Thinking of streamlining your finances or simply moving your savings elsewhere? Closing a Nationwide savings account online can be a straightforward process, provided you know the steps and what to prepare. This comprehensive guide will walk you through everything you need to do, ensuring a smooth and hassle-free closure.
Step 1: Get Ready – Are You Prepared to Say Goodbye to Your Savings Account?
Before you dive into the online process, it's crucial to ensure you're fully prepared. This isn't just about clicking a few buttons; it's about making sure your financial house is in order!
Sub-heading: Check Your Account Balance and Linked Accounts
- Empty the Account (or almost): Nationwide usually requires your savings account balance to be zero, or very close to it, before you can close it online. Transfer all funds you wish to keep to another account, either with Nationwide or an external bank. If you have any outstanding charges or fees, make sure these are covered.
- Nominated Accounts: If you have a nominated account linked to your Nationwide savings, this will make transferring funds out much easier. If not, Nationwide might send you a cheque for the remaining balance, which can take longer and may incur fees at your receiving bank.
- Linked Savings Accounts/ISAs: Do you have other Nationwide savings accounts, especially ISAs, that are linked to this one? Sometimes, closing a primary current account might require you to address linked savings accounts first. Check your account terms and conditions.
- Direct Debits and Standing Orders: Are there any direct debits or standing orders set up from this savings account? If so, you must cancel or redirect them to your new account before closing the Nationwide account. Otherwise, payments will fail once the account is closed. This is a common oversight that can lead to missed payments and potential issues.
Sub-heading: Gather Your Nationwide Online Banking Details
You'll need your:
- User ID
- Password/Passcode
- Any security credentials like memorable information or a card reader, if you use one.
If you haven't registered for Nationwide's Internet Bank, you'll need to do so. This is often the quickest way to close your account.
Step 2: Logging In – Your Gateway to Account Closure
Now that you're prepared, let's get into the online platform.
- Access Nationwide's Internet Bank: Open your web browser and go to the official Nationwide website. Look for the "Login" button, usually prominently displayed.
- Enter Your Credentials: Carefully enter your User ID and password/passcode. Follow any additional security prompts, such as entering specific characters from your memorable information or using your card reader.
- Navigate to Your Accounts: Once logged in, you should see an overview of your Nationwide accounts. Locate the specific savings account you wish to close.
Step 3: Initiating the Closure Request
This is where you'll make your intentions clear to Nationwide.
Sub-heading: Locate "Other Account Services" or Similar Option
- Select the Account: Click on the savings account you want to close. This will usually take you to a dedicated page for that account.
- Look for Options: On this account-specific page, look for a section or button typically labelled "Other Account Services," "Manage Account," or something similar. This is where administrative options for your account are usually found.
- Find "Close Account": Within "Other Account Services," you should find an option like "Close Account," "Close this Account," or "Account Closure." Click on this.
Step 4: Following the On-Screen Instructions
Nationwide's online banking system will guide you through the rest of the process.
Sub-heading: Confirming Details and Destination for Funds
- Review Account Information: The system will likely display details of the account you're about to close. Double-check that it's the correct one.
- Choose Where to Send Remaining Funds: If there's a small balance remaining (after you've ideally emptied it), or if your account terms allow for a final transfer during closure, you'll be prompted to choose a destination for these funds. This could be a nominated account or a cheque sent to your registered address. Choose the option that suits you best.
- Acknowledge Terms and Conditions: You'll likely need to acknowledge and agree to the terms and conditions related to account closure. Read these carefully, especially regarding any potential interest payments or final statements.
Sub-heading: Final Confirmation and Reference Number
- Submit Your Request: Once you've reviewed everything and made your selections, click the "Submit" or "Confirm" button to finalize your request.
- Receive Confirmation: Nationwide should provide you with an on-screen confirmation and, importantly, a reference number for your closure request. Make sure to save this reference number – take a screenshot, write it down, or print the page. This is your proof of submission and will be vital if you need to follow up.
- Email Confirmation: You may also receive an email confirmation of your request to your registered email address. Keep this for your records.
Step 5: Post-Closure Checklist – What Happens Next?
The closure process isn't always instant. Here's what to expect and what you should do:
- Processing Time: It may take a few business days for Nationwide to process your closure request. The exact timeframe can vary.
- Final Statement: Nationwide will typically send you a final statement confirming the closure of your account and any final interest paid or charges applied.
- Destroy Cards and Chequebooks: Once the account is officially closed and you've confirmed all funds have been transferred, safely destroy any associated debit cards, savings cards, or unused chequebooks by cutting them up.
Step 6: Troubleshooting and Getting Help
Sometimes, things don't go as planned.
- Account Cannot Be Closed Online: While many savings accounts can be closed online, some specific types (e.g., certain fixed-term bonds or ISAs before maturity) might require you to contact Nationwide directly via phone or visit a branch. If the online option isn't available, the system will usually inform you.
- Issues with Funds Transfer: If you encounter problems transferring your funds out, or if you don't have a nominated account and prefer not to receive a cheque, contact Nationwide's customer service.
- Technical Difficulties: If you face technical issues with the Internet Bank, try clearing your browser's cache and cookies, or try a different browser. If the problem persists, contact Nationwide's technical support.
- Contacting Nationwide Directly: If you're unsure at any stage or encounter an error, do not hesitate to contact Nationwide's customer service. You can usually find their contact numbers on their official website under the "Contact Us" or "Help" sections.
10 Related FAQ Questions
Here are some frequently asked questions about closing Nationwide savings accounts online, with quick answers:
How to check if my Nationwide savings account is eligible for online closure?
Generally, most standard instant access and limited access savings accounts can be closed online. However, fixed-term bonds or ISAs approaching maturity might have different procedures. The online banking system will usually indicate if an account cannot be closed digitally.
How to transfer funds out of my Nationwide savings account before closing it?
You can transfer funds using Nationwide's Internet Bank or Mobile Banking App to a nominated account or another Nationwide account you hold. You can also withdraw funds at a Nationwide branch or ATM (if applicable to your account).
How to find my Nationwide User ID and Password if I forgot them?
On the Nationwide login page, look for "Forgotten your login details?" or similar links. You'll typically be guided through a process to recover or reset your User ID and password using personal information and security questions.
How to ensure all my direct debits and standing orders are moved before closing?
Before initiating the closure, log in to your Nationwide account and check for any active direct debits or standing orders. You'll need to manually set these up with your new bank account and notify the originators of the payments (e.g., utility companies) of your new details.
How to get a final statement after closing my Nationwide savings account?
Nationwide will typically send a final statement to your registered address after the account has been officially closed. You may also be able to access statements for closed accounts through your online banking portal for a certain period.
How to close a joint Nationwide savings account online?
For joint accounts, both account holders typically need to agree to the closure. The online process might require verification from both parties, or it may need to be completed by one party with the agreement of the other. It's best to check with Nationwide directly for specific joint account closure procedures.
How to know if my account closure request has been processed?
You will usually receive an on-screen confirmation with a reference number and often an email confirmation. Nationwide may also send a letter or final statement to confirm the account closure once complete. You can also log back in to your online banking to see if the account still appears.
How to handle remaining small balances in a Nationwide savings account during closure?
If a small balance remains, Nationwide will typically offer options to transfer it to a nominated account or send a cheque to your registered address. Ensure your address details are up-to-date.
How to re-open a Nationwide savings account after it has been closed?
Once a Nationwide savings account is formally closed, it usually cannot be reopened. You would need to apply for a new savings account with Nationwide if you wish to bank with them again.
How to contact Nationwide customer service for help with account closure?
You can find Nationwide's customer service phone numbers on their official website under the "Contact Us" or "Help" sections. They also offer in-branch assistance if you prefer a face-to-face discussion.
