It's a fantastic decision to start a savings account, and doing it through the Nationwide app makes it incredibly convenient! Let's get you set up to grow your money.
Your Pocket-Sized Piggy Bank: Creating a Savings Account on the Nationwide App
Saving money is one of the most empowering financial habits you can develop. Whether you're squirreling away for a dream holiday, a down payment on a home, an emergency fund, or simply building a financial cushion, a dedicated savings account is your best friend. And with the Nationwide app, opening one is surprisingly straightforward.
Ready to take control of your savings journey? Let's dive in!
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| How To Create A Savings Account On Nationwide App |
Step 1: Are You App-Ready? (Let's Get Started!)
Before we jump into the nitty-gritty, let's ensure you have everything you need for a smooth experience.
- Do you have the Nationwide Banking App? If not, this is your very first step! Head over to your device's app store (Apple App Store for iPhones/iPads or Google Play Store for Android devices) and search for "Nationwide Mobile Banking." Download and install it.
- Are you a Nationwide customer already? If you have a Nationwide current account or another product, the process will be even quicker as much of your information will already be on file.
- Do you have your login details handy? This includes your Customer Number or username, passnumber, and potentially your memorable data or card reader if you're logging in for the first time or setting up biometrics.
- Is your device up-to-date? The Nationwide app generally requires Android 7.0 or higher or Apple iOS 14 or higher. Make sure your phone or tablet meets these requirements for optimal performance and security.
Ready? Let's move on to the good stuff!
QuickTip: Check if a section answers your question.
Step 2: Logging In and Navigating to Savings
Once the app is downloaded and you've gathered your essentials, it's time to log in and find your way to the savings account section.
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Sub-heading: First-Time App Users
- Open the Nationwide Mobile Banking app.
- You'll likely be prompted to register for online banking if you haven't already. Follow the on-screen instructions. This might involve entering your Nationwide account details or customer number.
- You might be asked to take a selfie for identity verification purposes. This is a common security measure.
- Nationwide may also ask you to use your card reader to verify your identity during the initial setup. Keep it nearby!
- Once registered, you can set up Face ID, Touch ID, or a passnumber for quicker future logins if your device supports it.
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Sub-heading: Existing App Users
- Simply open the Nationwide Mobile Banking app.
- Log in using your passnumber, Face ID, or Touch ID.
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Sub-heading: Finding Your Way to New Accounts
- Once logged in, look for a section or menu option typically labelled "Products & Applications," "Open New Account," or similar. The exact wording might vary slightly depending on the app version, but it's usually prominent.
- Tap on this section. You'll then likely see categories for different types of accounts, such as "Current Accounts," "Savings Accounts," "ISAs," etc.
- Select "Savings Accounts."
Step 3: Choosing the Right Savings Account for You
Nationwide offers a variety of savings accounts designed to suit different needs. This is an important step where you'll consider what you want from your savings.
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Sub-heading: Understanding Account Types
- You'll typically see options like:
- Instant Access Savers: These accounts offer flexibility, allowing you to deposit and withdraw money whenever you need to, without penalties. The interest rate might be variable. Examples include the "Instant Access Saver" or "Flex Instant Saver" (if you have a Nationwide current account).
- Limited Access Savers: These accounts allow a certain number of withdrawals within a given period (e.g., 3 withdrawals per year) without affecting your interest rate. If you exceed this limit, the interest rate usually drops. They often offer a better interest rate than instant access accounts. Examples include "Triple Access Online Saver."
- Fixed Rate Bonds/Savers: These accounts require you to lock away your money for a set period (e.g., 1 year, 2 years) in exchange for a fixed, often higher, interest rate. You typically cannot withdraw money before the term ends without penalties or losing interest.
- Cash ISAs (Individual Savings Accounts): These allow you to earn tax-free interest on your savings, up to a certain annual allowance (currently £20,000 in the UK for the 2024/2025 tax year). Nationwide offers various ISA types, including instant access and fixed-rate ISAs.
- Regular Savers: Designed for those who want to save a set amount each month, often offering competitive interest rates for consistent contributions. For example, "Flex Regular Saver."
- Children's Savings Accounts: Accounts specifically designed for younger savers, like "FlexOne Saver" or "Children's Future Saver."
- You'll typically see options like:
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Sub-heading: Making Your Selection
- Read the descriptions carefully for each account type. Consider:
- How often do you need to access your money?
- Are you comfortable locking your money away for a period?
- Are you looking to maximise interest, or is flexibility more important?
- Do you want to benefit from tax-free savings with an ISA?
- Once you've decided, tap on the account you wish to open.
- Read the descriptions carefully for each account type. Consider:
Step 4: Reviewing Account Details and Eligibility
Before proceeding with the application, the app will present you with important information about your chosen savings account.
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Sub-heading: Summary Box and Terms
- You'll usually see a "Summary Box" or "Key Product Information Document" for the account. Take your time to read this thoroughly. It summarises:
- The interest rate (and how it's calculated).
- Withdrawal limits or penalties (if applicable).
- Minimum and maximum deposit amounts.
- How interest is paid (monthly, annually, etc.).
- Eligibility criteria (e.g., age, residency).
- You may also be able to download the full terms and conditions. It's always a good idea to have a quick scan through these.
- You'll usually see a "Summary Box" or "Key Product Information Document" for the account. Take your time to read this thoroughly. It summarises:
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Sub-heading: Confirming Eligibility
- The app will typically have a section asking you to confirm you meet the eligibility criteria. For most adult savings accounts, this usually means being:
- 16 or 18 years old or over (depending on the account).
- A UK resident.
- Tick the boxes to confirm you understand and meet the requirements.
- The app will typically have a section asking you to confirm you meet the eligibility criteria. For most adult savings accounts, this usually means being:
Step 5: Completing the Application Form
This is where you'll fill in the necessary details to open your account. Since you're using the app as an existing customer, much of this might be pre-filled.
Tip: Reread the opening if you feel lost.
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Sub-heading: Personal Information (Pre-filled for Existing Customers)
- Your name, address, date of birth, and contact details (email, phone number) will likely be pulled from your existing Nationwide profile.
- Double-check that all this information is accurate and up-to-date. If anything is incorrect, you may have an option to edit it or be prompted to update your details elsewhere in the app or via customer service.
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Sub-heading: Funding Your New Account
- You'll be asked how you wish to fund your new savings account. Common options include:
- Transfer from an existing Nationwide account: This is often the easiest and quickest way if you have funds in a Nationwide current account. Simply select the account and the amount you wish to transfer.
- Transfer from another bank: You might be given your new savings account's sort code and account number to set up a transfer from an external bank.
- Set up a Direct Debit/Standing Order: If you plan to make regular contributions, you can often set up a standing order or direct debit within the application process. You'll need the sort code and account number of the account you want to pay from.
- You'll be asked how you wish to fund your new savings account. Common options include:
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Sub-heading: Declaration and Confirmation
- You'll need to read and agree to the terms and conditions of the new savings account.
- There will be a declaration where you confirm that the information you've provided is true and accurate.
- Tap "Confirm" or "Submit Application".
Step 6: Confirmation and Next Steps
Congratulations! You've submitted your application.
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Sub-heading: Instant Confirmation
- In many cases, if you're an existing Nationwide customer and the application is straightforward, your new savings account will be opened instantly.
- You'll usually receive an on-screen confirmation message.
- Your new savings account should appear in your list of accounts within the Nationwide app almost immediately.
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Sub-heading: What to Expect Post-Application
- You'll typically receive an email confirmation detailing your new account.
- Nationwide might send you a welcome pack by post with further information, including your account number and sort code if you didn't note them down.
- If you chose to open an account that comes with a card (like some instant access savers), this will be posted to you separately.
- If for any reason your application can't be instantly approved (e.g., identity verification issues), Nationwide will contact you with instructions on how to proceed, which might involve visiting a branch.
Step 7: Managing Your New Savings Account
Now that your account is open, you can manage it easily through the app!
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Sub-heading: Viewing Your Balance and Transactions
- From the main screen, you can tap on your new savings account to see your current balance, recent transactions, and interest earned.
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Sub-heading: Making Deposits
- To add more money, look for options like "Pay In," "Transfer," or "Top Up." You can transfer from your Nationwide current account or use the account details to transfer from an external bank.
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Sub-heading: Making Withdrawals
- For instant or limited access accounts, you'll find an option to "Withdraw" or "Transfer Out." Follow the prompts to move money to your linked current account.
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Sub-heading: Setting Savings Goals (If Available)
- Some Nationwide savings accounts or the app itself may offer features to set and track savings goals. This can be a great motivator! Explore the app's features to see if this is available.
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Sub-heading: Managing Regular Payments
- You can set up, amend, or cancel standing orders to and from your savings account directly within the app. This is crucial for consistent saving.
Frequently Asked Questions about Nationwide Savings Accounts on the App
Here are 10 common questions you might have, with quick answers:
How to check my Nationwide savings account balance on the app? Simply log in to the Nationwide Mobile Banking app, and your savings account balance will be displayed on your main accounts overview. Tap on the specific account for more detailed transaction history.
Tip: Read at your natural pace.
How to transfer money into my Nationwide savings account using the app? Log in, select your savings account, and look for "Pay In," "Transfer," or "Top Up." You can then choose to transfer funds from your Nationwide current account or get the details to transfer from another bank.
How to withdraw money from my Nationwide savings account via the app? For instant or limited access accounts, log in, select the savings account, and choose "Withdraw" or "Transfer Out." You can typically transfer funds directly to your linked Nationwide current account.
How to find my Nationwide savings account number and sort code on the app? Log in to the app, select your savings account, and look for "Account Details" or similar. Your account number and sort code will be displayed there.
How to set up a regular payment to my Nationwide savings account on the app? Within the app, navigate to your savings account, or look for a "Payments" or "Manage Standing Orders" section. You can set up a new standing order from your current account to your savings account.
Tip: Reading carefully reduces re-reading.
How to change my personal details for my Nationwide savings account on the app? Go to your "Profile & Settings" within the app. You should find options to update your personal details like address or contact information.
How to view statements for my Nationwide savings account on the app? Select your savings account in the app and look for an option like "Statements" or "View Transactions." You can often download or view digital copies of your statements here.
How to close a Nationwide savings account using the app? While some simple accounts might be closed via the app, for many savings accounts, especially those with specific terms or large balances, you might need to contact Nationwide directly by phone or visit a branch. Check the account's specific terms or the app's help section.
How to understand the interest rate on my Nationwide savings account in the app? When you view your specific savings account in the app, it usually displays the current interest rate. You can also find detailed information about the rate, including AER/gross a year and how it's applied, in the "Summary Box" or "Key Product Information" documents for your account, often accessible via a link on the account details page.
How to get help if I have issues with my Nationwide app or savings account? The Nationwide app has a "Help" or "Contact Us" section, providing phone numbers for customer service, links to FAQs, and information on branch services. You can also visit the Nationwide website for comprehensive support.
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