Thinking about combining your savings with a partner, family member, or friend? A joint savings account can be a fantastic way to pool resources, work towards shared financial goals, and foster transparency. If you're considering Nationwide, one of the UK's largest building societies, you're in the right place! This comprehensive guide will walk you through every step of opening a joint savings account with Nationwide, from initial considerations to managing your new account.
Ready to take the plunge and boost your savings together? Let's get started!
 |
| How To Open A Joint Savings Account Nationwide |
A Comprehensive Guide to Opening a Joint Savings Account with Nationwide
Opening a joint savings account is more than just combining funds; it's about combining financial futures. Nationwide offers a variety of savings accounts, and some of these can be opened as joint accounts. It's crucial to understand the specifics before you begin.
Step 1: Understanding Joint Savings Accounts and Nationwide's Offerings
Before diving into the application process, let's ensure you both have a clear understanding of what a joint savings account entails and what Nationwide can offer.
What is a Joint Savings Account?
A joint savings account is an account held by two or more individuals, granting each account holder equal access and responsibility. This means either account holder can deposit, withdraw, and manage the funds. It's often used for shared goals like a house deposit, a wedding fund, or a joint emergency fund.
Key Considerations for Joint Accounts:
- Shared Responsibility: Both account holders are equally responsible for the account, including any debts or overdrafts (though savings accounts generally don't have overdrafts, it's important to be aware of this for joint current accounts).
- Access and Control: Typically, either account holder can access the funds independently. Discuss how you'll manage this to avoid misunderstandings.
- Financial Link: Opening a joint account creates a financial link between the account holders. While opening a savings account generally doesn't impact credit scores, this link can become relevant if you later apply for joint credit products.
- Death of an Account Holder: In most cases, if one account holder passes away, the surviving account holder gains full control of the account and its funds.
Nationwide's Savings Account Options:
Nationwide offers a range of savings accounts, including instant access, limited access, and fixed-rate accounts, as well as Cash ISAs. Not all savings accounts can be opened jointly, so it's essential to check the specific product's terms and conditions.
- Instant Access Savers: These accounts offer easy access to your money with unlimited withdrawals. They are good for emergency funds or short-term saving goals. Nationwide's "Instant Access Saver" is generally available for joint applications.
- Limited Access Savers: These accounts might offer a slightly higher interest rate in exchange for restricting the number of withdrawals you can make within a certain period.
- Fixed Rate Savings Accounts: These accounts usually offer the highest interest rates but require you to lock away your money for a set period, without access to it during that term. These are less common for joint savings accounts, but it's worth checking.
- Cash ISAs: These allow you to save money tax-free up to a certain annual limit. While an individual can only have one Cash ISA in their name each tax year, it's possible for a couple to each open their own ISA and then manage other savings jointly. Nationwide may offer joint Cash ISAs, but it's less common than individual ones.
Action Point: Before proceeding, visit the Nationwide website or a branch to review their current savings account offerings and specifically confirm which accounts can be opened jointly. Take note of the interest rates, withdrawal limits, and any other specific terms for accounts that interest you.
QuickTip: Short pauses improve understanding.
Step 2: Checking Eligibility and Gathering Required Information
Once you've identified a suitable joint savings account, the next step is to ensure both applicants meet Nationwide's eligibility criteria and start gathering the necessary documentation.
Eligibility Criteria for Nationwide Joint Savings Accounts:
While specific requirements can vary slightly depending on the account type, generally, for a joint savings account with Nationwide:
- Age: Both applicants must typically be 16 years of age or older.
- Residency: Both applicants usually need to be UK residents.
- Existing Nationwide Customer (for some accounts): For certain exclusive savings accounts (like the Flex Instant Saver or Flex Regular Saver), at least one of the joint account holders might need to have a Nationwide current account. This is a common requirement for their 'member-only' products.
Information You'll Need to Provide (for each applicant):
Nationwide, like all financial institutions, is required to verify the identity and address of its customers to comply with financial regulations. This is often referred to as "Know Your Customer" (KYC).
-
Personal Details:
- Full Name (including any previous names if applicable)
- Date of Birth
- Place of Birth
- Nationality
- National Insurance Number (or reason why you don't have one)
- Contact Phone Number
- Email Address
-
Residential Address History:
- Current Address
- Previous addresses for the last 3 years (if you haven't lived at your current address for that long)
-
Employment Details (often required for current accounts, but sometimes for savings too):
- Occupation
- Employer's Name and Address
-
Financial Details:
- Source of Funds (where the money you're depositing comes from)
- Initial Deposit Amount
Action Point: Sit down with the person you intend to open the joint account with. Create a checklist of all the above information for both of you. Having this prepared will significantly speed up the application process.
Step 3: Preparing Your Identification Documents
This is a critical step. Nationwide will need to verify your identity and address. While they often attempt to do this electronically, you should be prepared to provide physical documents if requested.
Reminder: Take a short break if the post feels long.
Acceptable Proof of Identity (Photo ID - for each applicant):
You'll typically need one of the following original documents:
 |
- Valid Full UK Passport
- Valid Full UK Photocard Driving Licence
- Valid EEA Passport or National ID card (if applicable)
- Valid non-UK Passport (for non-EEA nationals - must be taken into a branch)
Acceptable Proof of Current Address (for each applicant - must be different from your photo ID):
You'll typically need one of the following original documents, usually dated within the last 3 months (unless otherwise specified):
- HMRC tax documentation (e.g., tax notice, coding assessment, statement, credit document) - less than 6 months old.
- Current account, credit card, or mortgage statement from an EEA-based bank - less than 3 months old.
- Utility bill (e.g., gas, electricity, water, landline phone bill - not a mobile phone bill) in your name from an EEA-based utility provider - less than 3 months old.
- Council Tax bill/statement for the current financial year.
- Tenancy agreement from a local authority or reputable letting agency (for address proof only).
Important Notes:
- Nationwide generally does not accept statements or bills printed from the internet as proof of address. You'll need original paper documents.
- If you are applying in branch, you must bring original documents.
- If you are a new member and Nationwide cannot verify your identity electronically, they will contact you to request physical documents.
Action Point: Gather your original identification documents. Make sure they are valid and up-to-date. If you're unsure, it's always best to have more than one option for both ID and address proof.
Step 4: Choosing Your Application Method
Nationwide offers a few ways to open accounts, and for joint savings accounts, the most common methods are online or in-branch.
Tip: Let the key ideas stand out.
Option A: Applying Online (if available for your chosen account)
Many Nationwide savings accounts can be opened online if you are an existing Nationwide current account holder or if the account permits.
- Visit the Nationwide Website: Navigate to the "Savings" section on the Nationwide website.
- Select Your Account: Choose the specific joint savings account you wish to open.
- Start the Application: Look for an "Apply Online" or "Open Account" button.
- Complete the Online Form: You will be prompted to fill in all the details gathered in Step 2 for both applicants.
- Identity Verification: Nationwide will attempt to verify your identity and address electronically using the information you've provided.
- Upload Documents (if requested): In some cases, even with online applications, you might be asked to upload scans or photos of your identification documents.
- Review and Submit: Carefully review all the information before submitting your application.
- Initial Deposit: You'll typically be asked to make your initial deposit during the application process or shortly after.
Pros of Online Application:
- Convenience: Apply from the comfort of your home at any time.
- Speed: Often faster if electronic verification is successful.
Cons of Online Application:
- Limited for New Customers: May be restricted for those who aren't already Nationwide current account holders, or for certain types of joint savings products.
- Potential for Delays: If electronic verification fails, you'll need to submit documents by post or visit a branch, which can extend the process.
Option B: Applying In-Branch (Recommended for Joint Accounts)
For joint savings accounts, visiting a Nationwide branch is often the most straightforward and recommended method, especially if one or both applicants are new to Nationwide.
- Locate Your Nearest Branch: Use the branch finder on the Nationwide website.
- Make an Appointment (Optional but Recommended): While you can often walk in, making an appointment can save you waiting time and ensure a specialist is available to assist you.
- Both Applicants Attend: It is crucial that both individuals wishing to open the joint account attend the branch together. This allows the staff to verify both identities simultaneously and obtain necessary signatures.
- Bring All Documents: Take all the original identification and address proof documents (as prepared in Step 3) for both applicants.
- Complete the Application Form: A Nationwide representative will guide you through the application form. They can answer any questions you have and ensure all details are correct.
- Identity Verification: The branch staff will verify your original documents on the spot.
- Initial Deposit: You can make your initial deposit at the counter using cash, debit card, or by setting up a bank transfer.
- Signatures: Both applicants will need to sign the necessary forms.
Pros of In-Branch Application:
Tip: Each paragraph has one main idea — find it.
- Direct Assistance: Nationwide staff can answer questions and guide you through the process.
- Immediate Verification: Identity and address checks are often completed on the spot, reducing potential delays.
- Personal Touch: Good for those who prefer face-to-face interaction.
Cons of In-Branch Application:
- Requires Travel: You both need to physically go to a branch.
- Waiting Times: May involve waiting if the branch is busy.
Action Point: Discuss with the other applicant which method works best for both of you. If you choose the in-branch option, schedule an appointment and confirm what specific documents are required for your chosen account type.
Step 5: Understanding Account Operation and Next Steps
Congratulations! You've submitted your application. Now, let's look at what happens next and how you'll manage your new joint savings account.
Account Activation and Welcome Pack:
- Online Application: If approved, you'll usually receive confirmation via email, and details on how to set up online banking access. Your welcome pack, including terms and conditions, will likely follow by post.
- In-Branch Application: If approved on the spot, you might receive a temporary account number immediately. Your full welcome pack, including any savings cards or account details, will be sent to your nominated address within a few working days.
Managing Your Joint Account:
Nationwide offers various ways to manage your joint savings account:
- Online Banking: Register for Nationwide's Internet Bank (if you haven't already). This allows both account holders to view balances, transactions, and manage transfers.
- Banking App: Download the Nationwide Banking App for convenient access on your smartphone or tablet.
- In-Branch: You can continue to visit any Nationwide branch for transactions, balance enquiries, and assistance.
- Telephone Banking: Utilise Nationwide's telephone banking service for queries and transactions.
Key Features of Joint Accounts:
- Withdrawals: Both account holders can make withdrawals. Discuss how you'll communicate about large withdrawals to maintain transparency.
- Deposits: Both account holders can deposit funds into the account.
- Statements: You can choose to receive joint statements or separate statements, though usually, paperwork is sent to the first-named account holder unless otherwise requested.
- Joint Responsibility: Remember, you are both equally responsible for the account.
Action Point: Once your account is open, ensure both account holders register for online banking and/or the banking app if you plan to manage it digitally. Familiarise yourselves with the account terms and conditions.
Frequently Asked Questions (FAQs) about Nationwide Joint Savings Accounts
Here are 10 common "How to" questions related to opening and managing a Nationwide joint savings account, along with quick answers.
How to choose the best Nationwide joint savings account for us?
- Answer: Consider your savings goals (short-term vs. long-term), how often you need access to your money (instant, limited, or fixed), and whether you meet the eligibility criteria for specific accounts (e.g., needing a Nationwide current account for certain products). Review the interest rates and terms on Nationwide's website.
How to ensure both account holders have equal access and control?
- Answer: With Nationwide, joint savings accounts generally grant equal access. Both individuals will have the ability to make deposits and withdrawals. Ensure both register for online banking/the app to have independent digital access.
How to add someone to an existing Nationwide savings account?
- Answer: For current accounts, you can usually call Nationwide with both account holders on the line to convert a sole account to a joint one. For savings accounts, it's often simpler to open a new joint account and transfer funds, as adding a signatory to an existing savings account might not always be an option, or it might require a specific form. It's best to contact Nationwide directly to confirm for your specific savings product.
How to prove my identity if I don't have a passport or driving licence?
- Answer: Nationwide's website lists alternative forms of ID such as a UK Biometric Residence Permit or certain EEA ID cards. For proof of name, they might accept a birth certificate alongside a separate proof of address. It's crucial to check their "Proving your identity" guide or contact them directly for specific acceptable alternatives.
How to make an initial deposit into our new joint savings account?
- Answer: You can make your initial deposit via debit card during the online application, by cash or debit card in a branch, or by setting up a bank transfer from an existing bank account once your new account details are provided.
How to manage our joint savings account online?
- Answer: Once your account is open, both account holders should register for Nationwide's Internet Bank and/or download the Banking App. You will need your account details and personal information to set up your online access.
How to close a Nationwide joint savings account?
- Answer: To close a joint savings account, both account holders typically need to agree and sign a closure request. You usually cannot close savings accounts over the phone. You may need to visit a branch or send a signed written instruction.
How to change our address or contact details for the joint account?
- Answer: You can usually update your address or contact details through Nationwide's Internet Bank, Banking App, by calling their customer service, or by visiting a branch. Both account holders might need to confirm changes to shared contact information.
How to deal with disputes or disagreements over the joint account?
- Answer: If disputes arise, either account holder can request that the account be "frozen," meaning no withdrawals can be made without the consent of all account holders. This is a protective measure and requires both parties to agree to unfreeze it.
How to ensure our joint savings are protected?
- Answer: Nationwide Building Society is covered by the Financial Services Compensation Scheme (FSCS). This means eligible deposits up to £85,000 per person are protected in the unlikely event that Nationwide goes out of business. For a joint account, this protection applies per person, so £170,000 for two joint account holders.
 |
