Hey there! Ever wondered if you can have more than one current account with Nationwide? Perhaps you're looking to better manage your money, earn more interest, or simply keep your finances neatly organised. You're in the right place! This lengthy guide will walk you through everything you need to know about having multiple Nationwide current accounts, step by step.
Step 1: Understanding Why You Might Want Multiple Accounts
Before we dive into the specifics of Nationwide's policies, let's engage with the fundamental question: Why would anyone want more than one current account?
- Budgeting Bliss: Imagine having one account for your daily spending, another for bills, and a third for your savings goals. This can transform your budgeting from a confusing mess into a clear, concise system.
- Maximising Benefits: Different accounts offer different perks. One might have a great interest rate for in-credit balances, while another provides cashback on spending or attractive switching bonuses. By having multiple accounts, you can potentially mix and match these benefits.
- Financial Separation: Perhaps you run a small side hustle and want to keep your business finances separate from your personal ones. Multiple accounts make this incredibly easy.
- Contingency Planning: If something goes wrong with one account (e.g., a card is lost or a bank's online services are temporarily down), having a backup account ensures you still have access to your funds.
- Saving for Specific Goals: Want to save for a holiday, a new car, or a house deposit? Dedicated accounts for each goal can help you track progress and stay motivated.
If any of these resonate with you, then exploring multiple Nationwide current accounts might be a smart financial move.
Step 2: Nationwide's Policy on Multiple Current Accounts
Now, for the crucial information: how many current accounts can you actually have with Nationwide?
Nationwide Building Society has a clear policy on this. According to their terms, you can generally hold no more than 4 existing sole or joint Nationwide current accounts. This applies across their range of current accounts, including:
- FlexAccount: Their everyday current account.
- FlexDirect: Known for its in-credit interest for a set period.
- FlexPlus: A packaged account with added benefits like insurance.
- FlexStudent: Designed for university students.
- FlexBasic: A more basic account, often for those who don't qualify for other accounts.
- FlexOne: For younger account holders (aged 11-17).
This limit of four accounts means you have considerable flexibility to tailor your banking setup to your individual needs.
Sub-heading: What Counts Towards the Limit?
It's important to understand that the "four account" limit includes both:
- Sole Accounts: Accounts held solely in your name.
- Joint Accounts: Accounts you hold with another person.
So, if you have two sole accounts and one joint account, that counts as three towards your limit of four.
Step 3: Exploring Nationwide's Current Account Offerings
Nationwide offers a diverse range of current accounts, each with its own features and benefits. Understanding these can help you decide which combination best suits your financial strategy.
Sub-heading: FlexAccount - The Everyday Essential
- Key Feature: This is Nationwide's standard, no-frills current account. It's great for daily banking, direct debits, and regular payments.
- Benefits: No monthly fee, access to exclusive member-only savings products.
- Considerations: Doesn't pay in-credit interest.
Sub-heading: FlexDirect - Interest and Cashback Powerhouse
- Key Feature: Offers competitive in-credit interest (often 5% AER for 12 months on balances up to a certain amount, e.g., £1,500) and sometimes cashback on debit card spending. A great option for boosting your savings.
- Benefits: High interest on balances (for the introductory period), potential cashback, no monthly fee.
- Considerations: The high interest rate is usually introductory and requires a minimum monthly funding (e.g., £1,000).
Sub-heading: FlexPlus - The Packaged Account for Peace of Mind
- Key Feature: A packaged account that comes with a monthly fee (currently £18) but includes valuable benefits like worldwide family travel insurance, mobile phone insurance, and UK & European breakdown cover.
- Benefits: Comprehensive insurance package, no Nationwide transaction fees for using your Visa debit card abroad.
- Considerations: Comes with a monthly fee, so it's only cost-effective if you would otherwise pay for these insurances separately.
Sub-heading: FlexStudent - Tailored for University Life
- Key Feature: Designed specifically for students aged 18 or over accepted onto a full-time UCAS course of at least two years. Offers an interest and charge-free arranged overdraft.
- Benefits: Interest-free overdraft that increases with each year of study (e.g., up to £1,000 in year one, £2,000 in year two, £3,000 in year three and beyond), no monthly fee, fee-free card usage abroad.
- Considerations: Requires a minimum payment into the account each term.
Sub-heading: FlexBasic - The Starter Account
- Key Feature: A no-frills basic bank account for those who don't qualify for other current accounts or need a simple, straightforward option. No arranged overdraft available.
- Benefits: No monthly fee, provides essential banking services.
- Considerations: Limited features compared to other accounts, no overdraft.
Step 4: Strategising Your Multiple Account Setup
Once you understand the different accounts and the limit, you can start planning how to use your four Nationwide current accounts effectively.
Sub-heading: Common Multi-Account Strategies
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The "Bills and Spending" Split:
- Account 1 (e.g., FlexAccount): For your main income and daily spending.
- Account 2 (e.g., FlexAccount or FlexDirect): Dedicated solely to household bills, direct debits, and standing orders. Transfer a fixed amount into this account each payday.
- Benefit: Clearly separates your variable spending from your fixed commitments, making budgeting much easier.
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The "Interest Maximiser" Approach:
- Account 1 (FlexDirect): To take advantage of the introductory in-credit interest rate. Keep up to the interest-bearing limit (e.g., £1,500) in this account.
- Account 2 (FlexAccount or another FlexDirect): For any remaining funds or day-to-day transactions.
- Benefit: Ensures you're earning the best possible interest on your readily accessible funds. Remember to switch funds or consider a new FlexDirect once the introductory rate expires.
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The "Comprehensive Cover" Plan:
- Account 1 (FlexPlus): For the bundled insurance benefits (if you need them). Use this as your primary account for salary and main outgoings.
- Account 2 (FlexAccount or FlexDirect): For smaller, specific spending categories or as a buffer.
- Benefit: Combines valuable insurance with day-to-day banking, potentially saving you money on separate policies.
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The "Savings Goal" Method:
- Account 1 (Main FlexAccount): For your primary income and expenses.
- Account 2 (FlexAccount/FlexDirect): Dedicated to a short-term savings goal (e.g., holiday fund).
- Account 3 (FlexAccount/FlexDirect): Dedicated to a mid-term savings goal (e.g., car fund).
- Benefit: Visually separates your savings, making it easier to track progress and avoid dipping into funds meant for specific goals.
Sub-heading: Key Considerations When Strategising
- Minimum Funding Requirements: Some accounts, like FlexDirect and FlexStudent, require a minimum monthly deposit to unlock their full benefits. Ensure you can meet these across all your chosen accounts.
- Overdrafts: While FlexStudent offers an interest-free overdraft, other accounts like FlexAccount, FlexDirect, and FlexPlus may charge interest on arranged overdrafts. FlexBasic does not offer an overdraft. Be mindful of any overdraft charges if you anticipate going into the red.
- Fees: The FlexPlus account has a monthly fee. Ensure the benefits outweigh this cost for you. Other accounts generally have no monthly fees.
- Complexity vs. Control: While multiple accounts offer greater control, they also increase complexity. Don't open more accounts than you can comfortably manage.
Step 5: Opening Additional Nationwide Current Accounts
The process for opening additional current accounts with Nationwide is generally straightforward, especially if you're already an existing customer.
Sub-heading: Online Application
- Most common and convenient. Log into your Nationwide Internet Bank or Banking App. You should find an option to "Open a new account" or "Apply for a new product."
- The application form will likely pre-populate much of your personal information, making the process quicker.
- You'll need to confirm your eligibility for the specific account type you're applying for.
Sub-heading: In-Branch Application
- If you prefer a face-to-face interaction or need assistance, you can visit a Nationwide branch.
- You'll likely need to bring identification (e.g., passport, driving license) and proof of address, even if you're an existing customer, to comply with "Know Your Customer" (KYC) regulations.
Sub-heading: What to Expect During the Application
- Credit Checks: Nationwide will typically perform a credit check when you apply for a new current account, especially those with overdraft facilities. This helps them assess your financial suitability.
- Eligibility Criteria: Each account has specific eligibility requirements (e.g., age, UK residency, student status for FlexStudent, minimum funding for FlexDirect). Ensure you meet these before applying.
- Account Activation: Once approved, your new account details will be provided, and you'll receive your new debit card and any associated PINs in the post.
Step 6: Managing Your Multiple Nationwide Accounts Effectively
Having multiple accounts is only beneficial if you manage them well. Here are some tips to keep your financial life organised.
Sub-heading: Leveraging Digital Tools
- Nationwide Banking App and Internet Bank: These are your best friends! Use them to:
- View all your Nationwide accounts in one place.
- Easily transfer money between your own accounts.
- Set up standing orders for automated transfers (e.g., moving money to your bills account each month).
- Monitor transactions and set up alerts.
- Budgeting Apps: Consider third-party budgeting apps that can link to all your bank accounts (including Nationwide) to give you a holistic view of your finances. Many offer features like spending categorization and goal tracking.
Sub-heading: Automating Transfers
- Set up standing orders to automatically move money from your main income account to your other Nationwide accounts (e.g., bills account, savings goal accounts) on payday. This "set it and forget it" approach ensures your funds are always where they need to be.
Sub-heading: Regular Reviews
- Periodically review your account setup. Are your accounts still serving their purpose? Are you maximising benefits?
- As your financial situation changes (e.g., new job, new savings goal, student graduation), you might need to adjust your account strategy. Nationwide allows you to switch between some current account types if your needs evolve.
Step 7: The Pros and Cons of Multiple Accounts
While the benefits are clear, it's also important to be aware of any potential drawbacks.
Sub-heading: Advantages
- Enhanced Budgeting & Organisation: The primary benefit, leading to greater financial clarity.
- Optimised Benefits: Access to various features like high interest, cashback, or insurance.
- Increased Financial Flexibility: Easier to manage different financial goals and scenarios.
- Reduced Risk: Spreading your money across accounts means if one account is compromised, your entire financial life isn't. (Remember FSCS protection still applies per person, per institution, up to £85,000).
Sub-heading: Disadvantages
- Increased Complexity: More accounts can mean more passwords, more statements, and more things to keep track of if not managed digitally.
- Minimum Balance/Funding Requirements: Some accounts require specific activity or balances to avoid fees or gain benefits. Failing to meet these could negate the purpose.
- Potential for Fees (Rare with Nationwide's non-packaged accounts): While most Nationwide current accounts have no monthly fees, the FlexPlus does. Be mindful of any charges on unarranged overdrafts across all accounts.
- Impact on Credit Score (Minor): While opening current accounts usually has a minimal impact on your credit score, multiple applications in a short period could show up on your credit report. However, this is generally less impactful than applying for credit products.
Conclusion: Your Nationwide Banking Hub
Nationwide's policy of allowing up to four sole or joint current accounts provides a fantastic opportunity for individuals to create a tailored banking system that perfectly aligns with their financial goals. Whether you're looking to streamline your budgeting, maximise interest, or benefit from bundled insurance, a multi-account strategy with Nationwide could be a powerful tool in your financial arsenal. Remember to assess your needs, understand each account's features, and manage them effectively using the digital tools available.
Frequently Asked Questions (FAQs)
Here are 10 related "How to" questions with quick answers:
How to Check My Current Account Limit with Nationwide?
You can generally find this information in the terms and conditions for each specific Nationwide current account on their website, or by contacting Nationwide directly. The common limit is up to 4 sole or joint current accounts.
How to Transfer Money Between My Nationwide Accounts?
You can easily transfer money between your Nationwide current accounts using their Internet Bank or Mobile Banking App. The transfer is usually instantaneous.
How to Close a Nationwide Current Account?
You can close a Nationwide current account by contacting them via phone, visiting a branch, or sometimes through their online banking platform. Ensure all direct debits and standing orders are moved before closing.
How to Apply for a New Nationwide Current Account?
You can apply for a new Nationwide current account online via their website or banking app, or by visiting a Nationwide branch in person.
How to Switch My Current Account to Nationwide?
Nationwide participates in the Current Account Switch Service (CASS), making it easy to switch your existing current account from another bank to Nationwide. You can initiate this switch online or in a branch.
How to Manage Multiple Bank Accounts Effectively?
Utilise online banking apps, set up standing orders for automated transfers, categorise your spending, and regularly review your accounts to ensure they align with your financial goals.
How to Avoid Fees on Nationwide Current Accounts?
Most Nationwide current accounts (FlexAccount, FlexDirect, FlexStudent, FlexBasic) have no monthly fees. For the FlexPlus account, ensure the bundled benefits outweigh the £18 monthly fee. Avoid unarranged overdrafts to prevent potential charges.
How to Maximize Interest with Nationwide Current Accounts?
Consider opening a FlexDirect account to take advantage of its introductory in-credit interest rate on balances up to £1,500. Ensure you meet the minimum monthly funding requirement.
How to Budget Using Multiple Current Accounts?
Assign specific purposes to each account (e.g., one for bills, one for spending, one for savings goals) and set up automated transfers to distribute your income accordingly each month.
How to Get Financial Advice on Nationwide Accounts?
You can contact Nationwide directly through their phone lines, chat service via their app, or by visiting a branch to discuss your financial needs and which accounts might be best for you. For broader financial advice, consider consulting an independent financial advisor.
