving licence (old style paper) Valid full EEA passport or EU member state ID card UK-based bank or building society statement (which must be less than three months old) with debit, credit or cheque guarantee card. Don t send this by post UK-based bank or building society statement (which must be less than three months old) Letter from Benefits Agency (which must be less than 12 months old) Birth or adoption certificate (under 18s only) Proof of current address Evidence we need to see Mortgage statement (must be less than 12 months old) Gas or electricity bill (must be less than three months old) Phone bill (not mobile) (must be less than three months old) Water bill (must be less than 12 months old) Council tax bill (must be less than 12 months old) Applying in branch NO Applying in branch Applying by post NO NO NO Applying by post Account Information Key product information for our cash ISA Account name Interest rates (AERs) Tax status Conditions for bonus payment Withdrawal arrangements Access Further information Inheritance ISA Variable rate of interest Tax-free. n/a Instant access Branch, Internet Banking and Mobile Banking App Opening the account Open your account by handing your completed form in at any branch or by post The minimum initial deposit to open your account is 1 Paying money in Taking money out Interest Subject to your inherited ISA allowance you can pay money in by: Cheque or transfer request from a Nationwide non-isa account. Please complete a paying-in slip with all deposits (paying-in slips can be handed in branch or sent in directly). Transfer of existing ISA funds is not permitted You cannot pay money in directly in branch, via the Internet Bank or electronically from an external provider as your current tax year allowance will be affected. You can: Withdraw up to 500 a day in cash (or larger amounts in the form of a cheque) at any of our branches Transfer money to another Nationwide account, using Internet Bank or Mobile Banking App Please note, you will not be able to replace the amounts withdrawn, unless the amount you wish to replace is within your unused inherited ISA allowance. Interest is added to your Inheritance ISA account annually on 30 September. You can choose to add interest to your Inheritance ISA account, another Nationwide current or savings account (subject to the terms and conditions of the receiving account) or a current account with another bank or building society. Interest earned on a cash ISA does not count towards your annual ISA allowance. Points to remember To use the additional allowance with Nationwide, you will need to open an Inheritance ISA a cash ISA designed to meet the new rules. Applications for Inheritance ISAs can be made by completing application form SF294 in branch or by posting it to us using the address on the application form. Accounts will be opened within 5-10 working days of receipt of application. We will write to you to confirm this. To open an Inheritance ISA with an inherited ISA allowance you want to transfer from another ISA provider, please complete application forms SF295 and SF The inherited ISA allowance transfer should be complete within 30 days of receiving your request and we will write to you to confirm when complete. 6 7

5 Operating your account We ll send you a letter once your Inheritance ISA has been opened. This will confirm your account number with Nationwide Building Society your total inherited ISA allowance with Nationwide Building Society your account balance and your remaining inherited ISA allowance with Nationwide Building Society If you requested a transfer of inherited ISA allowance from another provider as part of your application, your total inherited ISA allowance and your remaining allowance after initial deposit will be confirmed in writing once the allowance transfer has been completed. Please note: You will have three years from the date your spouse or civil partner passed away to use the allowance or 180 days after completion of the administration of the estate if longer. Once you have added funds into your Inheritance ISA, you can only use the remainder of your inherited ISA allowance with Nationwide. You will not receive a passbook for this account upon opening. Paying money in You can pay money in by cheque or transfer request from a Nationwide non-isa account (paying in slips can be handed in branch or sent in directly). Please complete a paying-in slip with all deposits. You will be sent some paying in slips with your account opening letter or you can request more in branch, online or by calling us. Funds cannot be deposited via the Internet Bank or directly from your current account. This is required to ensure that the funds paid into your account count towards your inherited ISA allowance and not your current tax year ISA allowance. If your deposit exceeds your remaining inherited ISA allowance, we will return the amount of money that is above your allowance. This will either be transferred back to the account it came from or by cheque. Keeping up to date with your account Once funds have been added to account, we ll write to you confirming your new account balance and the remaining inherited ISA allowance (if any). You ll also be able to see your updated balance by: logging into the Internet Bank or Mobile app asking us in branch or calling us at any time. Taking money out You are free to transfer funds out of your Inheritance ISA at any time. You can move your funds to any other new or existing cash ISA you hold (providing the account accepts existing ISA subscriptions) or any other Nationwide account in your name via Internet Bank, Mobile Banking App or in branch. If you want to transfer your ISA to another provider, you ll need to contact them to initiate the transfer. Please note: if you withdraw some or all of your money, you will not be able to replace the amounts withdrawn, unless the amount you wish to replace is within your unused inherited ISA allowance. Closing your account You will not be able to make any further deposits into your Inheritance ISA: once the inherited allowance is reached 3 years after the date of death, or if later, 180 days after completion of the estate. Please note that the account will automatically stop allowing deposits after 3 years and if completion of the estate takes longer we will need to see evidence to allow further deposits. You can close your Inheritance ISA at any time. If you would like close your Inheritance ISA you can do so in branch or via the other account services section within the Internet Bank. You can also transfer the cash ISA to another provider by contacting them to initiate the transfer. If you close or transfer your Inheritance ISA before you fully use your inherited ISA allowance, you can only use your remaining allowance with Nationwide. You can open another Inheritance ISA in the future to use your remaining allowance, providing you are still within the eligible time periods 3 years from date of death or 180 days post completion of the estate, whichever is longest. Points to remember You can pay money in by cheque or transfer request from a Nationwide non-isa account. Please complete a paying-in slip with all deposits. You are free to transfer funds out of your Inheritance ISA at any time including into a new or existing Nationwide cash ISA, providing it accepts existing ISA subscriptions. You can close or transfer out your Inheritance ISA at any time, but once you start using your inherited ISA allowance, you can only use the rest of your allowance with Nationwide. 8 9

6 Terms and Conditions We strongly advise you to read all of the terms and conditions as you will be legally bound by them. Subject to any additional conditions for your account, the following conditions will apply. General Meaning of Words and Expressions 1. In these conditions the following words and expressions have the following meanings: i. Agreement means these terms and conditions and any additional conditions applying to your account. ii. Card means a card we may issue on your account. iii. Month means a calendar month. iv. Our/us/we means Nationwide Building Society, Head Office, Nationwide House, Pipers Way, Swindon, Wiltshire, SN38 1NW. v. PIN means the Personal Identification Number to be used with a card. vi. Working day means Monday to Friday, excluding Saturday, Sunday and Bank Holidays. vii. You/your means the account holder(s). Part I Account Holding and Ownership 2. Your account is a share of Nationwide Building Society. It will give membership rights to the account holder(s). By opening the account, you agree to be bound by both our Rules and these conditions. A copy of our Rules is available from any of our branches or on our website at nationwide.co.uk 3. The account must not be used for business purposes. 4. We are not responsible for failure of any machine, data processing system, transmission link, or any industrial dispute or circumstances beyond our control which obstructs or disrupts the provision of services to you. 5. We have complete discretion as to whether and on what terms, we will accept instruction by fax and (except those via Nationwide s Internet Banking messaging facilities from registered Nationwide Internet Banking users) in relation to your account. 6. This agreement and the operation of the account will be governed by English Law and the language we will use in our communications will be English. 7. Credit facilities are not available on the account. If any withdrawal or payment creates an overdraft (and without prejudice to our right to refuse an overdraft), the account must be brought back into credit immediately. 8. On the death of an account holder (other than a nominee or trustee) the balance in the account together with interest and any bonus will be paid to their personal representatives without notice or loss of interest. 9. We may discontinue or stop offering the account to new customers without telling you. 10. From time to time we may publish Savings Promises. These will be clearly promoted as such and entitled Our Savings Promises. These Savings Promises are incorporated into and form part of these terms and conditions. 11. If any money you owe Nationwide (for example on a loan, credit card, mortgage, overdraft or otherwise) is overdue for payment, we may use any money you have in any of your accounts with Nationwide to reduce or repay what you owe, by way of set-off. Nationwide can use this right of set-off against accounts which are in your sole name as well as joint accounts you hold with Nationwide. We will tell you at least 14 days before we exercise this right of set-off. For the purposes of this condition only, Nationwide means Nationwide Building Society, its subsidiaries which include The Mortgage Works (UK) plc and UCB Home Loans Ltd. Joint Accounts 12. Joint account holders shall choose the order of names on the account and only the first named account holder will be entitled to voting rights in respect of the account. 13. As joint account holders these conditions apply to you individually and jointly with the other account holder(s). 14. For joint accounts the authority of both or all of you is taken to have been given in respect of all transactions. 15. On the death of a joint account holder, the balance together with interest and any bonus will be payable to the surviving account holder(s) without notice or loss of interest or the surviving account holder(s) can choose to keep the account in their name(s). 16. In the event of a dispute between joint account holders, we may freeze the account until we receive written instructions from all of you. 17. On a joint account interest can be paid net (with tax deducted) to one account holder and gross to the other provided there are no more than two joint account holders. If you pay income tax at a higher rate, you will have to pay any additional tax on your interest. Paying Money In 18. Cash and automated credits deposited into the account will earn interest from the date of deposit. 19. There may be a delay of one working day if deposits are made at a Nationwide cash machine. We will credit your account with the amount which has been verified and accepted by us when we check the deposit. 20. Banking of cheques for payment will at all times be subject to the rules, and clearing processes, of any cheque clearing system(s) used by us. There are three elements in the cheque clearing cycle:- i. Clearing for interest (when we start paying interest on any cheque you deposit with us). ii. Clearing for withdrawal (when we will allow you to withdraw against any cheque you deposit with us). iii. Clearing for certainty (when you can be certain that we will not debit any cheque you deposit with us which is returned unpaid (unless you are a knowing party to fraud), without your permission). Interest paid from: The start of the 2nd working day following the day of deposit. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. Withdrawals allowed from: The start of the 5th working day following the day of deposit subject to any additional conditions for your account for withdrawing money. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. Certainty from: The end of the 6th working day following the day of deposit. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day. 21. Certainty applies from the end of the 6th working day (11.59 pm) following the day of deposit. Although we will let you withdraw against cheques as shown above, this does not mean the cheque has cleared for certainty. Cheques can be returned unpaid before certainty and if so, will be debited from your account. 22. Cheques drawn from or paid into the account will be treated as valid for six months from the date of the cheque. Cheques must not be post dated. Taking Money Out 23. Subject to any additional conditions on your account regarding withdrawals the card, certificate or passbook must accompany any request for a withdrawal from the account. 24. Subject to any additional conditions on your account regarding withdrawing money, you may withdraw up to 500 in cash each day or up to 500,000 by cheque from a Nationwide branch immediately. Larger amounts may be withdrawn by cheque after making an arrangement with any Nationwide branch. 25. Subject to any additional conditions on your account, cash and automated credits deposited into the account will be available for withdrawal immediately. 26. Subject to any additional conditions on your account, withdrawal of funds by international transfer and CHAPS payments are available and are subject to an administration charge. Details of charges, foreign exchange conversion and timescales are available on request or when a transaction is authorised. 27. Standing orders, direct debits and bill payments cannot be made from the account. 28. We will debit the account with all payments and withdrawals authorised by you together with any charges in accordance with our published charges. Interest 29. Unless the account has a fixed interest rate, we may vary interest rates. We will only vary the rate for one or more of the following reasons: i. To reflect changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers of financial services; ii. To reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator; iii. To respond to changes in the rates applying to our mortgage business; iv. To reflect changes to our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds; v. To maintain our financial strength for the benefit of our members. 30. If we vary the rate for one of these reasons, we will tell you about it by putting a notice in our branches and/or on our website or an advertisement in the press. If we vary the rate for any other reason we will notify you personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest. 31. We will deduct tax at the basic rate from any interest paid unless you are eligible to receive interest gross (without tax deducted). For interest to be paid gross you must complete HM Revenue & Customs form R The interest rate that applies to your account is available at nationwide.co.uk or by phoning or from any of our branches. 33. Interest is calculated differently in a leap year and deposits made after 29 February will receive less interest than they would in a non-leap year. For further information please visit your local branch. 34. If the date for payment of interest is a Saturday, Sunday or Bank Holiday it will be paid on the next working day and backdated to the due date. Variation of Terms and Conditions 35. We may make changes to: i. the terms in Part I of this agreement, and ii. any additional terms and conditions applying to your account. We will make these changes as set out below unless, in the case of additional terms and conditions applying to your account, those additional terms and conditions set out how those additional terms and conditions can be varied, in which case the terms in the additional terms and conditions will prevail. 36. If the change is to your disadvantage we will tell you about it personally, either by letter, or secure personal message within the Nationwide Internet Banking site, at least 30 days before we make the change. At any time up to 60 days from the date of this notice you may switch your account or close it without having to pay any charges or interest for doing this. We may make any other change immediately and tell you about it by putting a notice in our branches and/or on the website or an advertisement in the press. Closing and Cancellation 37. Under normal circumstances, we may close the account by giving you at least 30 days notice. We may close your account immediately in exceptional circumstances, which might include a legal obligation to close the account or threatening or abusive behaviour towards our staff. 38. After opening the account you may transfer the balance to another account with us or have your money returned without notice or charge, provided that you tell us of your intention within 14 days from the date the account was opened. If your original deposit was by cheque, you cannot transfer or close the account until your cheque has cleared through the banking system. This condition does not apply to fixed rate accounts apart from Fixed Rate ISA s. 39. Requests to close your account can only be carried out when all the funds in the account are cleared. 40. Interest will not accrue to the account following closure

7 If you re not happy 41. We have a complaints procedure and for more information, or to make a complaint, please: (a) visit our website and click on the option Contact us ; (b) phone ; or (c) visit one of our branches. If you are not satisfied with the way we have dealt with yourcomplaint you may refer it to the Financial Ombudsman Service. You can also refer your complaint to them first without giving us the opportunity to resolve it, but if you do this, they will only consider your complaint with our consent. The Financial Ombudsman Service provides a free, independent, complaint resolution service. Details about their service and how to refer a complaint to them can be found on their website at www. financial-ombudsman.org.uk Part II The Following terms apply to the payment services provided as part of your account. 42. We may make changes to the terms in Part II of this agreement and we will give you not less than two months personal notification before the change takes effect. You have the right to close or switch your account without charge before the date any changes come into effect. If you do not close your account you will be treated as having accepted the changes. Payment Services The following are examples of the main payment services you can carry out on your account (subject to any other conditions on your account): 43. Pay in and withdraw money; 44. Transfer money between certain Nationwide accounts; 45. Make electronic payments such as CHAPS and overseas electronic payments. Making Payments 46. Before we can act on your instructions to make payments or withdrawals, we will require your consent and may require proof of identification. How we obtain your consent may include the use of passwords, cards, card readers, PINs or encryption devices and card verification. 47. When making payments, the following information is required from you about the company or person you are paying: a. For CHAPS payments, the bank s name and address, sort code, account number and, if applicable, reference. b. For overseas electronic payments, you must give us the bank s name and address, sort code, account number, Bank Identifier Code (BIC) or national bank code and, if applicable, reference. For certain overseas payments we will also require an International Bank Account Number (IBAN). 48. If you give us the wrong account details for one of these types of payment we will try to recover the funds for you if you ask us to, but we may charge you for doing so. 49. For transactions at a cash machine using your card, you will usually be asked to enter your PIN. 50. The following table details when payments can be made, when they are received and how they can be cancelled. Payment Type Internal transfers to Nationwide accounts CHAPS - payments within the UK Overseas electronic payments When we can accept your payment instructions At any time using the Internet Bank and Telephone Banking (where applicable). During opening hours at a branch. During opening hours at a branch. For same day payments we must receive your instruction by 1.00pm on a working day. During opening hours at a branch. For same day payments we must receive your instruction by 1.00pm on a working day. When payments usually arrive Immediately. Payment normally arrives on the same working day. Payment normally arrives within one working day for EEA countries. Other countries may take longer. How to cancel your instruction You cannot normally cancel a payment after we have accepted your instruction. You cannot normally cancel a payment after we have accepted your instruction. You cannot normally cancel a payment after we have accepted your instruction. 51. If you receive a refund on any of the transactions listed above, we will pay the amount of the refund into your account when we receive it. 52. You remain liable to make a payment even if we cannot debit your account due to it being closed; machine, data processing or transmission link failure; industrial dispute; or any other factors outside of our, our agents or subcontractors control. 53. Payments from your account will only be made if there are enough cleared funds available in your account. 54. Payments into and out of the account can only be made in sterling. Cards Where a card has been issued to you to use with your account, the following conditions apply: 55. You may be given a PIN to withdraw cash with your card, either at a branch and/or from a cash machine, subject to the additional conditions of your account. 56. You can also use your card and PIN to pay in cash using our Fast Cash and Cheque machines. 57. Cards will be re-issued from time to time and these conditions will apply to new cards. 58. All cards issued by us remain our property and must be returned on demand. We can suspend or cancel your right to use cards and PIN(s) at any time without notice where we believe that it is necessary for your and/or our protection, for example where we suspect the card is being used for fraudulent purposes or where you have breached a term of our agreement with you. If we are unable to inform you before we do this, we will inform you immediately after. In situations where we consider that urgent action is unnecessary, we will give you at least seven days notice before we exercise our right to suspend or cancel your right to use cards and PIN(s). 59. Any cash machine may retain your card following the repeated keying of the wrong PIN or a technical failure. If this happens, you must inform us as soon as possible. We accept no liability for any loss if your card is retained or you experience a technical failure. 60. If cards reported lost or stolen are found or returned you should destroy them. Security 61. The care of your passbooks, certificates, cards, PINs, statements and other security information is essential to help prevent fraud and protect your accounts. Please make sure that you follow the steps below: i. Always take reasonable steps to keep your card safe and your PIN, password and other security information secret at all times. ii. If your card requires a signature, you should sign it upon receipt. iii. You must memorise your PIN immediately and destroy the notification promptly on receipt. You must keep your PIN secret. You must not tell anyone your number not even our staff or the police. You should never write down your PIN. iv. If you fail to receive a statement or any other expected financial information, you should contact us immediately. v. You should check statements and passbooks regularly and alert us to any irregularities. 62. For your protection we may require proof of identity before allowing withdrawals from your account. 63. You must tell us as soon as possible by contacting your branch (during opening hours) or call us on (24 hours) if: i. Your card, passbook or certificate is lost or stolen or; ii. Someone else knows your PIN or; iii. You think someone else may be using your card, passbook or PIN without your permission. 64. You must tell us straightaway if you change your name, address telephone number or, if we communicate with you by , your address. Limits 65. Limits apply to: (a) the amount that may be paid by the methods detailed in the table in point 50. (b) the amount you can withdraw at a cash machine or Nationwide branch counter; (c) the amount that you can withdraw from your account each day. For details of these limits see our website or contact your localbranch. Stopping Transactions on your Account 66. We may refuse to carry out any transaction on your account that you might request if: i. we reasonably believe that you did not give us the instruction; ii. we reasonably suspect fraudulent activity; iii. your instructions are unclear, incomplete or the recipient s details are incorrect (as set out in the Making Payments section above); iv. it might cause us to act contrary to a law, regulation, code or other duty which applies to us; v. it would cause you to exceed any limit or restriction which applies to your account (such as a daily cash withdrawal limit from cash machines). Unauthorised Payments 67. To dispute a transaction that you do not recognise, or you do not believe that you carried out, and to claim a refund you will need to contact us as soon as possible but no later than 13 months from the date it was debited from your account and we will investigate the dispute and notify you of the outcome. To notify us of a disputed transaction you should report it to your branch (during opening hours) or call us on (24 hours). 68. If we have to take action against another party as a result of a transaction on your account, you must assist us and provide all available information to enable us to pursue this action. Liability for Losses 69. If we are liable for any losses due to a delay or error by us in carrying out your instructions to make or stop a payment, or for unauthorised payments our liability will be limited to: i. the amount of such payment; and ii. the amount of any interest you do not receive or any interest and charges you have to pay directly as a result of such delay or error. If our liability is established we will refund the above amount immediately. 70. Your maximum liability for unauthorised transactions is 50 before you report the items lost or stolen. You may be liable for all losses incurred if you have acted fraudulently or you have failed to take any of the steps listed in the Security section of this agreement. Inheritance Cash ISA Terms and Conditions In addition to the Savings general terms and conditions, the following terms and conditions apply to the Inheritance Cash ISA. If there is a conflict between the Savings General terms and conditions and these Inheritance Cash ISA terms and conditions, these Inheritance Cash ISA terms and conditions will take priority. Meanings of Words and Expressions 1. In these conditions the following words and expressions have the following meanings: (a) Account means a Nationwide Inheritance Cash ISA. (b) Deceased means an individual who was your spouse or civil partner who died on or after 3 December 2014 with whom you were living at the date of the Deceased s death and who, at the date of their death, was an ISA account holder. (c) Deceased s Account means an ISA which the Deceased held with an ISA provider at the date of the Deceased s death. (d) Inherited ISA allowance means the maximum amount, in aggregate, that can be paid into your Inheritance Cash ISA with us being: i. the value of the Deceased s Account at the date of death; or ii. where the Deceased held more than one Deceased s Account, the combined value of those accounts at the date of death in each case provided that you have not deposited funds towards the allowance with another ISA provider in respect of any such Deceased s Account

8 (e) Permitted Period is a period of time beginning with the date of the Deceased s death and ending either: i. 3 years thereafter; or ii. 180 days after the administration of the estate is complete; whichever is the later. For the purposes of calculating the Permitted Period, where the Deceased died in the period beginning 3 December 2014 and ending on 5 April 2015, the date of death will be taken as 6 April (f) Regulations means the Individual Savings Account Regulations 1998 as particularly amended by the Individual Savings Account (Amendment) Regulations 2015, or as otherwise amended from time to time. (g) You/your means the holder of the Account and who is the surviving spouse or civil partner of the Deceased. Account holding and Ownership 2. An application for an Inheritance Cash ISA can only be made: (a) by an individual who is the surviving spouse or civil partner of the Deceased; and (b) within the Permitted Period. 3. You agree that in subscribing to this Account and when making future deposits, if any, you will not exceed your Inherited ISA allowance. 4. The Account is only available to individuals who are aged 16 or over. 5. Proof of your identity, verification of your address and your National Insurance Number may be required on Account opening. 6. The Account will be, and must remain in, your beneficial ownership and must not be used as security for a loan. 7. You may only hold one Inheritance Cash ISA with Nationwide in relation to a Deceased at any given time. 8. Subject to the Regulations and your personal annual ISA allowance(s), you may be entitled to subscribe to another ISA in the same tax year as subscribing to this one. This is because your Inherited ISA allowance is in addition to your personal annual ISA allowance(s). For more information about your personal annual ISA allowance(s), Inherited ISA allowance and any other permissible subscriptions please visit us in branch or visit our website www. nationwide.co.uk or HMRC s website for further details. Interest 9. Interest is calculated daily and paid annually on 30 September and on closure. 10. Interest will not accrue to the Inheritance Cash ISA following closure. 11. Interest can be paid into the Account, a Nationwide current or savings account (subject to any restrictions on deposits into that account) or a current account with another bank or building society. Interest is paid tax free. 12. We will calculate interest on each whole pound in the Account. 13. The interest rate payable on the Account is variable. Paying Money in 14. You may only make deposits into the Account within the Permitted Period. 15. The minimum amount for any deposit is Payments into the Account must not cause you to exceed your Inherited ISA allowance. Taking Money out 17. You can withdraw any available funds in the Account without notice or loss of interest. 18. If you wish to transfer all or part of your Inheritance Cash ISA with us to another cash ISA provider we will send the funds and accompanying information to the new provider within 5 business days of the date of receipt of a transfer instruction from the new provider. 19. If you wish to transfer all or part of your Inheritance Cash ISA with us to a stocks and shares ISA provider we will transfer the account within the time stipulated by you or within 30 days of receiving the request from your new provider, whichever is the longer. 20. If you transfer all or part of your Inheritance Cash ISA with us to another ISA provider before you have fully used up your Inherited ISA allowance within the Permitted Period, you will only be able to make any future deposits in relation to the Inherited ISA allowance to an Account held with us, and not to the ISA provider you have transferred to. These terms and conditions will continue to apply to any such future deposits. 21. Any deposit that is made into the Account counts towards your Inherited ISA allowance. So if, after the cancellation period (within 30 days of Account opening), any funds are withdrawn from the Account you cannot pay any more money into the Account if it means that you would exceed your Inherited ISA allowance. Closing the Account and cancellation 22. If, after opening the Account, you do not consider it to be suitable you may transfer the balance to another Account with us, or have the money returned. In either case we must receive notification of your intention within 30 days from the date that the Account was opened. Interest will be paid tax free and the subscription will not count towards your Inherited ISA allowance which can be deposited into an Inheritance Cash ISA with us, or similar product with another ISA provider, in the Permitted Period. You can open a subsequent Inheritance Cash ISA with us or a similar product with another ISA provider within the Permitted Period up to the value ofyour Inherited ISA allowance. 23. If, after the cancellation period (within 30 days of Account opening), you close the Account any deposits made before closure count towards your Inherited ISA allowance and cannot be reinvested. If you have not reached your Inherited ISA allowance, the remaining amount can be reinvested into another Account opened with us provided this is during the Permitted Period. 24. Your Inheritance Cash ISA will close and tax exemption will end; (a) on your death; (b) upon the direct instruction of HM Revenue and Customs. 25. If your Inheritance Cash ISA breaches the Regulations we reserve the right to: (a) convert all or part of the Account to an instant access savings account, or similar account, without prior notice. Interest will be paid at the new account rate, with tax deducted at the appropriate rate and the terms and conditions applicable to the new account will apply; or (b) close the account; or, (c) where a subscription is invalid, reject the subscription and return the funds. 26. You may not make any further deposits into the Account: (a) after the end of the Permitted Period (which we will assume is 3 years from the date of the Deceased s death unless you inform us that an extended period applies); or (b) if you have reached your Inherited ISA allowance. 27. On your death no further deposits can be made into the Account and your Inheritance Cash ISA will close and the tax exemption end. The capital value of your Inheritance Cash ISA and the accrued tax free interest is payable to your personal representatives. From the date of your death until the date we pay your personal representatives (when the Account will close) interest will be earned at a gross rate being at least equivalent to the tax free rate of your Inheritance Cash ISA. We will deduct tax at the appropriate rate from this interest payable. General Terms 28. A statement will be sent to you annually. 29. We will notify you if, due to any failure to satisfy the provisions of the Regulations, your InheritanceCash ISA has, or will, become void. 30. If we delegate any of our functions or responsibilities under these terms and conditions we will satisfy ourselves that the person or organisation we delegate to will be competent to carry out those functions or responsibilities. 31. In the case of conflict, the Regulations take priority over these terms and conditions

9 Other Important Information Use of my information (a) Any information about me and my account may be shared within Nationwide to open and manage the account, make lending decisions, collect debts, trace debtors, prevent fraud and money laundering and for business analysis. It may also be shared within Nationwide and with specialist companies for market research purposes on behalf of Nationwide. (b) You may make searches about me at credit reference agencies who will supply you with information, including information from the Electoral Register, for the purpose of verifying my identity. The agencies will record details of the search, whether or not my application proceeds. The searches will not be seen or used by lenders to assess my ability to obtain credit. You may use scoring methods to assess my application and to verify my identity. Credit searches and other information which is provided to you and/or the credit reference agencies, about me and those with whom I am linked financially may be used by Nationwide and other companies if I apply for other facilities including insurance applications and claims. This information may also be used for debt tracing and the prevention of money laundering as well as the management of my account. Alternatively you may ask me to provide physical forms of identification; (c) Any information about me and my account can be shared within Nationwide to prevent or detect fraud, or to assist in verifying my identity. You may also search the records of fraud prevention agencies who will supply you with information. You may pass information to financial and other organisations involved in fraud prevention to protect yourselves and your customers from theft and fraud. If I give you false or inaccurate information and you identify fraud, you will record this and pass it to fraud prevention agencies to prevent fraud and money laundering; (d) I have the right of access to my personal records held by you and the credit and fraud agencies. Nationwide charges a fee for this service. I can ask for a copy of your leaflet How Nationwide uses personal information which will tell me how to apply for my records and explains in more detail how my information will be used by Nationwide, the fraud prevention agencies; (e) Nationwide may inform me of special offers, products and services, either by letter, telephone or . If I am a new Nationwide Building Society customer and I do not wish to receive marketing material by letter, telephone or , or any combination of these I can write to you at Nationwide Building Society, Marketing opt-out, FREEPOST SCE 7125, Swindon SN38 9LY. If I am an existing Nationwide Building Society customer my current marketing preferences will continue unless I tell you otherwise. If I have given a previous marketing instruction to any subsidiary or trading division of Nationwide Building Society, my request to them will not change. Nationwide means Nationwide Building Society, its subsidiaries and trading divisions. Warning false statements may result in penalties or prosecution by HM Revenue and Customs. In this declaration, you / the Society / Nationwide means Nationwide Building Society and its subsidiaries (which includes the Mortgage Works (UK) plc and UCB Home Loans Ltd. Charitable Assignment The following wording applies to you unless: (1) You were a member of the Society on 2 November 1997 and have continued to be a member ever since that date; or (2) You fall within a special category of persons to whom our charitable assignment scheme does not apply. By applying to open an account after 2nd November 1997, you also apply to be a charity member of The Nationwide Foundation ( the Foundation ) unless you are already a charity member. You agree that, if: the account is opened by the Society and you are or become a charity member of the Foundation; and the Society subsequently enters into an agreement to transfer the whole of its business to a company, you will assign to the Foundation (or any charity(ies) nominated by it, but to no other person) all rights to or in connection with any conversion benefits to which you would otherwise become entitled as a member or depositor at any time before, or within two years, after your membership of the Society comes to an end. You make this agreement: (a) with the Society (acting for itself and for the benefit of the Foundation), in return for the Society opening the account you are applying for, and you acknowledge that the Foundation may enforce the benefit of your agreement with the Society under the Contracts (Rights of Third Parties) Act 1999; and (b) with the Foundation directly, in return for the Foundation granting you charity membership (if you are not already a member). This agreement means that, without any further notice to you: the Society may make over to the Foundation (or to any charity(ies) nominated by it) any such conversion benefits; and the Foundation may exercise all your rights in relation to any such benefits. You understand that this agreement is irrevocable and cannot be amended or varied without the consent of both the Society and the Foundation and that neither the Society nor the Foundation will release you from this agreement. You understand that (except in the case of any class of person where the Society considers this to be inappropriate) the Society will require on behalf of itself and the Foundation that all applicants for share and mortgage accounts agree to the above condition (or a condition having substantially the same effect), unless the Society decides and announces by press release that it is no longer in the best interests of the Society to do so generally on a continuing basis. Any such decision by the Society would not have retrospective effect and you would continue to be bound by the above condition. For this purpose: conversion benefits means any benefits under the terms of any future transfer of the Society s business to a company (i.e. on conversion or takeover) except the statutory right to have shares in the Society (including any balances on share accounts) converted into deposits with the company; and Society means Nationwide Building Society and, if it merges with any other building society, includes such other society. What to do if you are not happy You expect first class service and we aim to provide it, so if you feel our service falls short, please let us know. To help resolve your issues or concerns, we have an internal complaints procedure to ensure that your views are heard and dealt with quickly. In this way, we can try to put things right, as well as continually improve the service we give to our members. If you would like further information about our procedure or wish to make a complaint, please: talk to an adviser at one of our branches, or phone and talk to an adviser, or visit nationwide.co.uk and select the option Contact us. If you are not satisfied with the way we have dealt with your complaint you may refer it to the Financial Ombudsman Service. You can also refer your complaint to them first without giving us the opportunity to resolve it, but if you do this, they will only consider your complaint with our consent. The Financial Ombudsman Service provides a free, independent, complaint resolution service. Details about their service and how to refer a complaint to them can be found on their website at Important information about compensation arrangements We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors, including most individuals and small businesses, are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to 85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be 85,000 each (making a total of 170,000). The limit relates to the combined amount in all the eligible depositor s accounts with the building society, including their share of any joint account, and not to each separate account. Nationwide Building Society also operates under the trading name of Nationwide UK (Ireland). Depositors who hold accounts under both trading names will only be eligible for one claim up to the 85,000 limit in total. For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call the FSCS on or Please note, only compensation related queries should be directed to the FSCS Stakeholder Standards Some ISAs are described as stakeholder products. This refers to the Government s stakeholder standards, which are designed to help you save with confidence. Accounts that meet the stakeholder standard aren t guaranteed to perform better than other accounts. It simply shows that the product meets all of the Government s criteria. Nationwide s cash ISA does not meet the Government s stakeholder standards. Dormant/lost accounts We will participate in the dormant/lost accounts scheme, set up by the Government under the Dormant Bank and Building Society Accounts Act

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