Are you ready to take control of your finances and join a building society known for its customer-centric approach? Opening a new account with Nationwide can be a smart move whether you're looking for an everyday current account, a high-interest savings option, or something more specialized. This comprehensive guide will walk you through every step of the process, ensuring a smooth and hassle-free experience.
Introduction: Your Journey to a New Nationwide Account Begins!
Hey there! Thinking about where to put your hard-earned money? Looking for a bank that genuinely puts its members first? You've come to the right place! Nationwide Building Society offers a wide range of accounts designed to suit various financial needs. From competitive interest rates to handy digital banking tools, there's a good chance Nationwide has something that's just right for you. Let's embark on this journey together to get your new Nationwide account up and running!
Step 1: Discover Your Perfect Nationwide Account
Before you dive into applications, the very first and most crucial step is to figure out which type of account aligns best with your financial goals. Nationwide offers a diverse portfolio, and understanding the nuances of each will help you make an informed decision.
1.1 Explore Current Account Options
Nationwide boasts several current accounts, each with distinct features:
- FlexAccount: This is Nationwide's flagship, no-frills current account, perfect for everyday banking with no monthly fee. It offers simplicity and reliable service.
- FlexDirect: If you're a new Nationwide member, this online current account can offer attractive benefits like in-credit interest (often a competitive rate for the first 12 months) and sometimes even cashback on debit card spending. However, be aware that most banking needs with this account are typically managed online or over the phone.
- FlexPlus: This is a packaged current account that comes with a monthly fee but bundles in a range of benefits such as worldwide family travel insurance, mobile phone insurance, and UK and European breakdown cover. It's ideal for frequent travelers or those who value these bundled insurances.
- FlexStudent: Tailored for students, this account often comes with an interest-free arranged overdraft to help manage student finances.
- FlexOne: Designed for younger individuals (typically 11-17 years old), this account helps them manage their money with a debit card and online access.
- FlexBasic: This is a basic current account for individuals who might not qualify for other current accounts or don't hold another UK current account.
Consider your daily spending habits, whether you travel frequently, and if you're looking for any added perks.
1.2 Delve into Savings and ISA Options
Nationwide offers a comprehensive range of savings accounts to help your money grow:
- Instant Access Savings Accounts: These accounts offer easy access to your funds, allowing you to withdraw money anytime without penalty. The interest rates are typically variable.
- Limited Access Savings Accounts: For a potentially better interest rate, these accounts allow a certain number of withdrawals within a given period without affecting your interest. Exceeding this limit might reduce your interest rate.
- Fixed Rate Savings Accounts/Bonds: If you have a lump sum you can afford to lock away for a specific period (e.g., 1, 2, 3, or 5 years), these accounts offer a fixed interest rate, which is often higher than instant access options. Be mindful that early withdrawals can result in penalties or closure of the account.
- Cash ISAs: These allow you to save money tax-free up to a certain annual allowance. Nationwide offers various types of Cash ISAs, including instant access and fixed-rate options.
- Children's Savings Accounts: Beyond the FlexOne current account, Nationwide also has dedicated savings accounts for children to encourage early saving habits.
Think about your savings goals: Is it for a short-term need or a long-term aspiration? How often will you need to access your funds?
Step 2: Gather Your Essential Documents
Regardless of whether you apply online, via the app, or in a branch, you'll need to provide certain documents to verify your identity and address. This is a standard requirement to comply with UK money laundering regulations.
2.1 Proof of Identity (Photo ID)
You'll generally need one of the following original documents:
- Valid UK Passport
- Full UK Driving Licence (photo card or old-style paper)
- Valid EEA Passport or EU Member State ID Card
If you don't have these, you may need to visit a Nationwide branch with alternative proof of name and address.
2.2 Proof of Address
You'll typically need one of the following original documents, dated within the last 3 months unless otherwise specified:
- Utility Bill (gas, electricity, landline phone – not mobile)
- UK Bank or Building Society Statement (less than 3 months old)
- Council Tax Bill (for the current financial year)
- Mortgage Statement (less than 12 months old)
- Water Bill (less than 12 months old)
Make sure these documents are original and clearly show your name and current address.
Step 3: Choose Your Application Method
Nationwide offers several convenient ways to open an account. Pick the one that suits you best!
3.1 Online Application (Most Common & Convenient)
This is often the quickest and easiest way for many people to open a Nationwide account.
- Visit the Nationwide Website: Go to the official Nationwide website (nationwide.co.uk) and navigate to the "Current Accounts" or "Savings" section.
- Select Your Desired Account: Click on the specific account you wish to open. Each account will have a dedicated page with an "Apply now" or similar button.
- Complete the Online Application Form: You'll be guided through a series of questions asking for your personal details, employment information, financial circumstances, and the aforementioned ID and address details. Be ready to input your information accurately.
- Online Identity Verification: Nationwide will attempt to verify your identity and address electronically using the details you provide. In many cases, this means you won't need to send in physical documents.
- Application Review: Once submitted, Nationwide will review your application. If they can't verify your identity online, they'll let you know and may ask you to visit a branch or send in documents.
- Confirmation: You'll receive confirmation once your account is successfully opened, usually via email.
3.2 Nationwide Mobile Banking App Application (For Existing Members or Specific Accounts)
If you're already a Nationwide member, opening a new account through their mobile banking app can be incredibly straightforward. Even for new customers, some accounts might be applicable through the app.
- Download the App: If you don't have it already, download the "Nationwide Banking app" from your device's app store (Google Play Store for Android or Apple App Store for iPhone).
- Log In (if existing member): Use your existing credentials to log in.
- Navigate to Products & Applications: Within the app, look for a section like "Products & Applications" or "Open a New Account."
- Select Account and Apply: Choose the desired account and follow the on-screen prompts to complete the application. The app may pre-fill some of your details if you're an existing member, simplifying the process.
- Verification: Similar to the online process, verification will occur.
3.3 In-Branch Application (For Personalized Assistance or Specific Cases)
If you prefer face-to-face assistance, have complex circumstances, or need to provide physical documents, visiting a Nationwide branch is a good option.
- Find Your Local Branch: Use the "Branch Finder" on the Nationwide website to locate your nearest branch and check their opening hours. It's often advisable to call ahead if you have specific questions or concerns.
- Prepare Your Documents: Bring all your original proof of identity and address documents with you.
- Speak to a Customer Service Representative: A Nationwide staff member will guide you through the application process, answer any questions you have, and help you complete the necessary forms. They will also verify your documents on the spot.
- Application Submission: Once completed, your application will be submitted, and you'll typically receive immediate confirmation that it's being processed.
Step 4: Awaiting Account Setup and Welcome Pack
Once your application is submitted and successfully verified, Nationwide will begin setting up your new account.
- Account Activation: For online or app applications, your account is often active almost immediately, though it may take 24 hours for current accounts to fully appear in your online banking. If you applied in branch, it's typically active very quickly.
- Welcome Pack: Nationwide will send you a welcome pack in the post. This usually includes:
- Your new debit card (for current accounts). This generally arrives within a few working days.
- Your PIN (often sent separately for security reasons).
- Details on how to register for online banking (if you haven't already done so during the application).
- Terms and Conditions and other important account information.
It's important to keep an eye on your post for these vital items.
Step 5: Setting Up Your Digital Banking (If Applicable)
If you opened your account in a branch or over the phone, you'll need to register for online banking and the mobile app to manage your account conveniently. If you opened your account online, you'll likely be automatically registered.
- Register Online: Visit the Nationwide website and look for the "Register for online banking" section. You'll need your new account details (account number and sort code, or credit card/loan/mortgage number if applicable).
- Download the App: If you haven't already, download the Nationwide Banking app.
- Set Up Login Credentials: You'll be prompted to create a username, password, and a passnumber for logging in.
- Card Reader (Optional but Recommended): For enhanced security and certain transactions, Nationwide may send you a card reader. While not always required for every transaction now, it's good to have.
Once registered, you can access your account statements, make payments, manage direct debits, and more, all from the comfort of your home or on the go.
Step 6: Funding Your New Account
Now that your account is open, it's time to put some money in!
- Transfer from Another Account: The easiest way is to transfer funds from an existing bank account using your new Nationwide account number and sort code.
- Pay in Cash/Cheque: You can pay cash or cheques into your account at any Nationwide branch or Post Office.
- Set Up Direct Debits/Standing Orders: If you're switching your main current account, Nationwide offers the Current Account Switch Service, which makes it incredibly easy to move all your direct debits, standing orders, and incoming payments from your old bank to your new Nationwide account within 7 working days.
Congratulations! You've successfully opened your new Nationwide account. Enjoy the benefits of banking with one of the UK's largest building societies.
Frequently Asked Questions (FAQs)
How to check if I'm eligible to open a Nationwide account?
Eligibility varies by account type. Generally, you need to be a UK resident and meet age requirements (e.g., 18 or over for adult current accounts). Specific accounts like FlexStudent or FlexOne have their own criteria. Check the individual account page on the Nationwide website for detailed eligibility.
How to track the status of my Nationwide account application?
If you applied online, you might receive email updates. For in-branch applications, the staff can usually provide a rough timeline. If you have concerns, it's best to contact Nationwide's customer service directly or visit your branch.
How to activate my new Nationwide debit card?
You typically don't need to do anything to activate your debit card for online payments once it arrives. However, to use it at ATMs or for in-store PIN purchases, you'll need to wait for your PIN to arrive (usually separately) and use it for your first chip and PIN transaction.
How to set up online banking for my new Nationwide account?
If you opened your account online, you're usually automatically registered. Otherwise, visit the Nationwide website, go to "Register for online banking," and follow the prompts, providing your account details and setting up your login credentials.
How to switch my existing bank account to Nationwide?
Nationwide offers the Current Account Switch Service. You can request this during your application, and Nationwide will handle transferring all your direct debits, standing orders, and incoming payments from your old bank to your new Nationwide account within 7 working days.
How to find my Nationwide account number and sort code?
These details will be provided in your welcome pack, on your debit card, and are also accessible once you've set up and logged into your Nationwide online banking or mobile app.
How to deposit money into my new Nationwide account?
You can deposit money via bank transfer from another account using your sort code and account number, or by paying in cash or cheques at any Nationwide branch or Post Office.
How to order a new card reader from Nationwide?
You can order a new card reader online through your Nationwide Internet Bank account or by contacting Nationwide customer service. You can also ask for one at a branch, though it's recommended to call ahead to ensure availability.
How to contact Nationwide customer service for new account queries?
You can contact Nationwide customer service by phone (typically 03457 30 20 11, available 7 days a week, 8 am to 8 pm), by visiting your local branch, or by using their live chat feature on the website.
How to close my old bank account after opening a Nationwide account?
If you used the Current Account Switch Service, your old account will be automatically closed by Nationwide once the switch is complete. If you didn't use the service, you'll need to contact your old bank directly to arrange closure.
