The Definitive Guide to Closing Your Nationwide Account: A Step-by-Step Walkthrough
Are you looking to part ways with your Nationwide account? Whether you're consolidating your finances, switching to a new bank, or simply no longer need a particular account, closing it can seem like a daunting task. But fear not! This comprehensive guide will walk you through every step of the process, ensuring a smooth and hassle-free experience. Let's get started, shall we?
Understanding Your Account Type and Options
Before diving into the closure process, it's crucial to understand the type of Nationwide account you hold, as the exact steps can vary slightly. Nationwide offers various accounts, including:
- Current Accounts (e.g., FlexAccount, FlexDirect): These are your everyday banking accounts for managing income and outgoings.
- Savings Accounts: Designed for saving money, with various interest rates and access levels.
- ISAs (Individual Savings Accounts): Tax-efficient savings accounts.
- Bonds: Fixed-term savings products.
Generally, current accounts and instant/limited access savings accounts can be closed via Internet Banking, in branch, or by post. For ISAs and fixed-term products, specific procedures or early access charges might apply.
Step 1: Prepare for Closure – Your Essential Checklist
This initial phase is critical for a smooth transition and to avoid any unwanted surprises or complications. Don't skip these steps!
Sub-heading: Settle Any Outstanding Balances
- Check for Overdrafts or Charges: Before Nationwide will close your account, it must not be overdrawn, and you must have no outstanding charges due. If you have any pending charges, ensure you add enough money to cover them.
- Linked Accounts: If your current account is linked to a savings account (like an eSavings account), you might need to close the linked account first or transfer its balance.
- Pending Transactions: Make sure all pending transactions, such as checks you've written or payments you've initiated, have cleared. Closing an account with pending transactions can cause issues.
Sub-heading: Redirect Regular Payments and Income
This is arguably the most important step to ensure your financial life continues without interruption.
- Direct Debits and Standing Orders: Identify all direct debits (e.g., utility bills, subscriptions, loan repayments) and standing orders (e.g., rent, regular transfers to savings). You'll need to update these with your new bank account details. Nationwide's Current Account Switch Service can automate this if you're switching to another UK bank. If you're not using the switching service, you'll need to contact each service provider individually.
- Income (Salary, Benefits, Pension): Inform your employer, pension provider, or benefits agency of your new bank details.
- Recurring Card Payments: Payments set up using your debit card number (e.g., Netflix, Amazon Prime) will not be automatically redirected. You'll need to update these manually with your new debit card details.
Sub-heading: Transfer Your Funds
Decide where you want your money to go.
- Transfer to Another Account: The easiest option is to transfer your balance to another bank account you hold, either with Nationwide or a different provider. You can usually do this via Internet Banking or in a branch.
- Cheque: Nationwide can issue a cheque for any remaining balance, which will typically be sent to your registered address. Ensure your address is up to date on your Nationwide account.
Sub-heading: Gather Necessary Information
Having these details handy will expedite the process.
- Your Nationwide account number and sort code.
- Your identification (passport, driving licence).
- Your current account card and chequebook (if applicable).
- Details of your new bank account (account number, sort code) if you're transferring funds.
Step 2: Choose Your Closure Method
Nationwide offers several convenient ways to close your account. Select the option that best suits your needs and account type.
Option A: Close Your Account via Internet Banking (Most Common for Current and Instant Access Savings Accounts)
This is often the quickest and most convenient method if you're registered for online banking.
- Log In: Go to the Nationwide website and log in to your Internet Bank account.
- Select Account: Choose the specific account you wish to close from your account list.
- Navigate to Closure Option: Look for "Other Account Services" or "Manage Account" and then select "Close Account."
- Follow Instructions: You'll be guided through the steps, which will likely include confirming your decision and specifying where to send any remaining funds.
- Confirm Closure: Ensure you receive confirmation that your request has been submitted.
Option B: Close Your Account In-Branch
If you prefer face-to-face assistance or have a more complex account (like certain ISAs or bonds), visiting a branch is a good choice.
- Locate Your Nearest Branch: Use the Nationwide branch finder on their website to find a convenient location.
- Gather Documents: Bring your current account card, a valid form of identification (passport or driving licence), and your chequebook (if you have one).
- Speak to an Advisor: Explain to a member of staff that you wish to close your account. They will guide you through the necessary paperwork and confirm the closure.
- Receive Confirmation: Ask for written confirmation of the account closure before you leave.
Option C: Close Your Account by Post
This method is suitable if you cannot visit a branch or use online banking.
- Draft a Letter: Write a clear letter requesting the closure of your account. Ensure you include the following vital information:
- Your full name
- Your current address
- The sort code and account number of the Nationwide account you wish to close
- Your clear signature
- Crucially, state where you want any remaining funds to be transferred (your new bank account details, or request a cheque).
- Send to a Branch: You can send this letter to any Nationwide branch. It's advisable to send it by recorded delivery for proof of postage.
- Await Confirmation: Nationwide will process your request and send you confirmation once the account is closed. This may take a little longer than other methods.
Option D: Closing Specific Account Types (ISAs and Bonds)
- ISAs: You can generally close a Nationwide ISA online via Internet Banking or in branch. If you're transferring your ISA to another provider, do not withdraw the money directly. Instead, apply with the new provider and tell them you want to transfer your ISA, as this preserves its tax-free status.
- Fixed-Term Bonds: For fixed-term bonds, early closure may incur a penalty or loss of interest. It's best to check your specific bond's terms and conditions or speak to Nationwide directly about your options. Often, they will convert to an instant access maturity account after the fixed term, and you can then withdraw and close.
Step 3: Post-Closure Actions and What to Expect
Even after you've submitted your closure request, there are a few things to keep in mind.
- Confirmation of Closure: Nationwide will send you confirmation once your account has been successfully closed. This might be by post or via your Internet Bank secure messages. Keep this for your records.
- Receiving Remaining Funds: If you requested a cheque for your balance, it will typically be sent to your registered address. If you opted for a bank transfer, confirm that the funds have arrived in your new account.
- Historical Statements: You can access historical statements for up to 5 years after closing your current account online. You must register for this service within 6 months of your account closure. The Internet Bank is only for open accounts.
- Open Banking Permissions: If you use Open Banking, Nationwide will reject any new data requests from authorised Third Party Providers (TPPs) once your account is closed. Existing 90-day authorisations will expire, or you can stop them sooner.
10 Related FAQ Questions
Here are some quick answers to common questions about closing a Nationwide account:
How to check if my Nationwide account is overdrawn before closing?
You can check your balance and any outstanding charges by logging into Nationwide Internet Banking, using the Banking App, or by visiting a Nationwide branch.
How to transfer money out of my Nationwide account before closing?
You can transfer money via Internet Banking, the Banking App, telephone banking, or by visiting a branch. For larger sums, or transfers to external accounts, there might be daily limits.
How to update my Direct Debits and Standing Orders when closing my Nationwide account?
If using the Current Account Switch Service, these will be automatically transferred. Otherwise, you'll need to contact each biller individually to provide your new bank details.
How to close a joint Nationwide account?
For joint accounts, either account holder can typically initiate the closure. However, it's generally advisable for both account holders to be present if closing in-branch, or for both to sign a postal request. All funds usually belong jointly to the account holders.
How to access historical statements after closing my Nationwide account?
You can register online to access up to 5 years of historical statements for current accounts after closure. You must register within 6 months of closing the account.
How to avoid early closure fees for Nationwide accounts?
Nationwide typically doesn't charge fees for closing accounts, unless it's a fixed-term product closed before its maturity date, or an account closed very shortly after opening (e.g., within 90-180 days, though Nationwide's current public information doesn't highlight such a fee). Always check the specific terms and conditions of your account.
How to switch to a new bank while closing my Nationwide account?
Utilise the Current Account Switch Service (CASS). This free service, offered by Nationwide and other UK banks, automates the transfer of your balance, direct debits, standing orders, and closure of your old account within 7 working days.
How to ensure all payments are redirected to my new account?
While the Current Account Switch Service redirects most payments, remember to manually update any recurring payments linked to your old debit card number (e.g., Netflix, Amazon Prime).
How to confirm my Nationwide account has been successfully closed?
Nationwide will send you a confirmation letter or a secure message via Internet Banking once your account is officially closed. Keep this for your records.
How to get help if I encounter issues closing my Nationwide account?
You can contact Nationwide customer service by phone (03457 30 20 11), visit a local branch, or use their online chat service if available through Internet Banking or the Banking App.
