Becoming a "Nationwide member" can mean different things depending on whether you're referring to Nationwide Building Society in the UK or Nationwide Mutual Insurance (and its financial services subsidiaries) in the US. Both are member-owned organizations, meaning they operate for the benefit of their members rather than shareholders.
This comprehensive guide will focus primarily on Nationwide Building Society in the UK, as it's the more common interpretation of "Nationwide member" in a direct banking context. We'll also touch upon Nationwide Mutual Insurance to clarify the distinction.
How to Become a Nationwide Building Society Member (UK)
Becoming a member of Nationwide Building Society is surprisingly straightforward and essentially means becoming a customer of one of their core products. Unlike banks that are owned by shareholders, Nationwide is a mutual organization, owned by and run for the benefit of its members (customers). This unique structure means that when Nationwide profits, its members do too, often through better rates, exclusive products, or even direct payments like the "Fairer Share" scheme.
Ready to unlock the benefits? Let's dive in!
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| How To Become A Nationwide Member |
Step 1: Understand What "Membership" Means for Nationwide UK
Are you curious about what it truly means to be a Nationwide member? It's not about paying a membership fee or joining a special club. Instead, your membership status is automatically granted when you hold an eligible product with them.
What Makes You a Member?
You are considered a Nationwide member if you hold any of the following products:
- Current Account: This is one of the most common ways to become a member. Nationwide offers a range of current accounts like FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexOne, and FlexBasic.
- Savings Account: Opening any savings account or ISA (Individual Savings Account) with Nationwide also qualifies you for membership. They have various options, from easy access to fixed-rate accounts.
- Mortgage: If you have a mortgage with Nationwide, you are automatically a member.
- Business Savings Account (for specific entities): If you are a sole trader, partnership (not a limited liability partnership), or an unincorporated body such as a club or voluntary group with a business savings account, you're a member.
What Does NOT Make You a Member?
It's important to note that holding some products does not automatically grant you membership. These typically include:
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- Personal loans
- Credit cards
- Investments
- Business savings accounts for companies, charities, or trustees.
Step 2: Check Your Eligibility for Nationwide Products
Before you can open an account, you'll need to meet Nationwide's general eligibility criteria for their products. While specific requirements vary slightly between products (e.g., age for student accounts), some common criteria apply.
General Eligibility Criteria
- Age: For adult current accounts, you generally need to be 18 or over. Some accounts, like FlexOne, are for younger individuals (11-17), and FlexStudent is for those 18 or over in higher education.
- Residency: You'll typically need to be a UK resident.
- Personal Use: Most current accounts are for personal use only.
- Existing Accounts: There might be limits on the number of existing sole or joint Nationwide current accounts you can hold (e.g., no more than 4 for FlexPlus).
Proof of Identity and Address
Nationwide, like all financial institutions, is required to verify your identity and address.
- Electronic Verification: They will often try to do this electronically using information you provide.
- Paper ID (if required): If electronic verification isn't possible, you'll be asked to provide physical documents. This might involve visiting a branch or sending documents by post.
- Proof of Name (e.g., one of the following):
- Valid full UK passport
- Valid full UK photocard driving licence
- Valid full EEA passport or EEA member state ID card
- Proof of Current Address (e.g., one of the following, usually less than 3 months or 12 months old depending on the document):
- UK-based bank or building society statement
- UK mortgage statement
- UK utility bill (gas, electricity, water, landline phone – not mobile)
- UK council tax bill
- Benefit letter from your local housing authority
- Proof of Name (e.g., one of the following):
Important Note: You cannot use the same document to prove both your name and address.
Step 3: Choose Your Nationwide Product
This is where you decide how you want to become a member. Consider your financial needs and choose the product that best suits you.
Exploring Current Accounts
- FlexPlus: A packaged account with benefits like worldwide family travel and mobile phone insurance, plus UK and European breakdown cover. Comes with a monthly fee.
- FlexDirect: Offers interest on your money and cashback on debit card purchases for a limited period. No monthly fee. Designed for those who largely bank online.
- FlexAccount: A straightforward everyday bank account with no monthly fee.
- FlexStudent: Tailored for students, often with an interest-free arranged overdraft.
- FlexOne: For younger individuals (11-17), offering interest and money management tools.
- FlexBasic: A basic bank account for those who don't qualify for other current accounts or don't hold another UK current account.
Considering Savings Accounts & ISAs
Nationwide offers a variety of savings options:
- Instant Access Accounts: For easy access to your funds, typically with variable interest rates.
- Limited Access Accounts: Allow a certain number of withdrawals without affecting your interest rate, often offering slightly better rates than instant access.
- Fixed Rate Accounts: For locking away a lump sum for a set period at a fixed, often higher, interest rate.
- ISAs: Tax-efficient savings accounts.
Exploring Mortgage Options
If you're looking to buy a home or remortgage, securing a Nationwide mortgage will also grant you membership. They offer a range of mortgage products, including those for first-time buyers, remortgaging, and existing members.
QuickTip: Focus on one line if it feels important.
Step 4: The Application Process
Once you've chosen your product, it's time to apply! Nationwide offers several convenient ways to do this.
Online Application (Most Common)
- Via their Website: Most current accounts and savings accounts can be applied for directly on the Nationwide website. Navigate to the specific product page you're interested in.
- Via the Mobile Banking App: If you're already a Nationwide member (perhaps through a savings account), you can often apply for new products, like a current account, directly through their mobile app.
- Via Internet Bank: Once registered for online banking, you can log in to the Internet Bank and apply for products there.
What to expect during the online application: You'll need to provide personal details such as your name, address, date of birth, contact information, and employment details. You'll also likely need your National Insurance number.
In-Branch Application
- For those who prefer face-to-face assistance or if online verification isn't possible, you can visit a local Nationwide branch.
- Bring your required identity and address documents with you.
- Branch staff can guide you through the application and answer any questions.
Switching to Nationwide (for Current Accounts)
- If you already have a current account with another bank or building society in the UK, you can use the Current Account Switch Service (CASS) to easily move your account to Nationwide.
- This is a free and guaranteed service that typically completes in 7 working days, ensuring all your direct debits, standing orders, and incoming payments are automatically redirected.
- You can initiate a switch online or in a branch.
Step 5: Activating Your Membership and Enjoying Benefits
Once your application is approved and your account is open, you're officially a Nationwide member!
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What Happens Next?
- Account Details: You'll receive your account details, debit card (if applicable), and any necessary online banking credentials.
- Online Banking Registration: If you haven't already, register for Nationwide's Internet Bank and download their mobile Banking App. This provides 24/7 access to your accounts.
- Funding Your Account: Deposit funds into your new account to start using it.
Benefits of Being a Nationwide Member
As a member-owned organization, Nationwide passes on its profits to its members in various ways:
- Fairer Share Payment: Eligible members may receive a direct payment, known as the "Fairer Share," when Nationwide performs well. Eligibility for this often depends on holding a main current account and having eligible savings or a mortgage.
- Member-Only Products: Access to exclusive savings accounts, credit cards, and loan deals not available to non-members.
- Competitive Rates: Often, Nationwide aims to offer competitive rates on savings and mortgages compared to other providers.
- Mortgage Deal Promise: Existing mortgage members can switch to new deals with rates as good as, or better than, those offered to new customers.
- Savings Promises: Nationwide has commitments like not offering 'brand new customer only' savings accounts, aiming for fairness across its member base.
- Member Voice: Opportunities to provide feedback and influence Nationwide's products and services.
- Voting Rights: Members can vote at Nationwide's Annual General Meetings (AGM), giving them a say in the society's direction.
- Scam Checker Service: Members banking with Nationwide can use this service if they are unsure about a payment they are about to make.
- Branch Promise: Nationwide has committed to keeping its branches open until at least the start of 2028.
Nationwide Mutual Insurance (US) - A Different Kind of "Membership"
It's important to differentiate from Nationwide Mutual Insurance in the United States. While also a mutual company, membership here typically means being a policyholder of one of their insurance products (auto, home, life, business insurance, etc.) or a client of their financial services (investments, retirement plans).
For Nationwide Mutual Insurance, "membership" translates to being a customer and potentially benefiting from their focus on policyholders rather than external shareholders. They also offer "Nationwide Perks," which are discounts and savings available even to non-Nationwide members, although policyholders might have access to additional benefits.
QuickTip: Treat each section as a mini-guide.
The process to become a "member" in this context involves:
- Contacting a Nationwide agent or getting a quote online.
- Purchasing an insurance policy or investing in one of their financial products.
FAQs: How to Become a Nationwide Member
Here are 10 frequently asked questions, all starting with "How to," with quick answers, focused on Nationwide Building Society (UK) membership:
How to become a Nationwide member quickly?
The quickest way to become a Nationwide member is to open an eligible product online, such as a current account (FlexAccount or FlexDirect) or an instant access savings account, assuming you meet the electronic verification requirements.
How to join Nationwide if I'm not a UK resident?
Generally, Nationwide Building Society requires applicants for their core banking products to be UK residents. However, specific eligibility for certain accounts or services might vary, so it's best to check the detailed terms for each product or contact Nationwide directly.
How to get Nationwide "Fairer Share" payment?
To be eligible for the Nationwide "Fairer Share" payment, you typically need to hold a main current account with them and also have an eligible savings account or a mortgage. The specific criteria are announced annually.
How to open a joint account and become a Nationwide member?
You can open most of Nationwide's everyday adult current accounts as a joint account, and both individuals will become members. The application process can often be completed online.
Tip: Read once for gist, twice for details.
How to find out if I am already a Nationwide member?
If you currently hold a Nationwide current account, savings account, or mortgage, you are automatically a member. You can check your account statements or log in to your online banking to confirm your products.
How to apply for a Nationwide mortgage as a member?
If you're already a Nationwide member, you can often access exclusive mortgage deals or preferential rates when applying for a new mortgage or switching your existing one. You can apply online, in-branch, or through a mortgage adviser.
How to access member-only products at Nationwide?
Once you are a Nationwide member (by holding an eligible current account, savings account, or mortgage), you can access member-only products through their website, Internet Bank, or by speaking to them in a branch or over the phone.
How to switch my existing bank account to Nationwide?
You can switch your current account to Nationwide using the Current Account Switch Service (CASS). This free service ensures a smooth transition within 7 working days, automatically moving direct debits and standing orders.
How to prove my identity to Nationwide for membership?
Nationwide primarily attempts electronic verification. If this isn't possible, you'll need to provide one document for proof of name (e.g., passport, driving license) and a separate document for proof of address (e.g., utility bill, bank statement), usually by visiting a branch.
How to close my Nationwide account and stop being a member?
To stop being a Nationwide member, you simply need to close all your eligible Nationwide products (current accounts, savings accounts, mortgages). You can typically do this by contacting Nationwide through their app, online banking, phone, or by visiting a branch.
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