Are you ready to take control of your finances and start saving with Nationwide? Opening a savings account has never been easier, especially with the convenience of the Nationwide Banking App. This comprehensive guide will walk you through every step of the process, ensuring a smooth and hassle-free experience. Let's get started!
How to Open a Savings Account on the Nationwide App: A Step-by-Step Guide
Opening a savings account with Nationwide through their mobile app is a straightforward process designed for modern banking. Whether you're a new customer or already bank with Nationwide, the app offers a convenient way to manage your money and set financial goals.
 |
| How To Open A Savings Account On Nationwide App |
Step 1: Get Ready – Do You Have What It Takes?
Before diving into the application, let's make sure you have everything you need. This preparation will make the entire process much faster and smoother.
- Nationwide Banking App: Obvious, but crucial! If you don't have it, head to your device's app store (Google Play Store for Android or Apple App Store for iOS) and search for "Nationwide Banking App." Download and install it.
- Internet Connection: A stable internet connection is essential to avoid interruptions during your application.
- Eligibility Criteria:
- Age: Generally, you need to be 16 or over for most adult savings accounts. Some accounts, like children's savings, have different age requirements and may require in-branch application.
- Residency: You typically need to be a UK resident.
- Identification: While the app often allows for electronic verification, it's good to have a valid UK passport or a full UK driving license handy. If online verification isn't possible, you might need to visit a branch with proof of name and address.
- Nationwide Current Account (for some products): Be aware that some specific savings products, like the Flex Regular Saver, are exclusively for existing Nationwide current account holders. If you don't have one, you might need to open a current account first or choose a different savings product.
- Personal Information: You'll need to provide:
- Your full name
- Current address and address history for the past 3 years
- Date of birth
- Nationality
- Email address
- Mobile number
- Details of your employer (if applicable)
Pro Tip: Gather all your documents and information beforehand. This will prevent you from scrambling mid-application.
Step 2: Launch the App and Navigate to Savings
With the app downloaded and your details ready, it's time to open it up!
QuickTip: A short pause boosts comprehension.
- Open the Nationwide Banking App: Tap on the Nationwide icon on your smartphone or tablet.
- Login (Existing Customers): If you're an existing Nationwide customer, log in using your usual credentials (passnumber, fingerprint, or facial recognition).
- Explore Products & Applications: Once logged in, look for a section or menu option typically labelled "Products & Applications" or "Open New Account." This is where you'll find the different banking products Nationwide offers.
- Select "Savings Accounts" or "Savings & ISAs": Within the "Products & Applications" section, you'll see categories for various accounts. Choose the one related to savings.
New to Nationwide? If you're not an existing customer, you'll still open the app, but the initial steps might guide you through a different registration or application flow before you can browse savings accounts. You might be prompted to register for online banking first, which is often a prerequisite for using the app for full functionality.
Step 3: Choose Your Perfect Savings Account
Nationwide offers a variety of savings accounts designed for different needs. This step is crucial for finding the account that best suits your financial goals.
- Browse Available Accounts: The app will display a list of savings accounts. Each account will have a brief description of its features.
- Understand Account Types:
- Instant Access Savers: Offer flexibility to deposit and withdraw money whenever you need it, usually with a variable interest rate.
- Limited Access Savers (e.g., Triple Access Online Saver): Allow a limited number of withdrawals per year without affecting your interest rate. Exceeding this limit usually reduces the interest earned. These are great for those who want a bit of control over their spending while still having some access.
- Fixed Rate Bonds: Require you to lock away a lump sum for a set period (e.g., 1 or 2 years) in exchange for a fixed, often higher, interest rate. These are ideal if you don't need immediate access to your funds.
- Cash ISAs (Individual Savings Accounts): Allow you to earn tax-free interest on your savings up to a certain annual limit. A fantastic option for maximizing your returns!
- Regular Savers (e.g., Flex Regular Saver): Designed for saving a set amount each month. Often offer competitive rates if you commit to regular contributions.
- Read the Summary Box and Terms & Conditions: This is incredibly important! Before applying, tap on each account to view its "Summary Box" and "Terms & Conditions." These documents outline:
- Interest rates (AER/Gross, variable or fixed)
- Withdrawal limits and penalties
- Eligibility criteria
- How interest is paid
- Any other specific rules for the account.
- Select "Apply" or "Start Application": Once you've found the account that fits your needs, tap the "Apply" or "Start Application" button.
Step 4: Complete the Application Form
This is where you'll input all your personal and financial details. Take your time and ensure accuracy.
- Personal Details: Fill in your full name, date of birth, address, contact information (email and mobile), and nationality.
- Employment Details: Provide information about your employment status and employer's address if requested.
- Financial Information: You might be asked about your income or how you plan to fund the account.
- Identity Verification: The app will attempt to verify your identity electronically using the details you've provided.
- If successful, you may not need to do anything further regarding ID.
- If unsuccessful, Nationwide may ask you to provide additional documents through the app (e.g., by taking a photo of your ID) or request that you visit a branch. Follow the on-screen instructions carefully.
- Account Funding: You'll typically need to make an initial deposit to open the account. The app will guide you on how to do this, usually by transferring from an existing Nationwide account or an external bank.
- Note: Most accounts require an initial payment within 28 days of opening, or the account may close.
- Review and Confirm: Before submitting, carefully review all the information you've entered. Mistakes can cause delays. Check for typos, incorrect dates, and ensure all fields are accurately filled.
- Agree to Terms and Conditions: You'll need to confirm that you've read and understood the account's terms and conditions.
Step 5: Confirmation and Account Activation
Once you've submitted your application, Nationwide will process it.
Reminder: Short breaks can improve focus.
- Application Submission Confirmation: You'll usually receive an immediate on-screen confirmation that your application has been submitted. You might also receive an email confirmation.
- Processing Time: The processing time can vary. For most straightforward applications, it can be quite quick, sometimes even instant. If further verification is needed, it might take a few business days.
- Account Activation Notification: Nationwide will notify you once your account is successfully opened and active. This notification might come via email, SMS, or within the app itself.
- First Deposit (if not done during application): If you didn't make your initial deposit during the application, you'll need to do so within the specified timeframe (e.g., 28 days). The app will guide you on how to transfer funds to your new savings account.
Step 6: Manage Your New Savings Account in the App
Congratulations! Your Nationwide savings account is now open. The app provides powerful tools to manage your savings effectively.
- View Account Balance and Transactions: Easily check your current balance and review all your deposits and withdrawals.
- Transfer Funds: Move money between your Nationwide accounts or to external accounts (subject to limits and security checks).
- Set Up Savings Goals: Many Nationwide savings accounts within the app allow you to set specific savings goals (e.g., for a holiday, new car, or house deposit). The app can even help you calculate how much you need to save daily, weekly, or monthly to reach your goal.
- Impulse Saver/Round-Ups: Utilize features like Impulse Saver or Round-ups, which can automatically round up your debit card transactions to the nearest pound and transfer the difference to your savings. This is a fantastic way to save without even realizing it!
- Statements: Access and download your statements directly from the app.
- Manage Account Settings: Update personal details, set up text alerts, and opt for paperless statements.
Remember: Keep your app updated to benefit from the latest features and security enhancements.
10 Related FAQ Questions
Here are 10 frequently asked questions about opening a Nationwide savings account on the app, along with quick answers:
 |
How to check my eligibility for a Nationwide savings account?
You can check the specific eligibility criteria for each savings account on the Nationwide website or within the app by viewing the "Summary Box" and "Terms & Conditions" for the account you're interested in. Generally, you need to be 16 or over and a UK resident.
Tip: Reading on mobile? Zoom in for better comfort.
How to download the Nationwide Banking App?
Search for "Nationwide Banking App" in your device's app store (Google Play Store for Android, Apple App Store for iOS) and tap "Install" or "Get."
How to find different savings account types on the app?
After logging in, navigate to "Products & Applications" or "Open New Account" and then select "Savings Accounts" or "Savings & ISAs" to browse the available options.
How to know which savings account is right for me?
Consider your saving goals (short-term vs. long-term), how often you need access to your money, and whether you want a fixed or variable interest rate. Read the "Summary Box" for each account to compare features and choose the best fit.
How to verify my identity if the app can't do it electronically?
If electronic verification fails, the app will provide instructions. This may involve uploading photos of your ID documents (e.g., passport or driving license) or requiring a visit to a Nationwide branch with your proof of identity and address.
Tip: Read once for gist, twice for details.
How to make my first deposit into a new Nationwide savings account?
The app will guide you. You can typically transfer money from an existing Nationwide current account or from an external bank account using bank transfer details provided in the app or via email.
How to set up a savings goal on the Nationwide app?
Once your account is open, look for a "Savings Goals" or similar feature within your savings account details in the app. Follow the prompts to set your target amount and date.
How to use the Impulse Saver or Round-up feature?
Within the app, look for options like "Impulse Saver" or "Round-ups" linked to your current account. You can usually activate these features and customize how they round up your transactions.
How to view my statements on the Nationwide app?
Navigate to your savings account within the app, and there should be an option to view or download "Statements" or "Transactions."
How to get help if I encounter issues during the application?
If you face problems, look for a "Contact Us" or "Help" section within the Nationwide app, or visit the Nationwide website for their customer service contact details. You can also visit a Nationwide branch for in-person assistance.
 |
