Are you ready to streamline your finances and bid farewell to a Nationwide savings account you no longer need? Closing an account can seem like a daunting task, but with the Nationwide Banking App, it's often simpler and quicker than you might think! This comprehensive guide will walk you through every step, ensuring a smooth and hassle-free process.
How to Close Your Nationwide Savings Account on the App: A Step-by-Step Guide
Before we dive in, let's confirm you're ready. Do you have the Nationwide Banking App installed on your smartphone or tablet, and do you know your login details? If so, you're already well on your way!
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| How To Close Nationwide Savings Account On App |
Step 1: Prepare Your Account for Closure
Before you can hit that "close account" button, there are a few crucial preparatory steps to take. Failing to do these might delay your closure or cause issues with your funds.
1.1 Empty Your Account Balance
This is perhaps the most important step. Nationwide typically requires your savings account balance to be zero before you can close it.
- Transfer Funds: The easiest way to do this is to transfer all the funds from your Nationwide savings account to another account. This could be a Nationwide current account, another savings account with Nationwide, or an account with a different bank.
- In-App Transfer: Within the Nationwide app, navigate to your savings account. Look for options like "Transfer" or "Move Money." You'll usually be able to select the destination account and the amount.
- External Transfer: If you're moving money to an account outside Nationwide, you'll need the sort code and account number of the receiving account. Be mindful of any daily transfer limits your account might have. For larger sums, you might need to make multiple transfers or consider an alternative method.
- Check for Pending Transactions: Ensure there are no pending deposits or withdrawals that could prevent your balance from reaching zero. Wait for all transactions to clear.
- Interest Payments: Any interest due on your account will typically be paid immediately upon closure.
1.2 Cancel Standing Orders and Direct Debits
While savings accounts usually don't have direct debits, it's wise to double-check for any recurring payments or standing orders set up from this specific savings account.
- Review Payments: In the app, go to your account details and look for sections related to "Payments," "Standing Orders," or "Direct Debits." Cancel any linked to the savings account you wish to close.
- Update Payees: If these payments are still needed, ensure they are set up from an alternative account before you proceed with closure.
1.3 Download Statements (Optional but Recommended)
For your records, it's a good idea to download any statements you might need from your savings account.
Tip: A slow, careful read can save re-reading later.
- Access Statements: Within the app, you can usually find a section for "Statements" or "Documents." Download them as PDFs to your device or email them to yourself. Once the account is closed, accessing past statements might be more challenging.
Step 2: Navigate the Nationwide Banking App
Now that your account is prepared, let's open the app and get to work!
2.1 Log In Securely
Open your Nationwide Banking App.
- Authentication: Log in using your chosen method:
- Passnumber
- Fingerprint (Touch ID)
- Face Recognition (Face ID)
2.2 Select the Account to Close
Once logged in, you'll see an overview of your accounts.
- Find Your Savings Account: Tap on the specific savings account you wish to close. This will take you to its detailed view.
2.3 Access Account Services
Within the detailed view of your savings account, you'll need to find the option for account management.
- Look for 'Other Account Services': Scroll down or look for a menu option such as "Other Account Services," "Manage Account," or similar. The exact wording might vary slightly depending on the app version.
2.4 Initiate the Closure Process
Once you've found "Other Account Services," you should see the option to close your account.
QuickTip: A careful read saves time later.
- Select 'Close Account': Tap on this option. Nationwide will then guide you through the remaining steps.
Step 3: Confirm and Finalize the Closure
The app will prompt you with a series of confirmations and details to ensure you understand the implications of closing your account.
3.1 Review Closure Information
You will likely see a summary of what happens upon closure.
- Final Balance: Reconfirm that your balance is zero.
- Interest Payout: Understand how any remaining interest will be paid.
- Confirmation of No Overdrafts/Charges: Ensure there are no outstanding charges or an overdrawn balance, as this would prevent closure.
3.2 Provide Final Instructions (if applicable)
If there's a small residual balance, or if Nationwide has a specific process for paying out the last few pence/pounds, follow their instructions. This might involve:
- Transferring Remaining Funds: Confirming the destination account for any final payout.
- Cheque Issuance: In some cases, for very small amounts or if an external transfer isn't possible, Nationwide might send a cheque to your registered address. Ensure your address details are up-to-date in the app or via internet banking.
3.3 Confirm Closure
The final step is to confirm your request to close the account.
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- Tap 'Confirm' or 'Submit': Once you're certain you want to proceed, tap the final confirmation button. You might be asked to re-enter your passnumber or use biometrics for security.
Step 4: Receive Confirmation
After submitting your request, Nationwide will process it.
QuickTip: Pause when something feels important.
- In-App Notification: You might receive an immediate in-app notification confirming your request has been received.
- Email/SMS Confirmation: Nationwide will usually send an email or SMS confirmation to your registered contact details. Keep this for your records.
- Official Closure Notification: You will receive official confirmation that your account has been closed. This might come via post or as a secure message in your internet banking.
Congratulations! You have successfully initiated the closure of your Nationwide savings account via the app.
10 Related FAQ Questions
Here are some frequently asked questions about closing Nationwide savings accounts, starting with "How to":
How to check if my Nationwide savings account is eligible for app closure?
Generally, most instant access and limited access savings accounts can be closed via the Nationwide Banking App or Internet Bank, provided they have a zero balance. Fixed-term bonds or ISAs might have specific terms that require maturity or other processes. If in doubt, check the account's terms and conditions or contact Nationwide customer service.
How to transfer money out of my Nationwide savings account if it's a fixed-term bond?
Fixed-term bonds typically do not allow withdrawals until maturity without incurring penalties or requiring the closure of the account with an early access charge. Check your specific bond's terms and conditions. You may need to contact Nationwide directly to discuss early closure options for a fixed-term product.
How to find my account balance on the Nationwide app?
Log in to the Nationwide Banking App. Your account balances will usually be displayed on the home screen or "Accounts" overview immediately after logging in.
QuickTip: Look for repeated words — they signal importance.
How to update my registered address with Nationwide before closing an account?
You can usually update your address via the Nationwide Internet Bank or by visiting a branch. Some personal details can also be updated within the app by going to your profile or settings. It's crucial to have an up-to-date address, especially if any final payments are to be sent by cheque.
How to contact Nationwide customer service if I encounter issues closing my account on the app?
You can find Nationwide's contact details on their official website under the "Contact Us" section. They offer phone support and often have an in-app chat function or secure messaging for assistance.
How to re-open a Nationwide savings account after closing it?
Once an account is closed, it cannot typically be re-opened. You would need to apply for a new savings account with Nationwide if you wish to bank with them again.
How to ensure all interest is paid before closing my Nationwide savings account?
Nationwide typically ensures that any accrued interest is calculated and paid to you at the point of account closure. This will usually be transferred along with your remaining balance (if any) or sent separately.
How to close a joint Nationwide savings account on the app?
For joint accounts, both account holders may need to provide consent for closure. While the app might allow one account holder to initiate the process, it's often the case that both parties need to agree, and in some instances, a visit to a branch or a written request might be necessary. It's best to check with Nationwide directly for joint account closure procedures.
How to download statements for a closed Nationwide account?
It can be more challenging to access statements once an account is closed. It's highly recommended to download all necessary statements before initiating the closure. If you forgot, you might need to contact Nationwide's customer service to request copies, though there may be a fee or a limited timeframe for such requests.
How to know if my Nationwide savings account has a withdrawal limit that affects closure?
Some Nationwide savings accounts, especially "limited access" accounts, have restrictions on the number of withdrawals you can make without impacting your interest rate. While this usually doesn't prevent you from emptying the account for closure, it's good to be aware of your account's specific terms, which can be found in your account's product details or terms and conditions.
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