Do you have an old Nationwide account gathering dust, perhaps from a time when your financial needs were different, or you simply switched to another bank? Closing an old account can feel like a daunting task, but with a clear step-by-step guide, it's actually quite straightforward. This comprehensive post will walk you through everything you need to know to successfully close your old Nationwide accounts, ensuring a smooth transition and no lingering financial surprises.
Are you ready to reclaim control of your financial landscape and simplify your banking? Let's dive in!
Step 1: Preliminary Checks and Preparations – Your Financial Housekeeping
Before you even think about hitting the "close account" button or visiting a branch, there are a few crucial checks and preparations you need to make. Think of this as decluttering your financial life before packing it away.
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Check Your Balance and Clear Any Overdrafts/Pending Charges: This is arguably the most critical step. Nationwide states that you can only close your account if it's not overdrawn and you have no outstanding charges due.
- Action: Log into your Nationwide Internet Bank, use their Banking app, or call their customer service (03457 30 20 11) to check your current balance and ensure there are no pending transactions or overdrafts. If you have any, deposit enough funds to clear them completely.
- Tip: Be mindful of any subscription services or direct debits that might still be linked to this account. We'll address these in more detail in Step 3.
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Identify Linked Accounts: Do you have any savings accounts linked to this current account, such as an eSavings account? Nationwide often requires you to close these linked accounts first.
- Action: Verify if any other Nationwide accounts are linked. You can usually find this information within your online banking portal or by contacting Nationwide directly. Plan to close these first if necessary.
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Update Your Address (If Needed): If Nationwide needs to send you a cheque for any remaining balance, they'll send it to your registered address.
- Action: Ensure your registered address is up-to-date. You can typically do this through the Internet Bank or by visiting a branch.
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Download/Request Statements: For your records, especially for tax purposes or future reference, it's wise to have a complete history of your account.
- Action: Download digital statements for the past few years from your Internet Bank or Banking app. Nationwide allows access to statements for closed accounts for up to 5 years if you register for online access within 6 months of closure. If you prefer paper copies, request them now.
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| How To Close Old Nationwide Accounts |
Step 2: Managing Your Payments – Rerouting Your Financial Flow
This is where many people get tripped up. Simply closing an account without rerouting your payments can lead to missed bills and financial headaches.
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Identify All Direct Debits and Standing Orders: These are crucial to identify and switch.
- Action: Go through your statements for the last 6-12 months. Make a comprehensive list of all direct debits (e.g., utility bills, insurance, subscriptions) and standing orders (e.g., rent, regular transfers to savings).
- Important: While a full account switch service (if you're switching to another UK bank) can handle most of these, it's best practice to manually update them with the new account details at the respective service providers to ensure no interruptions.
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Update Income Sources: If your salary, pension, or any other regular income is paid into your Nationwide account, you must update this.
- Action: Contact your employer, pension provider, or benefits agency and provide them with your new bank account details well in advance of your next payment.
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Transfer Remaining Funds: Once all direct debits and income sources are rerouted, you'll want to move any remaining balance to your new account.
- Action: You can do this via online banking (Faster Payments), through the Banking app, or by visiting a branch. Be aware of any daily transfer limits. For larger sums, you might consider CHAPS payments (though these usually incur a fee) or spreading the transfer over several days if online limits are a concern.
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Cancel Debit Card Payments/Subscriptions: Some subscriptions (like Netflix, Amazon Prime, etc.) are linked directly to your debit card number, not your account details.
- Action: Go through any online services you use and update your payment method to your new card.
Step 3: Choosing Your Closure Method – How You Want to Say Goodbye
Nationwide offers several convenient ways to close your account. Choose the method that best suits your comfort level and accessibility.
Tip: Let the key ideas stand out.
Sub-heading: Online via Internet Bank (Most Convenient)
This is often the quickest and easiest method, assuming you're registered for and comfortable with online banking.
- Prerequisites: Your account must not be overdrawn, have no outstanding charges, and any linked savings accounts should be closed or managed.
- Steps:
- Log in to your Nationwide Internet Bank.
- Choose the account you wish to close from your account list.
- Look for "Other Account Services" or a similar option.
- Select "Close Account".
- Follow the on-screen instructions, which will guide you through the final steps and confirm the closure.
Sub-heading: In Branch (Personal Touch)
If you prefer face-to-face interaction or need assistance, visiting a Nationwide branch is a good option.
- What to Bring:
- Your current account card.
- Identification: A valid photo ID like your passport or driving licence. If you don't have photo ID, bring a recent (less than 3 months old) statement from another UK bank/building society and a recent utility bill (less than 3 months old).
- Your chequebook (if you have one).
- Steps:
- Locate your nearest Nationwide branch. You can use the branch finder on their website.
- Speak to a member of their team, inform them you wish to close your account, and provide the necessary documents.
- They will guide you through the process and confirm the closure.
Sub-heading: By Post (For Remote Closures)
If you're unable to visit a branch or access online banking, you can close your account by sending a letter.
- What to Include in Your Letter:
- Your full name.
- Your address.
- Your Nationwide sort code and account number.
- Your signature.
- Recommendation: Clearly state your intention to close the account and provide details of where any remaining funds should be transferred (e.g., your new bank account sort code and account number).
- Where to Send: You can send the letter to any Nationwide branch. Find a branch address on their website.
- Steps:
- Draft your letter with all the required information.
- Send it via recorded delivery for peace of mind, ensuring you have proof of postage and delivery.
- Nationwide will process your request and inform you once the account is closed.
Step 4: Confirmation and Final Steps – Tying Up Loose Ends
Once you've initiated the closure, it's important to ensure everything is finalized.
Tip: Pause if your attention drifts.
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Receive Confirmation: Nationwide will typically send you a confirmation of account closure. This might be a letter or an email.
- Action: Keep this confirmation for your records.
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Cheque for Remaining Balance: If there was a small balance remaining and you didn't provide transfer details, Nationwide might send a cheque to your registered address.
- Action: Keep an eye out for this cheque and deposit it into your new account promptly.
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Monitor Your New Account: For a few weeks after closure, continue to monitor your new account to ensure all direct debits and income payments have successfully transitioned.
- Action: If any payments fail or are still attempting to go to your old Nationwide account, contact the relevant organisation immediately to update their records. Nationwide also offers a redirect service if you used the Current Account Switch Service.
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Destroy Old Cards and Chequebooks: Once the account is officially closed and you've confirmed all funds are moved, cut up your old Nationwide debit card and chequebook (if applicable) to prevent any fraudulent use.
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Accessing Historical Statements (Post-Closure): As mentioned, Nationwide offers a way to access statements for closed accounts online.
- Action: Register for online access to historical statements within 6 months of account closure if you anticipate needing them. You'll need your date of birth, account number, sort code, and Nationwide customer number.
FAQs: Your Quick Answers to Common Nationwide Account Closure Questions
Closing an account can spark several questions. Here are 10 common FAQs to help you further:
How to close a joint Nationwide account?
You can close a joint Nationwide account through the Internet Bank, by visiting a branch, or by post. All account holders may need to provide consent, and for in-branch or postal closures, all signatories will likely need to be involved or provide authorization.
How to transfer funds from a Nationwide account before closing?
You can transfer funds using Nationwide's Internet Bank, Banking app (Faster Payments), or by visiting a branch. Be mindful of daily transfer limits for online transfers. For very large sums, consider a CHAPS payment at a branch.
How to find out if my Nationwide account is overdrawn?
You can check your account balance and any overdraft status by logging into your Nationwide Internet Bank, using their Banking app, or by calling Nationwide customer service directly on 03457 30 20 11.
Reminder: Reading twice often makes things clearer.
How to get a final statement after closing a Nationwide account?
Nationwide will usually provide a closing statement. You can also register for online access to historical statements for up to 5 years post-closure (if you register within 6 months), or request paper copies by visiting a branch or calling them.
How to ensure all Direct Debits are cancelled or moved?
While a full switch service handles this, it's best to manually check your statements for the last 6-12 months, list all Direct Debits and Standing Orders, and proactively update your new bank details with each service provider to avoid missed payments.
How to close a Nationwide account by post?
Write a letter including your full name, address, Nationwide sort code, account number, and signature. Clearly state your intention to close the account and where any remaining funds should be sent. Send it to any Nationwide branch, preferably via recorded delivery.
How to avoid early closure fees with Nationwide?
Nationwide generally does not charge fees for closing current or savings accounts, provided there are no outstanding charges or overdrafts. Check the terms and conditions of specific accounts, especially fixed-term savings accounts or loans, as these might have early exit penalties.
QuickTip: Pause when something feels important.
How to contact Nationwide customer service for account closure?
You can contact Nationwide customer service on 03457 30 20 11 for assistance with closing your account or any related queries.
How to manage linked savings accounts when closing a Nationwide current account?
Nationwide often requires you to close any savings accounts linked to your current account before closing the main current account. Check your account details online or with customer service to identify linked accounts and their specific closure procedures.
How to ensure old payments are redirected after closing my Nationwide account?
If you used the Current Account Switch Service, payments to your old account will be automatically redirected for a period. However, it's always best to proactively update your new bank details with all income and payment senders directly to ensure a seamless transition.
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