Ready to wave goodbye to your Nationwide account? Whether you're consolidating finances, switching banks for a better deal, or simply decluttering your financial life, closing a bank account requires a bit of preparation to ensure a smooth transition. Let's get you set up for success!
How to Close Your Nationwide Account: A Comprehensive Step-by-Step Guide
Closing a bank account might seem daunting, but with Nationwide, it's a straightforward process once you know the steps. This guide will walk you through everything you need to do, from preparing your account to getting that final confirmation.
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| How To Close Nationwide Account |
Step 1: Prepare for Departure – The Essential Pre-Closure Checklist
Before you even think about hitting that "close account" button or heading to a branch, there are a few crucial preparatory steps to take. Ignoring these can lead to missed payments, unexpected fees, or difficulties in accessing your funds.
Sub-heading: Settle All Outstanding Balances
- No Overdrafts Allowed! Nationwide, like most banks, will not close an account that is overdrawn. Ensure your account balance is at £0 or in credit. If you have any pending charges, deposit enough funds to cover them.
- Clear Pending Transactions: Double-check your recent statements for any cheques you've written that haven't cleared, or payments that are still processing. Wait for all these transactions to be completed before initiating the closure.
- Resolve Linked Accounts: If your current account is linked to a savings account (like an eSavings account), you might need to close that linked account first, or ensure its balance is also clear. Check with Nationwide if you're unsure.
Sub-heading: Update Your Direct Debits and Standing Orders
This is perhaps the most critical step. You don't want your Netflix subscription or utility bills to bounce!
- Make a List: Go through your last 6-12 months of statements and list all your Direct Debits and Standing Orders.
- Notify Payees: Contact each company or individual receiving payments from this Nationwide account and provide them with your new bank details.
- Set Up New Payments: Ensure all these recurring payments are successfully set up with your new bank account before closing your Nationwide account. You can use the Current Account Switch Service (CASS) if you're switching to another UK bank, as this handles the transfer of all Direct Debits and Standing Orders automatically.
Sub-heading: Re-route Incoming Payments
Just like outgoing payments, you need to ensure any money coming into your Nationwide account is redirected.
Tip: Write down what you learned.
- Salary/Pension: Inform your employer, pension provider, or any other source of regular income about your new bank account details.
- Benefits: If you receive any government benefits, update your bank details with the relevant agency.
- Other Deposits: Think about anyone else who might pay you into this account and provide them with your new details.
Sub-heading: Decide Where Your Funds Go
Once your account is clear of pending transactions and you've updated all payments, you'll need to decide what to do with any remaining balance.
- Transfer to Another Account: The simplest option is to transfer the money to another bank account you hold.
- Withdraw Cash: For smaller balances, you might opt to withdraw the money in cash.
- Cheque: Nationwide can typically issue a cheque for any remaining balance to your registered address. Make sure your address is up-to-date with them!
Step 2: Choose Your Closure Method – How You Can Say Goodbye
Nationwide offers a few convenient ways to close your account. Pick the one that suits you best.
Sub-heading: Online via Internet Banking (Most Convenient)
This is often the quickest and easiest method if you're already registered for Nationwide's Internet Bank.
- Log In: Access your Nationwide Internet Banking account.
- Select Account: Choose the specific account you wish to close from your account overview.
- Find "Other Account Services": Look for an option like "Other Account Services" or similar.
- Choose "Close Account": Select the "Close Account" option and follow the on-screen instructions.
- Confirm Details: You'll likely be asked to confirm your identity and the destination for any remaining funds.
Sub-heading: In Branch (Personal Assistance)
If you prefer face-to-face assistance or have complex queries, visiting a Nationwide branch is a good option.
QuickTip: Return to sections that felt unclear.
- Locate Your Nearest Branch: Use the Nationwide website's branch finder to find a convenient location.
- Gather Documents: Crucially, you'll need to bring:
- Your current account card.
- Identification: A valid form of photo ID, such as your passport or driving licence.
- Your chequebook (if you have one).
- Speak to Staff: A member of the Nationwide team will guide you through the process, verify your identity, and help you complete any necessary forms.
Sub-heading: By Post (If Other Options Aren't Feasible)
For those unable to use online banking or visit a branch, closing your account by post is an alternative.
- Write a Letter: Draft a clear letter stating your intention to close your Nationwide account.
- Include Essential Information: Your letter must contain:
- Your full name.
- Your current address.
- Your Nationwide sort code and account number.
- Your signature.
- Optionally: You may also wish to include details of where you'd like any remaining funds transferred (new sort code and account number), or request a cheque.
- Send to a Branch: You can send this letter to any Nationwide branch. Find their head office or a local branch address on their website.
- Consider Recorded Delivery: For peace of mind, consider sending the letter via recorded or special delivery to ensure it arrives and you have proof of postage.
Step 3: Confirmation and Follow-Up – The Final Touches
Don't assume your account is closed just because you've submitted a request. Confirmation is key!
Sub-heading: Receive Confirmation of Closure
- Nationwide will confirm: Once your account is successfully closed, Nationwide will typically send you a letter or email confirming the closure. This is your official proof. Keep it for your records.
- Remaining Funds: Any money left in your account will usually be sent to your registered address by cheque, unless you've specified an alternative transfer method during the closure process.
Sub-heading: Destroy Cards and Chequebooks
- Cut Them Up: Once you've received confirmation, physically cut up your Nationwide debit card and any unused cheque leaves through the magnetic strip and chip. This prevents any fraudulent use.
- Dispose Safely: Dispose of them securely.
Sub-heading: Monitor Your New Account
- Check for Payments: For a few months, keep a close eye on your new bank account to ensure all expected incoming payments and outgoing Direct Debits/Standing Orders are indeed going through correctly.
- Redirected Payments: Nationwide's Current Account Switch Service (if used) includes a redirect service for 13 months, meaning any payments still going to your old Nationwide account will be automatically redirected to your new account, and the sender will be informed. Even without CASS, it's good practice to monitor.
What Happens If Your Account Is Closed by Nationwide?
In rare circumstances, Nationwide might decide to close your account. This is usually due to unusual activity, a breach of terms and conditions, or other internal reasons. If this happens, they are typically required to provide you with notice. You will still have access to your funds, but you'll need to follow their instructions to retrieve them, often by visiting a branch with identification.
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10 Related FAQ Questions
Here are some frequently asked questions about closing a Nationwide account:
Tip: Read once for flow, once for detail.
How to check if my Nationwide account is overdrawn?
You can check your account balance and any outstanding charges by logging into Nationwide Internet Banking, using their mobile banking app, or by visiting your nearest branch.
How to transfer money out of my Nationwide account before closing?
You can transfer money via Internet Banking, the mobile app, by visiting a branch, or by setting up a bank transfer from your new bank account. For larger sums, a bank transfer is generally recommended over cash withdrawal.
How to ensure all my Direct Debits are moved to my new account?
The most reliable way is to use the Current Account Switch Service (CASS) if you're switching to another UK bank. Otherwise, you must manually contact each organisation and provide them with your new bank details.
How to update my address with Nationwide before closing my account?
You can update your registered address through Nationwide Internet Banking or by visiting a branch with appropriate identification. This is crucial if you expect a cheque for your remaining balance.
Tip: Reflect on what you just read.
How to get a final statement after closing my Nationwide account?
Nationwide will usually send you a closing statement. You can also access historical statements online for up to 5 years after closure by registering for their online service for closed accounts, or request paper copies by visiting a branch or calling them.
How to close a joint Nationwide account?
For joint accounts, both account holders typically need to agree to the closure. The process is similar to a sole account, but often requires the consent or presence of both parties, especially for in-branch or postal closures.
How long does it take for Nationwide to close an account?
If you're using the Current Account Switch Service, the switch (including closure of your old account) takes 7 working days. If closing independently, the actual closure itself can be quick (often immediate online or in branch), but ensuring all payments are re-routed can take longer.
How to retrieve funds if a cheque is issued for my remaining balance?
You can deposit the cheque into your new bank account or cash it at the bank it's drawn on (Nationwide, in this case), though you may need to be a customer there or pay a fee.
How to find my Nationwide customer number?
Your Nationwide customer number can usually be found on your statements, or you can find it by logging into Nationwide Internet Banking. If you're still a Nationwide member, there's usually an option to retrieve it within their online banking help section.
How to contact Nationwide for help with closing my account?
You can contact Nationwide customer service by phone (03457 30 20 11 for current account general enquiries in the UK), or visit your nearest branch. Their website also has a "Contact Us" section with various options.
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