It's fantastic that you're looking to take control of your finances and make saving easier! Nationwide's Impulse Saver feature is a brilliant tool for doing just that. It leverages behavioral economics to help you effortlessly build up your savings. Let's dive into a comprehensive guide on how to set it up and make it work for you.
Your Journey to Smarter Saving Starts Here: Setting Up Nationwide Impulse Saver
Are you tired of feeling like saving money is a constant uphill battle? Do those small, unplanned expenses often derail your best intentions? Imagine a world where every time you don't spend, you do save. That's the power of Nationwide's Impulse Saver. It’s designed to help you capture those small, often overlooked amounts and channel them directly into your savings, turning good intentions into real financial progress. Ready to transform your saving habits? Let's get started!
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| How To Set Up Impulse Saver Nationwide |
Step 1: Ensure You Have the Essentials
Before you can unleash the power of Impulse Saver, you need to make sure you have the foundational elements in place. This is like making sure your car has fuel and tires before hitting the road!
1.1 Have a Nationwide Current Account
The Impulse Saver is a feature primarily designed for Nationwide customers. You'll need an active Nationwide current account (like a FlexDirect, FlexAccount, or FlexPlus) from which to make your impulse savings. This is your primary hub for daily transactions.
1.2 Have a Nationwide Savings Account
Naturally, to save, you need somewhere to put your money! The Impulse Saver will transfer funds into a linked Nationwide savings account. This could be an Instant Access Saver, a Flex Instant Saver, or another eligible savings product. If you don't have one, it's a good idea to open one that suits your savings goals. For instance, an Instant Access Saver allows for easy access to your funds, which aligns well with the "impulse" nature of this saving method.
1.3 Get the Nationwide Banking App
The Impulse Saver is primarily accessed and utilized through the Nationwide Banking App. This is where the magic happens!
- Downloading the App: If you haven't already, download the "Nationwide Banking App" from your device's app store (Google Play Store for Android or Apple App Store for iOS). Search for "Nationwide mobile banking."
- Device Compatibility: Ensure your smartphone or tablet is running a compatible operating system (typically Android 7.0 or higher, or Apple iOS 14 or higher).
- Initial Login/Registration: Once downloaded, follow the on-screen instructions to log in. If you're new to the app, you'll likely need your Nationwide account details or debit card and card reader to register and set it up. It's a straightforward process designed for user-friendliness.
Step 2: Activating and Understanding Impulse Saver
Now that you have the prerequisites, it's time to get hands-on with the Impulse Saver feature within the app.
2.1 Navigate to the Savings Section
Open the Nationwide Banking App and securely log in using your chosen method (passnumber, fingerprint, or facial recognition). Once logged in, you'll typically see an overview of your accounts. Look for a section related to your savings accounts or a general "Manage your Savings" option.
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2.2 Discover the Impulse Saver Option
Within the savings section, you should find the "Impulse Saver" tool. It might be explicitly labelled, or part of broader savings tools like "Round Ups" (which is a slightly different but related feature offered by some banks, though Nationwide's Impulse Saver is more about manual impulse transfers). Nationwide's Impulse Saver allows you to manually transfer money with just a few taps, making it quick and easy.
2.3 Link Your Accounts
If it's your first time using Impulse Saver, the app will likely guide you through linking your current account (the source of the funds) to your chosen savings account (the destination). This is crucial for seamless transfers. You might also be prompted to set a default amount for your impulse saves, although you can usually change this at the point of saving.
Step 3: Making Your First Impulse Save
This is where your new saving habit truly begins! The beauty of Impulse Saver is its simplicity and immediacy.
3.1 The Moment of Decision
The core idea behind Impulse Saver is to capitalize on those moments when you don't make an impulse purchase. For example:
- You decide not to buy that extra coffee.
- You choose to cook at home instead of getting a takeaway.
- You walk instead of taking a short cab ride.
- You simply find yourself with a few spare pounds you didn't anticipate spending.
At any of these moments, or whenever the urge to save strikes, open your app!
3.2 Quick Transfer with a Few Taps
With Impulse Saver set up, you can:
- Open the Nationwide Banking App.
- Navigate to the Impulse Saver feature.
- Select the amount you wish to save (e.g., £2, £5, £10, or a custom amount).
- Confirm the transfer with a single tap or a quick authentication.
That's it! The money is instantly moved from your current account to your chosen savings account. There's no lengthy login process or navigating multiple menus, making it incredibly effective for those "I should save this" moments.
QuickTip: Skim slowly, read deeply.
Step 4: Maximizing Your Impulse Saving Strategy
Setting up Impulse Saver is just the first step. To truly make it a powerful tool for your financial well-being, consider these strategies:
4.1 Set Reminders (If Needed)
Initially, it might take a conscious effort to remember to use Impulse Saver. Consider setting up a daily or weekly reminder on your phone to prompt you to check your spending and make an impulse save. As it becomes a habit, you might find yourself doing it naturally.
4.2 Connect It to Your Budget
Impulse Saver isn't a replacement for a comprehensive budget, but it can complement one beautifully. When you identify areas where you've underspent or avoided a discretionary purchase, immediately transfer that saved amount using Impulse Saver. This reinforces positive financial behaviour.
4.3 Visualise Your Goals
Nationwide's app also allows you to set up Savings Goals. Link your Impulse Saver contributions to a specific goal, like "Holiday Fund," "New Gadget," or "Emergency Buffer." Seeing your progress towards a tangible goal can be incredibly motivating and encourage more frequent impulse saves.
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4.4 Be Consistent, Even with Small Amounts
The power of impulse saving lies in its consistency. Even saving £1 or £2 here and there can accumulate significantly over time. Don't underestimate the impact of small, regular contributions. Every penny saved is a penny earned!
4.5 Review and Adjust
Periodically review your savings progress within the app. See how much your impulse saves have contributed. If you find yourself consistently saving more, consider increasing your default impulse save amount or setting higher individual goals. If you're struggling, identify why and adjust your strategy.
Step 5: Beyond Impulse Saver: Other Nationwide Saving Tools
While Impulse Saver is a fantastic feature, Nationwide offers other tools within their app and services that can further boost your savings.
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5.1 Savings Goals
As mentioned, the app lets you set up specific savings goals. You can name them, set a target amount, and a target date. The app can even help you calculate how much you need to save daily, weekly, or monthly to reach your goal. This provides a clear roadmap for your savings.
5.2 Account Management
The app allows you to view all your Nationwide accounts – current, savings, loans, mortgages, and credit cards – in one place. This holistic view helps you manage your overall financial picture effectively. You can easily transfer money between your various Nationwide accounts, beyond just impulse saves.
5.3 Digital Banking Promise & Security
Nationwide prioritizes your security. Their Digital Banking Promise means they'll refund money taken from your account without authorization and monitor your account 24/7. This gives you peace of mind while managing your finances digitally.
By following these steps and integrating Impulse Saver into your financial routine, you'll be well on your way to building a healthier savings habit and achieving your financial aspirations. It's about making saving effortless and rewarding.
Frequently Asked Questions about Nationwide Impulse Saver
Here are 10 related FAQ questions, starting with 'How to', with quick answers to help you further:
How to check my Impulse Saver balance?
You don't have a separate "Impulse Saver balance." The money you save using Impulse Saver goes directly into your chosen Nationwide savings account. You can check the balance of that specific savings account within the Nationwide Banking App or through Internet Banking.
How to change the default amount for Impulse Saver?
While Impulse Saver is designed for quick, manual transfers, you can typically choose the amount each time you make an impulse save within the app. There isn't a fixed "default" setting that you must adhere to; you simply input the desired amount for that specific transfer.
Reminder: Short breaks can improve focus.
How to link a new savings account to Impulse Saver?
If you open a new Nationwide savings account, you can usually link it as a destination for your Impulse Saves by navigating to the Impulse Saver feature within the app and selecting or adding the new account from your list of eligible savings accounts.
How to use Impulse Saver if I don't have a smartphone?
The Impulse Saver feature is primarily a mobile app function. If you don't have a smartphone, you won't be able to use this specific feature. However, you can still transfer money to your savings account via Nationwide's Internet Banking or by visiting a branch.
How to ensure my Impulse Saves are secure?
Nationwide's banking app uses robust security measures, including biometric login (fingerprint/face ID) and a passnumber. All transactions made through the app are protected by Nationwide's Digital Banking Promise, ensuring your money is safe.
How to track my Impulse Saver contributions over time?
Since Impulse Saves are simply transfers into your regular savings account, you can track them by viewing the transaction history of that specific savings account within the Nationwide Banking App or Internet Banking. You'll see individual "Impulse Saver" or "Transfer" entries.
How to set up a Savings Goal in the Nationwide app?
Within the Nationwide Banking App, navigate to your savings accounts. There should be an option to "Set a Savings Goal" or similar. You can then name your goal, set a target amount and date, and allocate specific savings towards it.
How to revert an Impulse Save if I made a mistake?
As Impulse Saves are regular transfers, they function like any other transfer. If you need to access the funds, you can transfer them back from your savings account to your current account using the Nationwide Banking App or Internet Banking, subject to your savings account's terms (e.g., instant access accounts allow immediate withdrawals).
How to get text alerts for my savings balance?
You can often set up text alerts through Nationwide's Internet Banking in the 'Manage my details and settings' section, or by contacting their customer service. This allows you to receive notifications when your balance reaches a certain level, which can be useful for monitoring your savings.
How to find out the interest rate on my savings account linked to Impulse Saver?
You can easily check the interest rate for any of your Nationwide savings accounts directly within the Nationwide Banking App or through Internet Banking. Look for the specific account details or a "Check your savings account's interest rate" tool on their website.
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