Have you found yourself with an old Nationwide savings account that you no longer use, perhaps an account opened years ago with grand savings intentions that never quite materialized, or one that has simply been superseded by more modern banking solutions? You're not alone! Many people hold onto old accounts out of habit, forgetfulness, or simply because the process of closing them seems daunting. But holding onto unused accounts can sometimes be a hassle, leading to forgotten funds, potential dormancy fees (though less common with Nationwide savings accounts), or simply unnecessary clutter in your financial life.
The good news is that closing an old Nationwide savings account is a straightforward process, and this comprehensive guide will walk you through every step. We'll cover everything from preparing your account to the various methods of closure, ensuring you have all the information you need to confidently sever ties with your old savings pot.
A Comprehensive Guide to Closing Your Old Nationwide Savings Account
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| How To Close Old Nationwide Savings Accounts |
Step 1: Are You Ready to Say Goodbye? (Initial Assessment and Preparation)
Before you dive into the nitty-gritty of closing your account, let's make sure you're truly ready. This initial assessment will help you avoid any unexpected hurdles and ensure a smooth transition.
Sub-heading: Check Your Account Balance and Activity
First things first, log into your Nationwide Internet Bank or Banking App (if you're registered) or check your latest statement to see the current balance. Is there any money left in it? Even a small amount needs to be dealt with.
- Is the balance zero? Great! That makes things a bit simpler.
- Is there a balance? You'll need to decide where you want this money to go. Do you want to:
- Transfer it to another Nationwide account you hold?
- Transfer it to an account with a different bank?
- Receive it as a cheque? (Be aware that some banks may charge fees for cashing cheques, and it can take longer).
- Are there any pending transactions or direct debits associated with this account? While savings accounts typically don't have direct debits, it's always wise to double-check. Ensure all payments have cleared and there are no upcoming debits or standing orders that might fail if the account is closed.
Sub-heading: Gather Your Account Details
You'll need some key information about the account you wish to close. This typically includes:
- Your full name (as registered on the account).
- Your address.
- The sort code and account number of the Nationwide savings account you're closing.
- Your customer number (if you're using Internet Banking or phone banking).
- For joint accounts, both account holders' signatures and details will likely be required for postal or in-branch closures.
Sub-heading: Identify Your Preferred Closure Method
Nationwide offers several ways to close a savings account. Understanding your options upfront will help you choose the most convenient path. The primary methods are:
- Internet Bank (online): Often the quickest and easiest if you're registered.
- In Branch: For those who prefer face-to-face assistance or need to present physical ID.
- By Post: A suitable option if you're unable to visit a branch or use online banking.
- By Phone: Useful if you need assistance with money transfers or can't use other methods.
Step 2: Transferring Funds Out of Your Nationwide Savings Account
Before Nationwide can close your savings account, the balance must be zero. This is a crucial step.
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Sub-heading: Using the Nationwide Internet Bank or Banking App
This is generally the fastest and most efficient way to move your money.
- Log in to your Nationwide Internet Bank or Banking App.
- Select the savings account you wish to close.
- Look for options like "Payments & Transfers" or similar.
- Choose to transfer money to "One of your Nationwide accounts" (if you have another Nationwide account) or "To an external account".
- Enter the details of the receiving account (sort code, account number, account holder name).
- Enter the full balance of your savings account to ensure it's cleared.
- Confirm the transfer. The money should move instantly for internal transfers, or typically within one working day for transfers to external UK bank accounts.
Sub-heading: Transferring Funds In-Branch
If you prefer personal assistance or don't use online banking:
- Visit your nearest Nationwide branch.
- Bring your debit card (if you have one for a linked current account), your passbook (if applicable), and valid identification (e.g., passport, driving licence).
- A member of staff will assist you in transferring the funds to your desired account.
Sub-heading: Transferring Funds by Phone
If you're registered for telephone banking:
- Call Nationwide customer service (contact details provided below).
- Be ready with your account details and security information.
- Explain that you want to transfer the full balance of your savings account to another account before closing it. They will guide you through the process.
Sub-heading: Receiving a Cheque
If transferring funds digitally isn't an option, Nationwide can issue a cheque for the remaining balance. Be aware that this can take longer and you'll need to deposit the cheque into another bank account. Ensure your registered address with Nationwide is up to date, as the cheque will be sent there.
Step 3: Initiating the Account Closure
Once your account balance is at zero (or you've arranged for the balance to be sent via cheque), you can proceed with the closure.
Sub-heading: Closing via the Internet Bank (Recommended for Speed)
This is the most convenient method for many.
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- Log in to your Nationwide Internet Bank.
- Select the savings account you want to close.
- Look for an option like "Other Account Services" or "Manage Account."
- You should find a "Close Account" option.
- Follow the on-screen instructions. You may be asked to confirm your choice and provide a reason for closure (optional).
- If the balance is not zero, the system will usually prompt you to transfer the funds first.
Sub-heading: Closing In-Branch (For Personal Assistance)
For those who prefer a face-to-face approach or have complex queries:
- Visit your local Nationwide branch.
- Bring valid identification (passport, driving licence) and your bank card/passbook if you have them.
- Inform the staff member that you wish to close your savings account.
- They will guide you through the necessary paperwork and confirm the closure.
- If there's still a balance, they can help you transfer it or arrange a cheque.
Sub-heading: Closing by Post (If Other Options Aren't Feasible)
If you can't visit a branch or use online banking, you can write a letter.
- Write a clear and concise letter requesting the closure of your savings account.
- Include the following essential information:
- Your full name
- Your address
- The sort code and account number of the savings account to be closed.
- Your signature.
- If it's a joint account, both account holders' signatures are required.
- Crucially, specify how you want any remaining funds handled. Provide details of the account you wish the money to be transferred to (sort code, account number, account holder name) or request a cheque.
- Send the letter to any Nationwide branch or their Head Office address:
- Nationwide Building Society Nationwide House Pipers Way Swindon SN38 1NW
- It's advisable to send it via recorded delivery for proof of postage.
Sub-heading: Closing by Phone (For Specific Scenarios)
While Nationwide states they generally can't close savings accounts solely over the phone (especially if a balance needs to be transferred or a cheque issued), they can certainly assist with the process, particularly with transferring funds.
- Call Nationwide customer service:
- For general enquiries: 03457 30 20 11 (from the UK) or +44 1793 810557 (if calling from outside the UK - international call charges may apply).
- Check the Nationwide website for the most up-to-date contact numbers for savings accounts.
- Explain your intention to close the account and they will advise you on the next steps, which may involve using Internet Banking or visiting a branch for the final closure if a direct phone closure isn't possible for your specific account type.
Step 4: Confirmation of Closure
Once you've initiated the closure, it's important to receive confirmation.
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- Online Closure: You'll usually receive an on-screen confirmation immediately, followed by an email or postal confirmation within a few working days.
- In-Branch Closure: The staff member will often provide immediate confirmation and may give you a printout. A formal confirmation will likely follow by post or email.
- Postal Closure: This will take the longest. Nationwide will process your request and send a postal confirmation once the account is officially closed.
Keep this confirmation for your records. It serves as proof that the account has been successfully closed.
Step 5: Post-Closure Considerations
Even after closure, there are a few things to keep in mind.
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Sub-heading: What Happens to Interest?
Nationwide typically pays any earned interest up to the day your account is closed. This will usually be included with your final balance transfer or cheque. If you're closing a fixed-term account prematurely, check the terms and conditions, as there might be an early access charge or loss of interest, though Nationwide often waives these if they are proactively closing an account type.
Sub-heading: Updating Your Financial Records
Remember to update any personal financial tracking systems, budgeting apps, or personal spreadsheets to reflect the closure of this account. This helps keep your financial overview accurate.
Sub-heading: Dormant Accounts
Nationwide does have a policy regarding dormant accounts. If an account goes unused for 15 years with no contact from the account holder and no financial transactions, it may be classed as dormant and transferred to the Reclaim Fund Limited. However, any money in the account always belongs to you, and you can claim it back even if it's been transferred. Closing your account proactively prevents it from becoming dormant.
Frequently Asked Questions (FAQs)
How to check my Nationwide savings account balance?
You can check your Nationwide savings account balance by logging into the Nationwide Internet Bank, using their Banking App, or by reviewing your latest account statement. You can also visit a branch or call customer service.
How to transfer money out of my Nationwide savings account before closing it?
You can transfer money out via the Internet Bank/Banking App (to another Nationwide account or an external bank), by visiting a Nationwide branch, or by calling Nationwide's telephone banking service.
How to find my Nationwide savings account sort code and account number?
Your sort code and account number can be found on your debit card (if applicable), bank statements, or by logging into the Nationwide Internet Bank or Banking App.
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How to close a joint Nationwide savings account?
For joint accounts, both account holders typically need to authorize the closure. This usually means both signatures on a postal request or both account holders present with ID for an in-branch closure. Check with Nationwide directly for online options for joint accounts.
How to close my Nationwide savings account if I don't have Internet Banking?
If you don't use Internet Banking, you can close your account by visiting a Nationwide branch with your ID, or by sending a signed letter by post to Nationwide's address.
How to close a Nationwide savings account if I'm overseas?
If you're overseas, the most practical options are often to use the Internet Bank (if registered) or to send a postal request. Be aware of potential international call charges if you opt for phone assistance.
How to know if my Nationwide savings account is fully closed?
Nationwide will send you a confirmation (email or postal) once your account has been successfully closed. Keep this confirmation for your records.
How to deal with any remaining interest when closing my Nationwide savings account?
Any accrued interest up to the date of closure will typically be paid out with your final balance transfer or included in the cheque issued for the remaining funds.
How to avoid my Nationwide savings account becoming dormant?
To prevent your account from becoming dormant, ensure there's activity on it (even a small transaction) or contact Nationwide at least once every 15 years. Proactively closing unused accounts is the best way to avoid this.
How to get help if I have trouble closing my Nationwide savings account?
If you encounter any difficulties, the best course of action is to contact Nationwide's customer service directly via phone or visit your nearest branch for personalized assistance.
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