Life evolves, and so do our financial needs. Perhaps you've found a better interest rate elsewhere, moved to a new region with different banking options, or simply decided to consolidate your accounts. Whatever your reason, closing an account with Nationwide Building Society is a straightforward process, but it requires a bit of planning to ensure a smooth transition.
Ready to embark on this financial tidy-up? Let's dive in!
Step 1: Are You Truly Ready? A Pre-Closure Checklist
Before you even think about hitting that "close account" button or heading to a branch, take a moment to consider some crucial aspects. This initial self-assessment will save you headaches down the line.
- What kind of account is it? Nationwide offers various accounts: current accounts, savings accounts (including ISAs), mortgages, and credit cards. The closure process can vary slightly depending on the type.
- Is your account in good standing? This is paramount. You cannot close an account that is overdrawn or has outstanding charges. Make sure your balance is zero or in credit. If you have any pending charges, top up your account to cover them.
- Have you moved all your funds? This is perhaps the most important step. You need to decide where the remaining balance in your Nationwide account will go.
- Transfer to another Nationwide account: If you're keeping other Nationwide accounts open, you can easily transfer the funds internally via the Banking App or Internet Bank.
- Transfer to an external account: You'll need the sort code and account number of your new bank account to transfer the funds. This is usually done through online banking.
- Withdraw in cash: For smaller balances, you might opt to withdraw the money at a branch.
- Cheque: In some cases, Nationwide might send a cheque to your registered address for any remaining balance after closure. Ensure your address is up to date!
- Are there any linked accounts? Some Nationwide current accounts might have linked savings accounts (like an eSavings account). You'll need to close these linked accounts first.
- Direct Debits and Standing Orders: This is a common pitfall!
- If you are switching to another bank using the Current Account Switch Service (CASS), your Direct Debits and Standing Orders will be automatically transferred to your new account. This is the easiest and recommended option for current accounts.
- If you are not using CASS, you'll need to manually set up all your Direct Debits and Standing Orders with your new bank account before closing your Nationwide account. Do not cancel them with Nationwide first, as this could lead to missed payments and potential issues with your service providers.
- Regular Payments made with your Debit Card: Be aware that recurring payments set up using your Nationwide debit card number (e.g., for subscriptions or online services) will not be automatically transferred when you close your account. You'll need to update these directly with each service provider.
- Digital Wallets: If you have your Nationwide card linked to Apple Pay, Google Pay, or other digital wallets, remember to remove it.
- Statements and Records: While you can usually access statements online even after closure, it's a good idea to download and save any important statements or transaction history for your records before the account is closed.
Step 2: Choosing Your Closure Method – How Do You Want to Proceed?
Nationwide offers several convenient ways to close your account. The best method for you will depend on the account type and your personal preference.
Option 2.1: Closing via the Internet Bank (Online)
This is often the quickest and most convenient method, particularly for current and savings accounts.
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Sub-heading: For Current Accounts:
- Log in: Access your Nationwide Internet Bank. If you're not registered, you may need to do so first, or consider an alternative closure method.
- Select the Account: From your account dashboard, choose the specific current account you wish to close.
- Navigate to Services: Look for an option like "Other Account Services" or a similar menu.
- Choose "Close Account": Follow the on-screen prompts. You'll likely be asked to confirm your intention and how you want any remaining balance transferred.
- Confirmation: You should receive an immediate on-screen confirmation, followed by an email or postal confirmation of the closure.
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Sub-heading: For Savings Accounts and ISAs:
- Log in: As with current accounts, log into your Nationwide Internet Bank.
- Select the Account: Choose the savings account, ISA, or bond you wish to close.
- Navigate to Services: Look for "Other account services."
- Choose "Close account": You will be prompted to enter how you wish to receive the money from your account. This is where you specify the destination for your funds.
- Request Closure: Confirm your request.
Note: For ISAs, especially Help to Buy ISAs, there are specific rules and steps regarding claiming government bonuses or transferring funds to another ISA to retain tax-free benefits. Do not simply withdraw the money from an ISA if you intend to transfer it to another ISA provider; follow the proper ISA transfer process.
Option 2.2: Closing in a Nationwide Branch
For those who prefer face-to-face assistance or have more complex situations, visiting a branch is a good option.
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Sub-heading: Preparing for Your Branch Visit:
- Identification: You must bring valid identification, such as your passport or driving licence.
- Account Cards/Chequebooks: If you have a current account, bring your debit card and any unused chequebooks. For savings accounts, bring your passbook or account card if you have one.
- Plan for Funds: Have the details of where you want your money transferred ready, or be prepared to receive it in cash (if applicable and within limits) or by cheque.
- Joint Accounts: For joint accounts, typically either account holder can close the account, but it's always best if both account holders are present or have given explicit consent to avoid any delays or complications.
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Sub-heading: What to Expect at the Branch:
- Speak to a Member of Staff: Inform them you wish to close your account.
- Provide Details: You'll be asked for your account details and identification.
- Confirm Transfer Details: Provide the details for where your remaining funds should be transferred.
- Sign Documents: You may need to sign a closure form.
- Receive Confirmation: The branch staff will process your request and provide you with confirmation.
Option 2.3: Closing by Post (Letter)
This method is suitable if you cannot access online banking or visit a branch.
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Sub-heading: Crafting Your Closure Letter: Your letter needs to be clear and contain all necessary information for Nationwide to process your request. Include:
- Your full name
- Your current address
- Your Nationwide sort code and account number
- Your clear instruction to close the specific account
- Instructions on where to transfer the remaining balance (new bank sort code and account number)
- Your signature
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Sub-heading: Where to Send It: You can send the letter to any Nationwide branch or their Head Office. It's advisable to send it via recorded delivery for proof of postage.
Nationwide Building Society, Nationwide House, Pipers Way, Swindon, SN38 1NW
Option 2.4: Closing a Credit Card Account
Nationwide credit card closure is a specific process.
- Sub-heading: Clearing Your Balance:
- You must clear your credit card balance to £0 before you can close the account.
- Sub-heading: Contacting Nationwide:
- You can typically close a Nationwide credit card over the phone. Ensure you have your credit card number ready.
- Do not simply cut up your card; this will not close the account, and you could still incur charges.
- Sub-heading: Post-Closure:
- Once confirmed closed, cut up and safely dispose of your card.
Step 3: The Waiting Game – What Happens After You Submit Your Request?
Once you've submitted your closure request, there's a short period where Nationwide processes it.
- Current Accounts: If using the Current Account Switch Service, the switch takes 7 working days. If closing directly, the process is usually quite fast once all conditions (like no overdraft) are met. Any remaining balance is usually sent by cheque to your registered address.
- Savings Accounts/ISAs: Closure is usually processed promptly, and funds are transferred as per your instructions.
- Mortgage Accounts: Closing a mortgage account involves fully repaying the mortgage. Once the full amount is paid off, the account(s) will automatically enter Nationwide's closure process, which can take up to 15 working days. They will issue a letter confirming closure and refund any overpayments.
- Direct Debits and Standing Orders (if not using CASS): Nationwide will stop accepting any new data requests from authorised Third Party Providers (TTPs) once the account is closed. This is why it's crucial to have them set up elsewhere.
Step 4: Tie Up Loose Ends – Post-Closure Actions
Even after Nationwide confirms your account is closed, a few final checks are good practice.
- Confirmation: Keep the confirmation of closure for your records. This could be an email, letter, or a printout from online banking.
- Check New Account: Verify that all your Direct Debits and Standing Orders are successfully running from your new account.
- Monitor Mail: Keep an eye out for any unexpected mail from Nationwide or your former Direct Debit payees in case of any issues.
- Credit Report: While closing an account, especially a long-held one, can temporarily affect your credit score (due to a shortened credit history or changes in credit utilization), it generally has minimal long-term impact if you manage your finances responsibly. It's a good idea to periodically check your credit report to ensure everything is accurate.
10 Related FAQ Questions
Here are some frequently asked questions about closing a Nationwide account, with quick answers:
How to check if my Nationwide account is overdrawn before closing? You can check your account balance and any pending transactions by logging into your Internet Bank, using the Banking App, or by visiting a Nationwide branch.
How to transfer money out of Nationwide before closing the account? You can transfer money via the Nationwide Internet Bank or Banking App (to another Nationwide account or an external bank), by visiting a branch, or by telephone banking if registered.
How to close a Nationwide joint account? For current accounts, either account holder can typically initiate closure, but it's best for both to be present at a branch or for consent to be explicitly provided. For online closure, ensure both parties are aware and agree.
How to close a Nationwide ISA and keep its tax-free status? Do not withdraw the money yourself. Instead, follow the ISA transfer process by applying with your new ISA provider and instructing them to transfer the funds directly from your Nationwide ISA.
How to find my Nationwide account number and sort code? These details are usually found on your debit card, bank statements, or by logging into your Nationwide Internet Bank or Banking App.
How to deal with Direct Debits and Standing Orders when closing a Nationwide account? If using the Current Account Switch Service, they will be automatically moved. If not, you must set them up with your new bank before closing your Nationwide account to avoid missed payments.
How long does it take to close a Nationwide account? Current accounts closed directly are usually processed quickly once conditions are met. If using the Current Account Switch Service, it takes 7 working days. Mortgage closures can take up to 15 working days after repayment.
How to get a confirmation of account closure from Nationwide? Nationwide will usually provide confirmation by post or email after the account is closed. You can also ask for confirmation if closing in branch or through online banking.
How to reopen a Nationwide account after closing it? Generally, once an account is formally closed, it cannot be reopened. You would need to apply for a new account if you wish to bank with Nationwide again.
How to prevent my Nationwide account from becoming dormant? To keep an account active, you need to use it regularly by making transactions or contacting Nationwide. They will usually send a letter if an account is inactive for a long period (e.g., 14 years and 10 months).
