Do you want to secure your financial future? Are you looking for a reliable and trusted institution to grow your savings? Then you've landed in the right place! Opening a savings account with Nationwide Building Society can be a fantastic step towards achieving your financial goals. Nationwide, as the world's largest building society, operates solely for the benefit of its members, offering a wide range of savings products to suit different needs.
This comprehensive guide will walk you through every step of the process, from understanding your options to successfully opening your account, whether you prefer to do it online, via their app, or in a branch. Let's get started on your savings journey!
Step 1: Discover Your Savings Needs and Nationwide's Offerings
Before you jump into applying, it's crucial to understand what kind of savings account will best serve you. Nationwide offers a variety of savings accounts, each with its own features, benefits, and eligibility criteria.
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| How To Make A Savings Account Nationwide |
Types of Nationwide Savings Accounts:
- Instant Access Savings Accounts: These accounts offer flexibility with unlimited access to your funds. While the interest rates might be lower than other types, they are perfect for your emergency fund or money you might need quickly. Examples include the Flex Instant Saver and Flexible Saver.
- Limited Access Savings Accounts: If you can limit your withdrawals, these accounts often come with improved interest rates. You'll typically be allowed a certain number of withdrawals per year without affecting your interest. Exceeding this limit usually results in a lower interest rate for the remainder of the term. Examples include the Flex Regular Saver and the 1 Year Triple Access Online Saver/ISA.
- Fixed Rate Savings Accounts (Bonds): For those who can lock away a lump sum for a set period (e.g., 1, 2, 3, or 5 years), fixed-rate bonds offer a guaranteed interest rate for the entire term. This means your interest rate won't change, providing stability and often higher returns than instant access accounts. However, withdrawals are typically not permitted until the term ends, or they incur significant penalties.
- Cash ISAs (Individual Savings Accounts): These are a great way to save tax-free. You can deposit up to a certain limit each tax year (currently £20,000 for the 2025/2026 tax year) and any interest earned is free from UK income tax. Nationwide offers various Cash ISAs, including Instant Access ISAs, Limited Access ISAs, and Fixed Rate Cash ISAs.
- Children's Savings Accounts: Nationwide also provides accounts specifically designed to help children and young people start saving, such as the Children's Future Saver and FlexOne (for 11-17 year olds). These can be opened by parents or guardians.
Key Considerations When Choosing:
- Access Needs: How often do you anticipate needing to withdraw money?
- Interest Rates: Are you prioritizing higher returns or flexibility?
- Term Length: Are you comfortable locking your money away for a period?
- Tax Efficiency: Do you want to take advantage of tax-free savings with an ISA?
- Existing Nationwide Customer: Some accounts offer preferential rates or are exclusive to existing Nationwide current account holders.
Pro-Tip: Take some time to browse Nationwide's official website, compare their different savings accounts, and read the Summary Box and Product Terms for each. These documents provide crucial information about eligibility, interest rates, withdrawal limits, and fees.
Step 2: Gather Your Essential Documents and Information
Once you've identified the best savings account for you, it's time to prepare for the application. Nationwide, like all financial institutions, is required to verify your identity and address. Having the necessary documents ready will make the process smooth and efficient.
What You'll Likely Need:
- Proof of Identity (Photo ID):
- Valid UK Passport
- Full UK Driving Licence
- Valid EEA Passport or EU Member State ID Card
- Proof of Address: (Must be less than 3 months old, or 6-12 months old for certain documents)
- Utility Bill (e.g., gas, electricity, landline phone – not mobile phone)
- Council Tax Bill (less than 12 months old)
- Bank or Building Society Statement (from a different institution)
- HMRC Tax Documentation (e.g., tax notice, coding assessment, statement)
- Mortgage Statement (less than 12 months old)
- Personal Information:
- Full Name
- Date of Birth
- Current and Previous Addresses (for the last 3 years)
- Nationality
- Tax Residence Information
- Email Address
- Mobile Number
- Employer's Address (if employed)
- Nominated Bank Account Details: You'll need details of a UK bank account (sort code and account number) in your name from which you'll make initial deposits and to which withdrawals will be sent.
Important Note: Nationwide often attempts to verify your identity electronically. If they can't, they will ask you to provide physical documents. If you are a new customer, you will almost certainly need to provide physical ID, either by visiting a branch or, in some cases, by post. Always provide original documents unless otherwise specified.
Step 3: Choose Your Application Method
Nationwide offers several convenient ways to open a savings account, catering to different preferences.
Option A: Online Application (Most Popular for Existing Customers)
If you're already a Nationwide current account holder and registered for online banking or their mobile app, this is often the quickest and easiest method.
Sub-step 3.1: Log in to Your Account
Tip: Focus more on ideas, less on words.
- Go to the Nationwide website or open your mobile Banking app.
- Log in using your existing credentials (customer number, passnumber/password).
Sub-step 3.2: Navigate to Savings Accounts
- Once logged in, look for a section like "Products & Applications" or "Savings Accounts."
- You'll typically see a list of available savings accounts that you're eligible for.
Sub-step 3.3: Select Your Desired Account and Start Application
- Click on the specific savings account you wish to open.
- Carefully read the terms and conditions, Summary Box, and any other relevant documents presented.
- Click "Start Application" or a similar button.
Sub-step 3.4: Complete the Online Form
- The application form will pre-fill some of your existing details.
- You'll need to provide any missing information, such as your tax residence details, nominated bank account, and agree to the terms.
- Double-check all information for accuracy.
Sub-step 3.5: Initial Deposit (if required)
- Some accounts may require an initial deposit to open. You'll typically transfer this from your nominated bank account.
Sub-step 3.6: Confirmation and Verification
- Nationwide will process your application. They will attempt to verify your identity electronically.
- If successful, you'll receive a confirmation, often by email, and your account will be opened.
- If electronic verification isn't possible, they will instruct you on how to provide physical identification (usually by visiting a branch or, for some documents, by post).
Option B: In-Branch Application (Recommended for New Customers or Complex Cases)
Visiting a Nationwide branch can be beneficial if you're a new customer, prefer face-to-face assistance, or have unique circumstances.
Sub-step 3.1: Locate Your Nearest Branch
- Use the "Branch Finder" tool on the Nationwide website to find your most convenient branch.
- Check their opening hours.
Sub-step 3.2: Prepare Your Documents
Tip: Look out for transitions like ‘however’ or ‘but’.
- Bring all your original documents for proof of identity and address (as outlined in Step 2).
- Also, have your personal information readily available.
Sub-step 3.3: Speak to a Customer Service Representative
- Upon arrival, inform them you wish to open a savings account.
- A representative will guide you through the application form and verify your documents on the spot. This minimizes delays compared to posting documents.
Sub-step 3.4: Complete the Application Form
- The representative will help you fill out the application form.
- They can answer any questions you have about the different accounts or terms.
Sub-step 3.5: Initial Deposit
- You can usually make your initial deposit at the branch counter using your debit card or by bank transfer from your nominated account.
Sub-step 3.6: Account Confirmation
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- Once the application is complete and identity verified, your account will typically be opened immediately or very quickly. You may receive a temporary account number and details, with full confirmation to follow by post.
Option C: Mobile Banking App Application (For Existing Customers)
Similar to online banking, the Nationwide mobile app provides a streamlined way to open a savings account if you're an existing customer.
Sub-step 3.1: Download and Log In
- Ensure you have the latest Nationwide Banking app installed on your smartphone.
- Log in using your secure details.
Sub-step 3.2: Navigate to "Open a New Account"
- Look for an option within the app such as "Products & Applications" or "Open a New Account."
- Select "Savings Accounts."
Sub-step 3.3: Select and Apply
Tip: Focus on one point at a time.
- Choose the savings account you want to open from the available options.
- Follow the on-screen prompts, providing any necessary details and reviewing the terms and conditions.
Sub-step 3.4: In-App Verification
- The app will often leverage your existing verified details. If further verification is needed, it will guide you.
Sub-step 3.5: Fund Your Account
- You can usually transfer your initial deposit directly from your linked Nationwide current account or nominated bank account within the app.
Step 4: Activating and Managing Your New Account
Congratulations! You've successfully applied for your Nationwide savings account. Now, it's time to ensure everything is set up for you to start saving effectively.
Sub-heading 4.1: Confirmation and Welcome Pack
- Online/App Applications: You'll typically receive an email confirmation first, followed by a welcome pack in the post. This pack will contain your full account details, terms and conditions, and information on how to manage your account.
- In-Branch Applications: You might receive some initial details in the branch, with a comprehensive welcome pack sent to your registered address within a few working days.
Sub-heading 4.2: Setting Up Online/App Access (if new to Nationwide)
If this is your very first account with Nationwide, you'll need to register for their online banking and mobile app services to manage your new savings account digitally.
- Visit the Nationwide website's registration page or download the app.
- You'll need your new account details (account number, sort code) and personal information to register.
- They may send you a card reader or a one-time passcode for security.
Sub-heading 4.3: Making Your First Deposit
- Bank Transfer: The most common way to fund your account is by transferring money from your nominated bank account using your new Nationwide savings account number and sort code.
- In-Branch: You can deposit cash or cheques at any Nationwide branch.
- Standing Order: Consider setting up a regular standing order from your current account to your new savings account. This automates your savings and helps you build a consistent habit.
Sub-heading 4.4: Understanding Your Statements
- Nationwide provides statements to help you track your savings.
- You'll receive a statement when you open the account.
- For instant or notice accounts, you'll typically receive a monthly statement if there have been any deposits.
- You'll also receive an annual statement, usually in April.
- You can opt for paperless statements and view them through the Internet Bank or mobile app.
Step 5: Start Saving and Monitor Your Progress!
With your account now open and active, the real work (and reward!) begins: consistent saving.
Sub-heading 5.1: Set Clear Savings Goals
- Define what you're saving for – a house deposit, a new car, a dream holiday, retirement, or simply an emergency fund. Having clear goals will keep you motivated.
Sub-heading 5.2: Automate Your Savings
- As mentioned, setting up a standing order is one of the most effective ways to save. Decide on a realistic amount you can afford to save each month and set it up to transfer automatically on payday. You'll be amazed how quickly it adds up!
Sub-heading 5.3: Review Your Account Regularly
- Periodically check your account balance and transactions through the online bank or mobile app.
- Keep an eye on the interest rate – while fixed rates won't change, variable rates might. Nationwide will inform you of any changes.
- Ensure your contact details are always up-to-date.
Sub-heading 5.4: Maximize Your Returns
- As your savings grow, reconsider if your current account still offers the best interest rate for your balance and needs.
- Nationwide often releases new savings products with competitive rates. Don't be afraid to switch within Nationwide to a more suitable account if it benefits you.
- Consider utilizing your ISA allowance each year to keep your interest tax-free.
Related FAQ Questions
Here are 10 frequently asked questions about opening a Nationwide savings account, with quick answers:
How to check my eligibility for a Nationwide savings account?
You can check the specific eligibility criteria for each Nationwide savings account on their official website under the "Account details" or "Summary Box" section for that particular product. Generally, you need to be 18 or over and a UK resident for adult accounts.
How to open a joint savings account with Nationwide?
Most Nationwide savings accounts can be opened jointly with one other person. You can do this during the online application process or in a branch. For joint accounts, both applicants will need to provide their identification and personal details.
Tip: Don’t skip the small notes — they often matter.
How to deposit money into my new Nationwide savings account?
You can deposit money via bank transfer from a nominated bank account, by setting up a standing order, or by depositing cash or cheques at any Nationwide branch.
How to withdraw money from my Nationwide savings account?
Withdrawal methods vary by account type. Instant access accounts allow unlimited withdrawals via online banking, the app, or in branch. Limited access accounts have a set number of penalty-free withdrawals. Fixed-rate bonds typically don't allow withdrawals until maturity without significant charges.
How to find my Nationwide savings account number?
Your account number will be in your welcome pack, on your statements, and you can also find it by logging into your Nationwide Internet Bank or mobile Banking app.
How to register for Nationwide online banking after opening an account?
If you're a new Nationwide customer, you can register for online banking via their website or mobile app. You'll need your account details and personal information to complete the registration.
How to upgrade or switch my Nationwide savings account?
If you're an existing Nationwide customer, you can often switch your savings account to another type directly through the Internet Bank or mobile app, or by speaking to an advisor in a branch.
How to get a statement for my Nationwide savings account?
Statements are sent periodically by post, or you can access them at any time through the Nationwide Internet Bank or mobile Banking app. You can also request a mini-statement at a branch or ATM (for cash cards).
How to contact Nationwide customer service for savings account queries?
You can contact Nationwide customer service by phone (03457 30 20 11 in the UK, +44 1793 656789 from abroad), by visiting a local branch, or via their online live chat service.
How to close a Nationwide savings account?
You can usually close a Nationwide savings account by contacting them via phone, visiting a branch, or sometimes through the online banking portal. Ensure you transfer any remaining balance to a nominated account before closure.
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