Your Ultimate Guide to Cancelling Nationwide FlexPlus: A Step-by-Step Walkthrough
Feeling overwhelmed by your Nationwide FlexPlus account and thinking about making a change? Perhaps you no longer need the bundled insurances, or you're simply looking to streamline your finances. Whatever your reason, cancelling your FlexPlus account doesn't have to be a headache. This comprehensive guide will walk you through every step of the process, ensuring a smooth transition.
Ready to take control of your banking? Let's dive in!
Step 1: Assess Your Needs and Understand Your FlexPlus Benefits
Before you jump into cancelling, it's crucial to fully understand what you're giving up and why you want to cancel. Nationwide FlexPlus is a packaged account, meaning it comes with a monthly fee (£18 as of recent information) in exchange for a suite of benefits.
What are you currently benefiting from?
- Worldwide Family Travel Insurance: This is a significant perk for many. Do you travel frequently, and does this insurance genuinely cover your needs and your family's?
- Mobile Phone Insurance: Are your mobile phones adequately covered by this policy? Do you have alternative insurance in place, or do you need to arrange it?
- UK and European Breakdown Cover (with the AA): Do you rely on this for roadside assistance? What would you do if you cancelled and needed breakdown cover?
Consider this carefully. If you actively use and value these benefits, cancelling might mean you need to purchase similar cover separately, which could potentially cost you more in the long run. On the other hand, if these benefits are going unused or you have better coverage elsewhere, then cancelling FlexPlus could save you money.
Pro Tip: Check the expiry dates and terms of any active claims or existing cover if you plan to cancel. You don't want to be caught without essential insurance!
Step 2: Prepare Your Finances for the Transition
Cancelling a current account isn't just about telling Nationwide you're leaving. It involves ensuring your financial life continues uninterrupted. This is a critical step to avoid missed payments or disruptions to your income.
Sub-step 2.1: Find an Alternative Current Account (If Needed)
If you're cancelling FlexPlus and don't have another suitable current account, this is your first priority. Consider:
- Nationwide's other accounts: Perhaps a fee-free FlexAccount or FlexDirect (which offers in-credit interest for a period) might suit your needs better.
- Other banks: Explore the market for accounts that align with your spending habits, saving goals, and any specific features you require.
- The Current Account Switch Service (CASS): If you're moving to another UK bank, CASS can make the process incredibly simple, transferring all your direct debits, standing orders, and incoming payments automatically.
Sub-step 2.2: Re-route Your Income
- Salary/Wages: Contact your employer's HR or payroll department and provide them with the details of your new account for your salary payments.
- Benefits/Pensions: If you receive state benefits or pensions, inform the relevant department of your new bank details.
- Other Regular Income: This includes payments from clients, rental income, or transfers from family/friends. Make sure all senders have your new account information.
Sub-step 2.3: Manage Your Outgoing Payments
This is where many people encounter issues if not handled meticulously.
- Direct Debits: These are payments where you've given a company permission to take money from your account (e.g., utility bills, subscriptions, loan repayments).
- Option A (Recommended for new bank accounts): If you're using CASS, these will be automatically transferred.
- Option B (Manual Transfer): If not using CASS, you'll need to contact each individual company and provide them with your new bank details. Do this well in advance of your cancellation.
- Standing Orders: These are regular, fixed payments you've set up yourself (e.g., rent to a landlord, transfers to a savings account). You'll need to set these up again from your new account and cancel them from your FlexPlus account. You can typically do this via online banking or the Nationwide app.
- Recurring Card Payments: These are payments set up using your debit card details, not your sort code and account number (e.g., Netflix, Amazon subscriptions). You'll need to update these directly with the service provider using your new debit card details.
Action Point: Go through your bank statements for the last 6-12 months to identify all regular incoming and outgoing payments. Make a checklist!
Step 3: Clear Your Balance and Address Any Overdrafts
Nationwide typically requires your account balance to be at zero before it can be closed.
Sub-step 3.1: Empty Your Account
- Transfer Funds: Move any remaining funds from your FlexPlus account to your new account. You can usually do this via online banking, the Nationwide app, or by visiting a branch.
- Outstanding Payments: Ensure no further direct debits or standing orders are due to leave the account before you initiate the closure.
Sub-step 3.2: Settle Any Overdrafts
- Repay Fully: If you have an arranged or unarranged overdraft, you must clear it completely before Nationwide will close your account.
- Transfer from New Account: Transfer funds from your new account to cover the overdraft.
- Seek Advice: If you're struggling to clear an overdraft, contact Nationwide directly to discuss your options. They may be able to offer a repayment plan or switch you to a different account.
Step 4: Initiate the Cancellation with Nationwide
Once your financial ducks are in a row, it's time to formally request the cancellation. Nationwide offers a few ways to do this. Remember, you cannot cancel individual FlexPlus benefits; the account must be closed or switched.
Option 4.1: Via Internet Banking (Recommended for convenience)
This is often the quickest and easiest method if you're comfortable with online banking.
- Log in: Access your Nationwide Internet Bank.
- Navigate: Look for options related to "Other Account Services" or "Close Account." The exact wording might vary slightly.
- Follow Instructions: The online system will guide you through the process, which usually involves confirming your identity and the account you wish to close.
Option 4.2: In Branch
If you prefer face-to-face interaction or need assistance, a branch visit is a good option.
- Locate Your Nearest Branch: Use Nationwide's branch finder tool on their website.
- Gather Documents: You'll typically need to bring:
- Your current account card
- Identification (e.g., passport or driving licence)
- Your chequebook (if you have one)
- Speak to Staff: A Nationwide representative will assist you with the closure. They can also help with transferring any remaining balance.
Option 4.3: By Post
While less common now, you can still cancel by sending a letter.
- Draft a Letter: Include the following essential information:
- Your full name
- Your address
- Your FlexPlus sort code and account number
- Your clear instruction to close the account
- Your signature
- Send to a Branch: You can send this letter to any Nationwide branch. It's advisable to send it via recorded delivery for proof of postage.
Option 4.4: By Phone
For direct assistance and queries, calling Nationwide is an option.
- FlexPlus Enquiries Line: Call 0800 11 88 55 (UK) or +44 1793 54 12 00 (from abroad).
- General Current Account Enquiries: Call 03457 30 20 11 (UK).
- Be prepared to answer security questions to verify your identity.
Step 5: Confirmation and Follow-Up
After initiating the cancellation, don't just assume it's done.
Sub-step 5.1: Request Confirmation
- Online/Branch: Ask for written confirmation of the account closure.
- Phone/Post: Note down the date and time of your call, the name of the representative, or keep a copy of your letter and proof of postage.
Sub-step 5.2: Monitor Your New Account
- Incoming Payments: Double-check that your salary, benefits, and other income are now being paid into your new account.
- Outgoing Payments: Verify that all your direct debits and standing orders are successfully transitioning or have been set up correctly from your new account.
- Keep an eye on statements from both accounts for a few weeks to catch any issues early.
Sub-step 5.3: What Happens to Any Remaining Funds?
If there's a small credit balance left in your account when it's closed, Nationwide will usually send it to your registered address by cheque. Ensure your address details are up to date.
Step 6: Review and Adjust Post-Cancellation
Once your FlexPlus account is successfully closed, take a moment to review your financial landscape.
- Insurance Needs: If you relied on the FlexPlus insurances, ensure you have comparable or better coverage elsewhere. This is critical for travel and mobile phone protection.
- Budget Adjustment: If you were paying the £18 monthly fee, you now have an extra £18 per month. Factor this into your budget and consider how you'll use this saving.
- Peace of Mind: Enjoy the satisfaction of having simplified your banking and only paying for the services you truly need!
Frequently Asked Questions (FAQs) About Cancelling Nationwide FlexPlus
Here are 10 common questions with quick answers to help you navigate your FlexPlus cancellation:
How to check if my Nationwide FlexPlus account is overdrawn before cancelling?
You can check your account balance and any overdraft status via Nationwide's Internet Bank, their Banking app, or by calling their customer service line on 03457 30 20 11, or visiting a local branch. Your account must not be overdrawn to close it.
How to transfer money out of my FlexPlus account before closing it?
You can transfer money out of your FlexPlus account using Nationwide's Internet Bank, their Banking app, or by requesting a transfer in a branch. Ensure all funds are moved to your new account or withdrawn.
How to cancel Direct Debits linked to my FlexPlus account?
If you're using the Current Account Switch Service (CASS) to move to another UK bank, your Direct Debits will automatically transfer. Otherwise, you must contact each company that takes Direct Debits and provide them with your new bank details.
How to stop recurring card payments on my FlexPlus debit card?
Recurring card payments are linked to your card details, not your account number. You need to contact each service provider (e.g., Netflix, gym membership) directly and update your payment method with your new debit card details.
How to find my FlexPlus account number and sort code?
Your account number and sort code are typically found on your debit card, bank statements, or by logging into your Nationwide Internet Bank or Banking app.
How to close a joint FlexPlus account?
Both account holders typically need to agree to close a joint account. You can usually do this via the Internet Bank (if both have access), by visiting a branch together, or by sending a signed letter from both parties.
How to get confirmation that my FlexPlus account has been closed?
After initiating closure, request written confirmation via post or a secure message in Internet Banking. If cancelling by phone, note the date, time, and agent's name. Monitor your old account for any activity.
How to switch to a different Nationwide current account from FlexPlus?
Nationwide allows you to switch between their current account products. You can often do this through your Internet Bank or by speaking to an advisor in a branch or over the phone. This is an alternative to outright closure if you wish to remain with Nationwide.
How to get help if I have issues cancelling my FlexPlus account?
If you encounter any problems, contact Nationwide's customer service on 03457 30 20 11 (general enquiries) or 0800 11 88 55 (FlexPlus specific). Visiting a branch can also provide direct assistance.
How to find out if there are any early cancellation fees for FlexPlus?
Nationwide FlexPlus does not typically have an "early cancellation fee" in the traditional sense, as there's no minimum term. However, you will have paid the monthly fee up to the point of cancellation, and you won't get a refund for any unused portion of the month's fee.
