Have you been thinking about taking control of your finances and building a solid foundation for your future? One of the smartest steps you can take is opening a savings account. And if you're in the UK, Nationwide Building Society offers a variety of options that could be perfect for you. This comprehensive guide will walk you through every step of creating a savings account with Nationwide, from choosing the right one to setting up your first deposit. Let's get started on your savings journey!
How to Create a Savings Account on Nationwide: Your Comprehensive Guide
Opening a savings account might seem like a daunting task, but with Nationwide, it's a straightforward process designed to be accessible to everyone. Whether you're a seasoned saver or just starting out, this guide will provide you with all the information you need.
 |
| How To Create A Savings Account On Nationwide |
Step 1: Discover Your Savings Goals and Choose the Right Account
Before you even think about forms and documents, the very first and most crucial step is to understand why you're saving. Are you aiming for a new car, a house deposit, a dream holiday, or simply building an emergency fund? Your goals will largely dictate the type of savings account that best suits your needs.
Nationwide offers a range of savings accounts, each with different features and benefits:
Tip: Patience makes reading smoother.
- Instant Access Savings Accounts: These accounts offer unlimited withdrawals and easy access to your money. They're great for emergency funds or short-term savings where you might need to access your money quickly. Examples include the Flex Instant Saver (for Nationwide current account holders) and the Instant Access Saver.
- Limited Access Savings Accounts: These accounts typically offer higher interest rates in exchange for limiting the number of withdrawals you can make within a certain period (e.g., per year) without affecting your interest rate. If you're disciplined with your savings and don't need constant access, these can be a good option. The 1 Year Triple Access Online Saver falls into this category.
- Fixed Rate Savings Accounts/Bonds: With these, you deposit a lump sum and lock it away for a set period (e.g., 1 or 2 years) in exchange for a fixed interest rate. This means your interest rate won't change, providing certainty. They're ideal if you have a lump sum you won't need for a while.
- Cash ISAs (Individual Savings Accounts): These allow you to earn interest tax-free on your savings, up to an annual limit set by the government (currently £20,000 for the tax year). Nationwide offers various Cash ISAs, including Instant Access and Fixed Rate options. If tax efficiency is a priority, a Cash ISA is a strong contender.
- Children's Savings Accounts: Nationwide also provides accounts specifically designed for younger savers, like the FlexOne Saver and Children's Future Saver. These are excellent for teaching children about money management or saving for their future.
Action Point: Take a moment right now and genuinely consider what you're saving for. Is it short-term access you need, or are you comfortable locking away funds for a better return? This self-reflection is key to making the right choice.
Step 2: Check Your Eligibility
Once you have an idea of the type of account you want, you'll need to ensure you meet Nationwide's eligibility criteria. While specific requirements can vary slightly by account, general eligibility for most personal savings accounts includes:
- Age: You generally need to be 16 or over for adult savings accounts. Children's accounts have different age requirements.
- Residency: You typically need to be a UK resident.
- Existing Membership (for some accounts): Some of Nationwide's most competitive savings rates, like the Flex Instant Saver and Flex Regular Saver, are exclusive to existing Nationwide current account holders. If you don't have a current account with them, you might consider opening one first to access these preferential rates.
Important Note: Always check the specific eligibility criteria for the exact savings account you're interested in on the Nationwide website before proceeding.
Tip: The details are worth a second look.
Step 3: Gather Your Essential Documents
To open any bank account in the UK, you'll need to provide proof of identity and address. Nationwide will try to verify your identity electronically, but sometimes, physical documents are required. Having these ready will streamline your application.
What You'll Likely Need:
- Proof of Identity (Choose ONE from this list, preferably with a photo):
- Valid full UK passport
- Valid full UK photocard driving licence
- Valid EEA passport or EEA member state ID card
- Original birth certificate (if applying in a branch for a child's account)
- Non-UK passport (if applying in branch)
- Proof of Current Address (Choose ONE from this list, generally less than 3-12 months old, and different from your proof of identity):
- Utility bill (Gas/Electric/Telephone – not mobile, less than 3 months old)
- Council tax bill (less than 12 months old)
- Bank statement from another UK bank (less than 3 months old)
- Mortgage statement (less than 12 months old)
- HMRC tax documentation (e.g., tax notice, coding assessment, less than 6 months old)
- Valid national driving licence from an EU/EEA country (if not used for ID)
Pro Tip: Nationwide generally prefers original documents. If you're visiting a branch, bring the originals. If you're sending by post, they will typically return them. They also offer a service where a professional (e.g., accountant, lawyer) can certify copies for you if sending originals by post is not an option.
Step 4: Choose Your Application Method
Nationwide offers several convenient ways to open a savings account:
QuickTip: Slow down if the pace feels too fast.
 |
Sub-heading 4.1: Online Application (The Most Popular Choice)
This is often the quickest and easiest method, especially if you're an existing Nationwide member.
- Visit the Nationwide Website: Go to nationwide.co.uk and navigate to the 'Savings' section.
- Compare Accounts: Browse the different savings accounts available. Each account will have a 'Summary Box' and 'Key Product Information' document that details its features, eligibility, interest rates, and terms and conditions. Read these carefully!
- Start Application: Once you've chosen your desired account, click the 'Start application' button.
- Complete the Online Form: You'll be asked to provide personal details such as:
- Full name and title
- Date of birth
- Current address (and previous addresses if applicable)
- Nationality and country of birth
- Contact details (email and mobile number)
- National Insurance Number (NIN) – while not always strictly required for opening, it's good to have it handy as it may be requested for tax purposes.
- Employment status and income details (for some accounts, especially those linked to current accounts or with specific criteria).
- Identity Verification: Nationwide will attempt to verify your identity and address electronically using the information you provide.
- If successful: Great! Your application will proceed.
- If unsuccessful: You may be prompted to provide physical documents, either by visiting a branch or sending them by post. Nationwide will provide clear instructions if this is the case.
- Nominated Account Details: You'll typically need to provide details of a nominated UK bank account in your name from which you'll make deposits and to which withdrawals will be sent.
- Review and Submit: Carefully review all the information you've entered before submitting your application. Any errors could cause delays.
Sub-heading 4.2: Through the Nationwide Mobile Banking App (For Existing Members)
If you're already a Nationwide member and use their banking app, you can often open a new savings account directly through it.
- Log In: Open the app and log in to your account.
- Navigate to Products: Look for a section like 'Products & Applications' or 'Open a new account'.
- Select Savings: Choose the type of savings account you wish to open.
- Follow On-Screen Prompts: The app will guide you through the application process, often pre-populating some of your details.
Sub-heading 4.3: In Branch Application
For those who prefer face-to-face assistance or if online verification isn't possible, visiting a Nationwide branch is a good option.
QuickTip: Stop scrolling, read carefully here.
- Locate Your Nearest Branch: Use the Nationwide website's branch finder to find a convenient location.
- Book an Appointment (Recommended): While you might be able to walk in, booking an appointment can save you waiting time.
- Bring Your Documents: Take all your original proof of identity and address documents with you.
- Speak to an Advisor: A Nationwide advisor will guide you through the application form and answer any questions you have. They will verify your documents on the spot.
Sub-heading 4.4: Telephone Banking
You can also apply for some savings accounts over the phone if you're comfortable providing your details this way.
- Call Nationwide: Use the general enquiries number, typically 03457 30 20 11.
- Follow Instructions: You'll be guided through the process by a customer service representative. Have your personal details and any account numbers handy if you're an existing member.
Step 5: Fund Your New Account
Once your application is approved, the final step is to put money into your new savings account!
- Initial Deposit: Many accounts have a minimum initial deposit requirement (e.g., £1, £25). Ensure you meet this.
- Transfer Funds: You can typically transfer money from your nominated bank account via:
- Online Banking/Mobile App: The easiest way to transfer funds electronically.
- Bank Transfer: Use your new Nationwide savings account details (sort code and account number) to set up a transfer from another bank.
- Debit Card (for initial deposit in some cases): Some online applications allow you to make the initial deposit using a debit card.
- In Branch: You can deposit cash or a cheque at a Nationwide branch.
Congratulations! You've successfully opened a Nationwide savings account! Now you can start watching your savings grow.
Managing Your Nationwide Savings Account
Once open, managing your account is simple:
- Internet Bank: Register for Nationwide's Internet Bank to view your balance, statements, and make transfers online.
- Mobile Banking App: The app offers a convenient way to manage your money on the go.
- In Branch: Visit a branch for assistance with transactions or queries.
- Telephone Banking: Call Nationwide's customer service for support.
Remember to regularly review your savings goals and consider if your chosen account still meets your needs. Nationwide also sends annual statements and may inform you about new or better rates.
Frequently Asked Questions (FAQs)
How to choose the best Nationwide savings account for me?
- Consider your financial goals (short-term vs. long-term), how often you need access to your money, and if you want tax-free interest (Cash ISA). Compare interest rates, withdrawal limits, and eligibility criteria on the Nationwide website.
How to apply for a Nationwide savings account online?
- Visit the Nationwide website, navigate to the 'Savings' section, choose your desired account, click 'Start application', and follow the online prompts to input your personal details and complete the application.
How to prove my identity and address for a Nationwide savings account?
- Nationwide will attempt electronic verification first. If that's not possible, you'll need to provide original documents like a valid UK passport or driving licence for ID, and a recent utility bill or bank statement for address proof.
How to deposit money into my new Nationwide savings account?
- You can typically deposit funds via online bank transfer from a nominated account, using the Nationwide mobile banking app, or by visiting a Nationwide branch to deposit cash or a cheque.
How to check the interest rate on my Nationwide savings account?
- You can check your interest rate by logging into Nationwide's Internet Bank or Mobile Banking App, referring to your account statements, or by calling Nationwide's customer service.
How to withdraw money from my Nationwide savings account?
- Withdrawals can usually be made via online transfer to your nominated account, through the mobile banking app, or in a Nationwide branch. Be mindful of any withdrawal limits if you have a limited access account.
How to get help if my Nationwide savings account application is delayed?
- If your application is delayed, first check your email for any communication from Nationwide requesting further information. If not, contact their customer service line or visit a branch for assistance.
How to open a joint Nationwide savings account?
- Most Nationwide savings accounts can be opened jointly. The application process will involve providing details and identification for both individuals. You can often do this online or in a branch.
How to switch my existing savings account to Nationwide?
- While Nationwide offers the Current Account Switch Service for current accounts, for savings, you typically open a new Nationwide savings account and then transfer funds from your old account to the new one.
How to contact Nationwide about opening a savings account?
- You can contact Nationwide by calling their general enquiries line (typically 03457 30 20 11), using their online chat service (if available), or visiting your local Nationwide branch.
 |
