Do you find yourself wondering if your Nationwide FlexPlus account is still the right fit for you? Perhaps your circumstances have changed, or you've found a different banking solution that better suits your needs. Whatever the reason, deciding to cancel a bank account can feel like a daunting task, but it doesn't have to be! This comprehensive guide will walk you through every step of the process, making it as smooth and straightforward as possible.
Let's dive in and get you on your way to managing your finances exactly how you want to!
How to Cancel Your Nationwide FlexPlus Account: A Step-by-Step Guide
Cancelling your Nationwide FlexPlus account involves a few crucial steps to ensure a seamless transition and avoid any unexpected issues. Remember, the FlexPlus account is a packaged account, meaning its benefits (like travel, mobile phone, and breakdown insurance) are intrinsically linked to the account itself. You cannot simply cancel individual benefits without also closing or switching the account.
Step 1: Assess Your Needs and Understand the Implications
Before you initiate the cancellation process, it's absolutely vital to take a moment to consider why you're cancelling and what alternatives you have in place.
1.1 Why Are You Cancelling?
- Cost vs. Benefit: Are you finding that the £13 monthly fee for FlexPlus no longer justifies the bundled insurance benefits? Perhaps you have these insurances elsewhere or no longer require them.
- Alternative Account: Do you already have another current account ready to take over your banking needs? Or are you planning to open a new one with a different provider?
- Change in Circumstances: Have your travel habits changed? Do you no longer need breakdown cover? Evaluate if the FlexPlus benefits are still relevant to your lifestyle.
1.2 Understanding the Consequences
- Loss of Benefits: Be aware that upon cancellation, you will lose access to the bundled worldwide family travel insurance, mobile phone insurance, and UK and European breakdown cover. Ensure you have alternative arrangements for these if you still need them.
- Direct Debits and Standing Orders: All direct debits, standing orders, and any future-dated payments linked to your FlexPlus account will be cancelled when the account is closed. This is a critical point to remember!
- Incoming Payments: Any payments sent to your closed FlexPlus account will be returned to the sender. This includes salaries, benefits, or transfers from family/friends.
Step 2: Prepare Your Finances and New Account
This is a crucial preparation phase that will prevent disruptions to your financial life.
2.1 Open a New Account (If Necessary)
- If you don't already have one, open a new current account with Nationwide (if you're switching to a different Nationwide product) or another bank/building society.
- Ensure this new account is fully functional and ready to receive and make payments.
2.2 Transfer Funds
- Move all funds out of your Nationwide FlexPlus account to your new account.
- Ensure your balance is zero or in credit, as Nationwide typically requires accounts to be at a zero balance before closing them. If you have an arranged overdraft, this will need to be repaid first.
- Be mindful of any pending transactions or payments that might still clear. It's often wise to leave the account with a small positive balance for a few days after you think everything has cleared, just in case.
2.3 Reroute Direct Debits and Standing Orders
- This is arguably the most important step to avoid missed payments.
- Identify all Direct Debits and Standing Orders linked to your FlexPlus account. You can usually do this by reviewing your bank statements or through your online banking.
- Contact each organization individually (e.g., utility providers, gym memberships, streaming services, mortgage lenders) and provide them with your new account details.
- Do not rely solely on the Current Account Switch Service (CASS) if you are closing the account directly. While CASS handles this automatically for a full switch, if you're simply closing the FlexPlus account without a full switch, you are responsible for rerouting these payments.
2.4 Update Incoming Payments
- Just like direct debits, you need to inform anyone who regularly pays into your FlexPlus account (e.g., employer for your salary, DWP for benefits, clients for invoices) of your new account details.
- Do this well in advance of your desired cancellation date.
Step 3: Choose Your Cancellation Method
Nationwide offers a few ways to close your current account. The most convenient options are usually online or in person.
3.1 Online via Internet Bank
- This is often the quickest and most straightforward method if you're comfortable with online banking.
- Log in to Nationwide Internet Bank at nationwide.co.uk.
- Navigate to your accounts, select the FlexPlus account you wish to close.
- Look for an option like "Other account services" or "Close account."
- Follow the on-screen instructions. You'll likely be asked to confirm your new account details where any remaining balance should be transferred (though ideally, you've already emptied it).
3.2 In-Branch
- If you prefer a face-to-face interaction or need assistance, visiting a Nationwide branch is a good option.
- Locate your nearest Nationwide branch using their branch finder online.
- When visiting, ensure you bring:
- Your current account card.
- Identification (e.g., passport or driving licence).
- Your chequebook (if you have one).
- Details of your new account if you need to transfer any final funds.
- A member of staff will guide you through the process.
3.3 By Post
- While less common for current account closures, you can also cancel your account by sending a letter to any Nationwide branch.
- Your letter should clearly state your intention to close the FlexPlus account and include:
- Your full name.
- Your address.
- Your FlexPlus account's sort code and account number.
- Your signature.
- You might also want to include details of where any remaining funds should be sent (though, again, aim for a zero balance).
3.4 Via Phone (FlexPlus Specific Line)
- While Nationwide generally states you cannot close accounts over the phone, the FlexPlus account has a dedicated helpline for general enquiries that may be able to assist or guide you.
- You can call the FlexPlus general enquiries line on 0800 11 88 55 (from the UK) or +44 1793 54 12 00 (from abroad).
- Lines are typically open Monday to Saturday, 8am to 8pm, and Sundays, 9am to 5pm. While they may direct you to online banking or a branch for the actual closure, they can provide information and clarify any specific questions about your FlexPlus account.
Step 4: Confirmation and Follow-Up
Even after initiating the cancellation, a little follow-up can provide peace of mind.
4.1 Confirmation from Nationwide
- Nationwide should send you a confirmation once your account has been successfully closed. This might be by letter or through your online banking messages.
- Keep this confirmation for your records.
4.2 Monitor Your New Account
- For a few weeks after the cancellation, closely monitor your new account to ensure all expected payments are coming in and all direct debits are going out correctly.
- Check your FlexPlus account (if you still have online access for a period) to ensure no unexpected activity.
4.3 Shred Old Cards and Chequebooks
- Once you're certain the account is fully closed and you have no further use for them, securely shred your old FlexPlus debit card and any unused chequebooks.
10 Related FAQ Questions
How to:
How to check my FlexPlus account balance before closing?
You can check your FlexPlus account balance through Nationwide's Internet Bank, their banking app, or by calling their general enquiries line for FlexPlus on 0800 11 88 55.
How to transfer money out of my FlexPlus account?
You can transfer money out using Nationwide's Internet Bank, their banking app, or by visiting a Nationwide branch to make a transfer. Ensure you have the sort code and account number of the receiving account.
How to find all my Direct Debits and Standing Orders?
Log into your Nationwide Internet Bank or banking app, and navigate to the section showing your regular payments. Alternatively, review your recent bank statements.
How to update my salary payments to a new account?
You'll need to contact your employer's payroll department and provide them with the sort code and account number of your new bank account. Do this well in advance of your next payday.
How to ensure my Nationwide FlexPlus overdraft is cleared?
If you have an overdraft, you will need to pay it off in full before Nationwide can close the account. You can transfer funds into the FlexPlus account from another account or make a payment from your new bank.
How to get proof that my FlexPlus account has been closed?
Nationwide typically sends a confirmation letter or a message through your Internet Bank once the account is officially closed. Keep this for your records.
How to deal with unrecognised transactions after closing?
If you notice any unusual activity before the account is fully closed, contact Nationwide immediately. Once closed, any payments sent to the old account should be returned to the sender.
How to reactivate a closed Nationwide FlexPlus account?
Generally, once a bank account is closed, it cannot be reactivated. You would need to apply for a new account if you wish to bank with Nationwide again.
How to get my annual summary after closing my account?
You can usually access statements and annual summaries for a closed account through Nationwide's Internet Bank for a certain period, or you can request them by contacting Nationwide directly.
How to switch to a different Nationwide current account instead of cancelling?
You can switch to another eligible Nationwide current account via their Internet Bank. Look for options related to "changing your current account" or using their internal switching service. This can often be a smoother process if you wish to remain with Nationwide.
