Have you decided it's time to part ways with your Nationwide account? Perhaps you've found a better deal elsewhere, are consolidating your finances, or simply no longer need it. Whatever your reason, closing a bank account, especially with a major institution like Nationwide, requires a bit of planning to ensure a smooth transition. Don't worry, we're here to guide you through every step of the process!
Step 1: Get Prepared – Your Pre-Closure Checklist!
Before you even think about initiating the closure, let's make sure you've got all your ducks in a row. This crucial preparatory phase will save you a lot of hassle down the line.
Sub-heading 1.1: Clear Your Balances and Dues
- Ensure a Zero or Positive Balance: Nationwide will not close an account that is overdrawn or has outstanding charges. Make sure you add enough money to cover any pending charges or bring your balance to zero.
- Settle Any Linked Services: Do you have any loans, credit cards, or other Nationwide products linked to this account? If so, ensure their balances are cleared or arrangements are made for their payment from a different account.
- Check for Pending Transactions: Have you made any recent payments or are there any direct debits or standing orders due to come out soon? Wait for all pending transactions to clear before attempting to close the account. Otherwise, you could face bounced payments and associated fees.
Sub-heading 1.2: Reroute Your Payments
This is perhaps the most critical step! You don't want to miss a paycheck or a bill payment.
- Direct Debits and Standing Orders: Make a comprehensive list of all direct debits (e.g., utility bills, subscriptions, loan repayments) and standing orders (e.g., regular transfers to savings). You must update these with your new bank account details. Contact each company individually to update your payment information.
- Direct Deposits/Salary: If your salary or any other regular income (benefits, pensions, etc.) is paid into this Nationwide account, contact your employer or payer immediately to provide them with your new bank details. Allow sufficient time for them to process this change.
- Recurring Payments from Your Card: Don't forget about subscriptions or online services where you've stored your Nationwide debit card details (e.g., Netflix, Amazon, gym memberships). Update these payment methods to avoid service interruptions.
Sub-heading 1.3: Transfer Your Funds
Once you've ensured no more payments are coming in or out of the account, it's time to move any remaining funds.
- Internal Transfers: If you have another Nationwide account, you can easily transfer funds between them via Internet Banking or the Banking App.
- External Transfers: To move money to an account with another bank or building society, you'll need the recipient's sort code and account number. You can usually do this through:
- Internet Banking/Banking App: This is often the quickest way.
- In Branch: Visit a Nationwide branch with your account details and ID.
- Consider Leaving a Small Amount: Some sources suggest leaving a small amount (a few pounds) in the account until you receive confirmation of closure, just in case there's a final small charge you weren't aware of. However, Nationwide states you can only close the account if it's not overdrawn and has no outstanding charges, so ideally, aim for a zero balance.
Sub-heading 1.4: Download and Save Statements
It's always a good idea to keep a record of your financial history.
- Online Banking: Log in to your Nationwide Internet Bank and download or print statements for the past few years.
- Request Paper Statements: If you prefer, you can request paper statements from Nationwide, though there might be a fee for this.
Step 2: Choose Your Closure Method
Nationwide offers a few ways to close your account, providing flexibility based on your preference and circumstances.
Sub-heading 2.1: Closing Your Account Online (Internet Bank)
This is often the most convenient and quickest method if you're already registered for Nationwide's Internet Bank.
- Log In: Go to the Nationwide website and log in to your Internet Bank.
- Navigate to Account Services: Select the account you wish to close from your account list. Look for an option like "Other Account Services" or "Manage Account."
- Initiate Closure: Find and select the "Close Account" option.
- Follow Instructions: You will be guided through the steps on screen. This will likely involve confirming your details and the account you want to close.
- Confirmation: Keep an eye out for a confirmation message or email that your request has been submitted.
Sub-heading 2.2: Closing Your Account In Branch
If you prefer face-to-face interaction or need assistance, visiting a Nationwide branch is a viable option.
- Gather Documents: You will need to bring your:
- Current account card
- Identification (e.g., passport or driving licence)
- Chequebook (if you have one)
- Visit Your Local Branch: Find your nearest Nationwide branch using their online branch finder.
- Speak to a Representative: Inform a member of staff that you wish to close your account. They will assist you with the necessary paperwork.
- Complete Forms: You may need to fill out an account closure form.
- Confirmation: Request written confirmation of the account closure before you leave.
Sub-heading 2.3: Closing Your Account by Post
While less immediate, closing your account by post is an option, especially if you cannot visit a branch or access online banking.
- Draft a Letter: Write a formal letter requesting the closure of your account. Ensure you include:
- Your full name
- Your address
- Your Nationwide sort code and account number
- Your clear instruction to close the account
- Your signature
- Specify Fund Transfer: Clearly state where any remaining funds should be transferred (e.g., provide details of your new bank account: account holder name, sort code, and account number). If you prefer a cheque, explicitly request that the balance be sent to your registered address via cheque.
- Send to a Branch: Address your letter to any Nationwide branch. It's advisable to send it via recorded or special delivery for proof of postage and receipt.
Sub-heading 2.4: Closing Joint Accounts
Both account holders typically need to agree to close a joint account. Nationwide states that joint accounts can be closed online via Internet Bank, in branch, or by post. If closing by post, both account holders' signatures will likely be required.
Step 3: Post-Closure Actions – The Final Checks!
You've submitted your request, but your job isn't quite done yet.
- Obtain Confirmation: Whether you closed online, in branch, or by post, always obtain and keep written or electronic confirmation that your account has been successfully closed. This is your proof that the process is complete.
- Monitor Your New Account: Keep a close eye on your new bank account to ensure all your direct debits, standing orders, and direct deposits have successfully rerouted.
- Destroy Cards and Chequebooks: Once you have confirmation of closure, safely destroy your Nationwide debit card(s) by cutting them up through the magnetic strip and chip. Shred any unused cheque leaves. This prevents any potential misuse.
- Monitor Your Credit Report: Periodically check your credit report to ensure the account closure is accurately reflected and there are no unexpected entries.
Important Considerations:
- Early Closure Fees: Some banks may charge a fee if you close an account within a very short period of opening it (e.g., within 14 days to 1 year). Nationwide's policy on this for current accounts generally indicates no closure charges if the account is older than 12 months, or if closed within the first 14 days. Always check the specific terms and conditions of your account.
- Dormant Accounts: Nationwide may close dormant accounts (inactive for 15 years) and will usually attempt to contact you to return any funds.
- Living Abroad: If you're living abroad, registering for internet banking is often the quickest way to close your account. If this isn't possible, you may need to call their helpline. International transfers may require specific details like IBAN and SWIFT/BIC codes.
Frequently Asked Questions (FAQs)
How to check if my Nationwide account is overdrawn?
You can check your Nationwide account balance and any overdraft status by logging into your Internet Bank, 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, or by visiting a Nationwide branch. For transfers to an external bank, you'll need the recipient's sort code and account number.
How to find my Nationwide sort code and account number?
Your sort code and account number can be found on your debit card, bank statements, or by logging into your Nationwide Internet Bank or Banking App.
How to update direct debits and standing orders for my new account?
You need to contact each company or service provider individually (e.g., utility companies, subscription services) and provide them with your new bank account details.
How to confirm my Nationwide account has been closed?
Nationwide will typically send you a confirmation message or letter once your account is successfully closed. You can also contact their customer service or visit a branch to verify.
How to close a joint Nationwide account?
Both account holders generally need to agree to and action the closure. This can be done via Internet Bank, in branch with both present, or by post with both signatures.
How to get old statements from Nationwide after closing my account?
It's best to download or print statements before closing your account. If you need them afterwards, you may be able to request them from Nationwide, but there could be a fee.
How to dispose of my Nationwide debit card and chequebook safely?
Once confirmed closed, cut your debit card through the chip and magnetic strip. Shred any unused cheque leaves.
How to avoid fees when closing a Nationwide account?
Ensure your account is not overdrawn, has no outstanding charges, and is beyond any initial early closure fee period (typically 14 days to 1 year after opening).
How to switch my Nationwide account to another bank easily?
Consider using the Current Account Switch Service (CASS). This free service, offered by participating banks and building societies (including Nationwide), handles the transfer of your balance, direct debits, and standing orders, and closes your old account for you.
