Life often involves sharing financial responsibilities, whether it's with a partner, a housemate, or even a family member you're helping to manage finances. A joint bank account can be an incredibly efficient tool for this, simplifying budgeting, bill payments, and shared savings goals. And if you're considering opening one with a reputable institution in the UK, Nationwide Building Society is a popular choice known for its customer service and variety of account options.
So, are you ready to streamline your shared finances and take control together? Let's dive into how to make a joint bank account with Nationwide, step-by-step.
The Power of Two (or More!) - Why a Joint Account?
Before we get into the "how," let's quickly touch on the "why." A joint account offers several advantages:
- Simplified Bill Splitting: No more awkward calculations or chasing payments for shared expenses like rent, utilities, or groceries.
- Shared Financial Visibility: Both (or all) account holders can see income and outgoings, fostering transparency and better financial planning.
- Easier Saving for Shared Goals: Whether it's a deposit for a house, a dream holiday, or a new car, a joint account makes it easy to pool funds.
- Convenience: With multiple debit cards and online access, managing shared money becomes much more convenient.
Your Step-by-Step Guide to Opening a Nationwide Joint Bank Account
Opening a joint account with Nationwide typically involves a two-stage process: one person opens a sole account, and then the other person is added to it. Nationwide offers several current accounts that can be held jointly, including the FlexPlus, FlexDirect, and FlexAccount. Each has its own features and benefits, so it's worth comparing them on Nationwide's website before you start.
Step 1: Choosing Your Account and Getting Started
This is where your journey begins! The first and most important decision is which Nationwide current account best suits your shared financial needs.
Sub-heading: Comparing Nationwide Current Account Options
Nationwide offers a range of current accounts, and most of their adult current accounts can be opened as joint accounts. Here's a quick overview of their main offerings that can be joint:
- FlexAccount: This is Nationwide's standard, everyday bank account. It's fee-free and offers unlimited branch access and telephone support. It's a solid choice for general shared banking.
- FlexDirect: This account is designed for those who bank primarily online. It offers attractive in-credit interest for the first 12 months (currently 5% AER on balances up to £1,500) and some cashback on debit card purchases. However, to maintain the interest rate, you typically need to pay in at least £1,000 a month.
- FlexPlus: This is a packaged bank account with a monthly fee (£18). It comes with a range of benefits, including worldwide family travel insurance, mobile phone insurance, and UK and European breakdown cover. This is a great option if the included insurances and benefits provide value for both account holders.
Action for you: Discuss with the person you'll be sharing the account with what features are most important to you. Do you need the extra benefits of FlexPlus, or is a fee-free account like FlexAccount or FlexDirect more appealing?
Sub-heading: The Initial Application - One Person First
Nationwide's process for joint accounts usually involves one person opening a sole account initially.
- Applicant One Opens a Sole Account: One of you will need to open a new current account with Nationwide in your sole name first. You can do this online via their website, through their mobile banking app, or in a branch.
- Online Application: This is often the quickest and most convenient method. Navigate to the chosen account's page on the Nationwide website and click "Apply."
- Mobile Banking App: If you're already a Nationwide member, you can often apply for a new account directly through the app.
- In Branch: If you prefer face-to-face assistance or have complex ID requirements, visiting a Nationwide branch is an option.
Important Note: During this initial application, you will be applying as an individual, even though the ultimate goal is a joint account.
Step 2: Gathering Your Essential Documents
Regardless of whether you're applying online or in-branch, you'll need to prove your identity and address. Having these ready will significantly speed up the process.
Sub-heading: Proof of Identity (for all account holders)
Nationwide will need to verify the identity of both individuals who will be on the joint account.
- Primary UK Photo ID: For UK or European Economic Area (EEA) nationals, a valid UK passport or a full UK driving licence (photocard) are usually sufficient for online verification.
- Alternative ID (if no primary photo ID): If you don't have the above, you may need to provide two separate documents: one from their "Proof of Name" list and one from their "Proof of Current Address" list. In these cases, you might need to visit a branch or send original documents by post.
- Examples of Proof of Name: Original birth certificate, adoption certificate, non-UK passport (may require branch visit).
- Important: You cannot use the same document to prove both your name and address.
Sub-heading: Proof of Address (for all account holders)
You'll also need to provide documentation to confirm your current address.
- Examples of Proof of Current Address (must be less than 3 months old unless specified):
- UK-based bank or building society statement (not printed from the internet).
- UK gas or electricity bill.
- UK phone bill (not mobile phone).
- UK water bill (less than 12 months old).
- UK Council Tax bill (less than 12 months old).
- UK mortgage statement (less than 12 months old).
Tip: Nationwide prefers original documents, especially if you're applying in branch or sending by post. If you're applying online, they will try to verify your identity electronically, which can avoid the need for physical documents.
Step 3: Adding the Second Account Holder
Once the first person's sole account is successfully opened, it's time to bring the second person onto the account to make it truly joint.
Sub-heading: The "Add an Account Holder" Process
Nationwide has a specific process for adding someone to an existing current account.
- Confirmation of Sole Account Opening: The initial applicant will receive confirmation (usually by email) that their sole account is open.
- Second Person Creates a Customer Profile (if new to Nationwide): If the second person has never banked with Nationwide before, they will typically need to create a "Customer Profile." This is an online profile that allows Nationwide to gather their necessary information and perform identity checks.
- Initiating the Joint Account Request:
- The initial account holder can often initiate the "add someone" process through their Nationwide mobile banking app or Internet Bank.
- They will typically need the customer number of the person being added (if they're an existing Nationwide customer) or details from the new Customer Profile.
- Accepting the Invitation: The person being added will usually receive an email invitation or notification to complete their part of the joint account request. They will need to follow the steps provided, which may involve verifying their identity further and agreeing to share a financial relationship.
Key Point: Both individuals will become members of Nationwide Building Society, sharing responsibility for the account, including any arranged overdrafts.
Step 4: Setting Up Account Operations and Features
Once the joint account is established, you'll need to decide on how you want to operate it and set up your preferred banking methods.
Sub-heading: Operating Instructions for Joint Accounts
Nationwide joint accounts typically offer different operating instructions:
- Either to Sign: This is the most common and convenient option. Either account holder can operate the account independently, make withdrawals, and sign for transactions. This is ideal for most couples or shared households.
- Both to Sign (or All Signatures Required): This requires both (or all) account holders to authorize transactions. This offers maximum control but can be less practical for day-to-day spending. This might be chosen for specific savings goals or more formal arrangements.
Action for you: Discuss and agree on the operating instructions that best suit your shared financial management style.
Sub-heading: Online Banking, Debit Cards, and Chequebooks
- Online and Mobile Banking: Both account holders should register for Nationwide's Internet Bank and download the mobile banking app if they haven't already. This allows independent access to account statements, payments, and other services.
- Debit Cards and PINs: Each account holder will receive their own Visa debit card and PIN for the joint account.
- Chequebook (Optional): If you require a chequebook, you can usually request one during the application process or later through online banking or by contacting Nationwide. You can choose to have one chequebook in joint names or individual chequebooks.
Step 5: Managing Your Joint Account Effectively
Congratulations, you've opened your Nationwide joint bank account! Now, it's time to make the most of it.
Sub-heading: Budgeting and Tracking Shared Expenses
- Dedicated Account for Shared Bills: Consider using your joint account solely for shared income (like contributions from each person) and shared expenses (rent, utilities, groceries). This keeps your personal finances separate while streamlining joint payments.
- Budgeting Apps/Tools: Link your Nationwide joint account to a budgeting app to track spending and categorize expenses. Many apps allow for joint account integration.
- Regular Financial Reviews: Schedule regular check-ins with your co-account holder to review spending, adjust your budget, and discuss your financial goals.
Sub-heading: Leveraging Nationwide's Features
- Text Alerts: Set up text alerts to notify you of transactions, low balances, or incoming payments, helping both of you stay on top of the account's activity.
- Exclusive Member Products: As Nationwide members, you may gain access to exclusive savings accounts (like the Flex Regular Saver or Flex Instant Saver) with potentially better interest rates. Explore these options for your joint savings goals.
- Overdraft Facilities: If you've opted for an arranged overdraft, understand the terms and conditions, especially the interest rates. Nationwide typically offers an interest-free buffer on the first £50 for some accounts.
Opening a joint bank account with Nationwide is a straightforward process that can significantly improve how you manage shared finances. By following these steps and discussing your financial habits and goals openly, you'll be well on your way to a more organised and transparent financial future together.
Frequently Asked Questions (FAQs) about Nationwide Joint Bank Accounts
Here are 10 common questions with quick answers about making a joint bank account with Nationwide:
How to apply for a Nationwide joint account if one person is already a Nationwide customer?
If one person is already a Nationwide customer and has a sole account, they can usually initiate the process to add the second person to that existing account through their Internet Bank or mobile app. The new person will likely need to create a Customer Profile if they aren't already a Nationwide member.
How to add someone to an existing Nationwide sole account to make it joint?
Log in to your Nationwide Internet Bank or mobile app. Look for an option like "Add an account holder" or "Make account joint." You'll then be guided through the steps, including providing details for the person you're adding and them completing their part of the application.
How to prove identity and address for a Nationwide joint account?
Both applicants will need to provide proof of identity (e.g., valid UK passport or driving license) and proof of address (e.g., utility bill, bank statement less than 3 months old). Nationwide often attempts electronic verification, but may request original documents.
How to manage a Nationwide joint account online?
Both account holders can register for Nationwide's Internet Bank and mobile banking app. This provides independent access to view statements, make payments, set up Direct Debits, and manage other account features.
How to close a Nationwide joint account?
Typically, both account holders must agree to close a joint account. You can usually do this by contacting Nationwide directly, either by phone, in writing, or by visiting a branch. Any outstanding balances or overdrafts must be cleared first.
How to set up an overdraft on a Nationwide joint account?
You can apply for an arranged overdraft when you open the account or at a later date. Nationwide will assess your eligibility and may offer an overdraft facility. Remember that both account holders are jointly and severally liable for any overdraft used.
How to get a chequebook for a Nationwide joint account?
You can request a chequebook when setting up the account or at any time afterwards through your Nationwide Internet Bank, mobile app, or by contacting customer service.
How to deal with joint account disputes?
Nationwide's terms and conditions will outline how they handle disputes. In most "either to sign" accounts, either party can typically withdraw funds. For serious disputes, seeking legal advice or mediation might be necessary, but it's always best to communicate openly with your co-account holder to prevent such situations.
How to change the operating instructions of a Nationwide joint account?
If you initially set up "both to sign" and want to change to "either to sign," or vice-versa, you'll need to contact Nationwide directly. This usually requires agreement and signatures from all account holders.
How to switch an existing joint account from another bank to Nationwide?
Nationwide participates in the Current Account Switch Service (CASS). When applying for a new joint account with Nationwide, you can indicate that you wish to switch an existing joint account from another bank. CASS makes the process smooth, transferring Direct Debits, Standing Orders, and your balance, and closing your old account.
