Is your Nationwide savings account gathering dust? Or perhaps you've found a better home for your hard-earned cash elsewhere? Whatever the reason, closing a savings account with Nationwide is a straightforward process, but it requires a few key steps to ensure a smooth transition. Let's walk through it together!
How to Close Your Nationwide Savings Account: A Comprehensive Guide
Ready to say goodbye to your old savings account? Excellent! Here's a step-by-step guide to help you through the process.
Step 1: Gather Your Information and Prepare Your Funds
Before you even think about contacting Nationwide, it's crucial to have all your ducks in a row. This initial preparation will make the entire closure process much more efficient.
Sub-heading 1.1: Identify Your Account Details
First things first, locate all the relevant details for the savings account you wish to close. This includes:
- Your Nationwide customer number
- The full savings account number (including sort code if applicable)
- Any associated passbooks or cards
Sub-heading 1.2: Clear the Balance and Plan for Funds Transfer
This is a critical step. You cannot close an account that has a balance (unless it's a specific type of account designed to mature to zero).
- Zero out the account: Ensure the balance is either £0 or that you have a plan to transfer the funds. You can transfer the money to:
- Another Nationwide account (current or savings).
- An external bank account with another provider.
- Request a cheque from Nationwide for the remaining balance. Be aware that if you opt for a cheque, you'll need to confirm that your new bank can accept it and if there are any associated fees.
- Consider any pending transactions: Double-check for any incoming or outgoing payments that might still be processed. It's best to allow a few days for all transactions to clear before initiating the closure.
- Interest payments: Nationwide typically pays interest on the day you close your account. So, you won't miss out on any accrued interest.
Sub-heading 1.3: Review Account Terms and Conditions
Some savings accounts, especially fixed-term bonds or ISAs, might have specific terms and conditions regarding early closure or withdrawals. It's wise to review these to understand any potential charges or implications. For example, some fixed-rate accounts may have early access charges if you close them before maturity.
Step 2: Choose Your Closure Method
Nationwide offers a few convenient ways to close your savings account. Pick the one that suits you best!
Sub-heading 2.1: Closing Online via the Internet Bank (Recommended for most)
If you're registered for Nationwide's Internet Bank, this is often the easiest and quickest method.
- Log in: Access your Nationwide Internet Bank account.
- Navigate to your savings account: Find the specific savings account you wish to close.
- Initiate transfer: Use the online banking facility to transfer all funds from your savings account to your chosen destination account (another Nationwide account or an external account).
- Select "Close Account" option: Once the balance is £0 (or you've initiated the transfer and confirmed it will clear), you should see an option to close the account. Follow the on-screen prompts to complete the closure.
- Confirmation: You should receive an online confirmation or email confirming your closure request.
Sub-heading 2.2: Closing by Phone
If you prefer speaking to someone or require assistance with transfers, you can call Nationwide directly.
- Locate the correct number: Visit the "Contact Us" section on the Nationwide website to find the appropriate phone number for savings account enquiries. (Often, their general customer service number can direct you).
- Have your details ready: Be prepared to provide your account number, customer number, and answer security questions to verify your identity.
- Explain your request: Clearly state that you wish to close your savings account.
- Discuss fund transfer: The representative will guide you through transferring the remaining funds. They can also arrange for a cheque to be sent to you if that's your preference.
- Request confirmation: Ask for a confirmation of the closure, either verbally or in writing.
Sub-heading 2.3: Closing in a Nationwide Branch
For those who prefer a face-to-face interaction or need to provide physical documents, visiting a branch is a viable option.
- Find your nearest branch: Use the Nationwide branch finder tool on their website.
- Bring necessary documents: You will typically need to bring:
- Valid photo ID (e.g., passport, driving license)
- Your Nationwide bank card (if you have one for the savings account)
- Your passbook (if applicable)
- Speak to a representative: Inform them you wish to close your savings account.
- Transfer funds: They will assist you in transferring any remaining funds to another account or arranging a cheque.
- Sign any required forms: You may need to sign a closure form.
- Obtain confirmation: Ask for a written confirmation of the account closure.
Step 3: Confirm Closure and Retain Records
The process isn't truly complete until you've received confirmation and safely stored your records.
Sub-heading 3.1: Receive Confirmation
After you've initiated the closure, Nationwide will typically send you a confirmation. This could be:
- An email
- A letter by post
- An immediate on-screen message (if closing via Internet Bank)
Keep this confirmation for your records.
Sub-heading 3.2: Access Your Final Statement
It's a good idea to obtain a final statement for your closed account. This will show all transactions up to the point of closure and a zero balance.
- Online: You can usually access and download statements for closed accounts via the Internet Bank for a certain period (e.g., up to 5 years after closure). You might need to register specifically for historical statement access if you weren't already.
- By request: If you prefer a paper copy or can't access it online, you can request a final statement from Nationwide by phone or in branch.
Sub-heading 3.3: Update Other Financial Arrangements
If this savings account was linked to any other services or direct debits, remember to update them. While savings accounts are less likely to have direct debits than current accounts, it's worth a quick check to prevent any issues.
- Ensure no payments are expected: If you had any regular incoming payments directed to this savings account, inform the senders of your new account details.
Frequently Asked Questions (FAQs)
Here are 10 common questions about closing a Nationwide savings account, with quick answers:
How to transfer money out of my Nationwide savings account before closing?
You can transfer funds via the Nationwide Internet Bank, the Banking App, telephone banking, or by visiting a branch. Ensure the receiving account is in your name.
How to know if there are any fees for closing my Nationwide savings account?
Generally, there are no fees for closing a standard instant access savings account. However, fixed-term accounts or ISAs might have early access charges if closed before their maturity date. Always check your specific account's terms and conditions or contact Nationwide.
How to get a final statement for a closed Nationwide savings account?
You can typically access statements for closed accounts online via the Internet Bank for up to 5 years after closure. Alternatively, you can request a paper copy by contacting Nationwide by phone or visiting a branch.
How to close a joint Nationwide savings account?
For joint accounts, all account holders will usually need to provide consent for the closure. This often means both parties need to be present in a branch, or both need to sign a postal instruction, or both need to be verified on a phone call.
How to close a Nationwide savings account if I'm overseas?
You can usually close your account via the Internet Bank if you're registered. Alternatively, you can call Nationwide's international contact number or send a written request by post, ensuring you follow their specific guidelines for overseas customers.
How to reactivate a dormant Nationwide savings account?
If your account has become dormant (inactive for 15 years), Nationwide will try to contact you. To reactivate, you typically need to make a financial transaction, visit a branch with ID, or contact them by phone to confirm your identity.
How to ensure all interest is paid when closing the account?
Nationwide usually calculates and pays any accrued interest up to the day of closure. This will be added to the final balance before the funds are transferred or a cheque is issued.
How to close a Nationwide ISA?
Closing a Nationwide ISA follows a similar process to a standard savings account. However, if you're transferring the funds to another ISA provider, ensure you follow the ISA transfer rules to maintain its tax-free status. Do not withdraw the money yourself and pay it into a new ISA, as this will count as a new subscription.
How to deal with an overdrawn savings account when closing?
You cannot close an account that is overdrawn. You must repay any outstanding debt and bring the balance to zero (or in credit) before Nationwide will allow you to close the account.
How long does it take for Nationwide to close a savings account?
If you close it via the Internet Bank or over the phone and the funds are transferred electronically, the closure can often be processed relatively quickly, sometimes even instantly or within one working day. If you're requesting a cheque, or closing by post, it will take longer due to postal times and processing.
