Have you ever found yourself with a Nationwide savings account, perhaps an excellent ISA or an e-Savings account, but needing to move money to your main current account held with another bank? That's where a nominated account comes in! It's a crucial link that allows you to easily transfer funds out of your Nationwide savings to an external account held in your name. Without it, withdrawing money might involve cheques or more complex processes.
This comprehensive guide will walk you through the entire process of setting up a nominated account with Nationwide, ensuring your money transfers are smooth, secure, and hassle-free.
Setting Up a Nominated Account with Nationwide: A Step-by-Step Guide
Setting up a nominated account with Nationwide is generally a straightforward process, primarily done through their Internet Bank. While some accounts or specific situations might require alternative methods, the online route is usually the quickest and most convenient.
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| How To Set Up A Nominated Account Nationwide |
Step 1: Get Ready and Log In!
Before you dive in, let's make sure you have everything you need. This will save you time and frustration later on!
- Your Nationwide Account Details: This includes your customer number, account number, and any relevant security details for logging into the Internet Bank.
- Your External Bank Account Details: You'll need the sort code and account number of the UK current account (or sometimes a savings account, depending on the Nationwide product) that you wish to nominate. Crucially, this account must be in your name (either solely or jointly with the same people as your Nationwide account).
- A Device with Internet Access: A computer, laptop, tablet, or even your smartphone will work, as long as you can access the Nationwide Internet Bank.
Ready to begin? Great! Let's start by logging into your Nationwide Internet Bank.
QuickTip: Reading twice makes retention stronger.
- Open your web browser and navigate to the official Nationwide website (nationwide.co.uk).
- Look for the "Log in" button, usually found in the top right corner of the homepage. Click on it.
- Enter your login credentials, which typically include your customer number and password, and follow any additional security prompts (e.g., memorable information, one-time passcodes).
Step 2: Navigate to Your Savings Account
Once you're logged into the Internet Bank, you'll be on your main account overview page.
- On the "View accounts and transactions" tab, you'll see a list of all your Nationwide accounts.
- Carefully locate the specific savings account for which you want to set up a nominated account. Click on this account to view its details.
Step 3: Find the 'Manage My Nominated Account' Option
Not all Nationwide savings accounts allow for a nominated account. If yours does, you'll see a specific option to manage it.
- After clicking on your chosen savings account, scan the options presented.
- You should find an option clearly labelled "Manage my nominated account". If you don't see this, it might mean that particular savings account doesn't support the nominated account feature, or you may need to look for a different withdrawal method (e.g., closing the account for a cheque).
Step 4: Add Your Nominated Account Details
This is where you'll input the information for your external bank account.
- Click on "Manage my nominated account".
- You will likely be presented with options such as "Add," "Change," or "Remove" a nominated account. Select "Add".
- Enter the required details for your nominated account:
- Account Name: Ensure this exactly matches the name on your external bank account.
- Sort Code: The six-digit sort code of your external bank account.
- Account Number: The eight-digit account number of your external bank account.
- You may also have the option to add a reference for the payment if needed.
- Double-check all the details you've entered. Even a single incorrect digit can lead to delays or the payment going to the wrong account. This is a crucial step!
Step 5: Confirm and Await Activation
After entering the details, you'll be asked to confirm.
QuickTip: Let each idea sink in before moving on.
- Review the summary of the nominated account details. If everything looks correct, click "Confirm".
- Nationwide will then process your request. It's important to note that it may take up to 24 hours for your nominated account to be ready to use. This short delay is a security measure to ensure the details are correctly registered. You might receive a confirmation message or email once it's active.
Alternative Methods for Setting Up a Nominated Account
While the Internet Bank is the most common and efficient method, there might be situations where you need to use an alternative.
Via Phone (Telephone Banking)
If you're not comfortable with online banking or prefer speaking to someone, you can typically set up a nominated account via Nationwide's telephone banking service.
- Ensure you are registered for telephone banking and have your telephone banking passnumber ready.
- Call Nationwide's customer service line (typically 03457 30 20 11 in the UK, but always check their official website for the most current number and operating hours).
- Be prepared to provide your Nationwide account details and the sort code and account number of your nominated external account. The representative will guide you through the security checks and the setup process.
In Branch
For those who prefer face-to-face interaction or require assistance, visiting a Nationwide branch is another option.
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- Find your nearest Nationwide branch using their online branch finder.
- Bring relevant identification (e.g., passport, driving licence) and your Nationwide account details.
- It's also advisable to bring the sort code and account number of the external account you wish to nominate. A staff member will assist you with the process. They might require additional verification steps.
Important Considerations
- Account Ownership: The nominated account must be in your name. This is a critical security measure. If it's a joint Nationwide account, the nominated account usually needs to be in the same joint names or one of the named individuals.
- Account Type: For most Nationwide savings accounts, the nominated account needs to be a UK current account. Some specific savings products might also allow transfers to a savings account in your name. Always check the terms and conditions of your specific Nationwide savings product.
- Activation Time: As mentioned, it can take up to 24 hours for a newly added nominated account to become active for transfers. Plan your withdrawals accordingly.
- Transfer Limits: Nationwide has daily payment limits. While setting up the nominated account itself doesn't have a limit, the amount you can transfer to it daily will be subject to these limits. For Faster Payments, online limits can vary, often around £25,000 for new payees or certain types of payments, though higher limits (up to £100,000) may apply for established payees or in-branch payments. For very large transfers (over £100,000), you might need to use a CHAPS payment, which usually incurs a fee. Check Nationwide's website or contact them for the most up-to-date payment limits.
- Reviewing and Changing Nominated Accounts: You can typically view, change, or remove your nominated accounts through the Internet Bank under the "Manage my nominated account" section for the relevant savings account.
10 Related FAQ Questions (Starting with 'How to')
How to check if my Nationwide account can have a nominated account?
Quick Answer: Log into the Internet Bank, click on your savings account, and look for the "Manage my nominated account" option. If it's there, your account supports it. Alternatively, check the terms and conditions for your specific savings product or contact Nationwide directly.
QuickTip: Read section by section for better flow.
How to find my Nationwide account details for login?
Quick Answer: Your customer number is usually on your statements or welcome pack. If you've forgotten your login details, use the "Forgotten details" link on the Internet Bank login page or contact Nationwide's customer service.
How to ensure the nominated account details are correct?
Quick Answer: Double-check the sort code and account number against a recent bank statement or your online banking for the external account. Always verify the account holder's name as well.
How to transfer money to my newly set up nominated account?
Quick Answer: Once activated (usually within 24 hours), go back to your Nationwide savings account in the Internet Bank, select "Withdraw" or "Transfer," and choose your nominated account as the destination.
How to change a previously set up nominated account with Nationwide?
Quick Answer: Log into the Internet Bank, navigate to your savings account, click "Manage my nominated account," and then select the "Change" option. You'll need the new account details.
QuickTip: Repetition reinforces learning.
How to remove a nominated account from my Nationwide profile?
Quick Answer: In the Internet Bank, under your savings account, go to "Manage my nominated account" and select the "Remove" option.
How to make a large transfer if my nominated account limit is too low?
Quick Answer: For transfers exceeding standard online limits (e.g., over £25,000 or £100,000), you may need to spread the payment over multiple days, visit a branch, or inquire about a CHAPS payment (which usually has a fee) by contacting Nationwide.
How to deal with an incorrect payment made to a wrong nominated account?
Quick Answer: Contact Nationwide immediately. They have a credit payment recovery process, but success isn't guaranteed. Providing accurate details from the start is paramount.
How to know if my nominated account is active and ready for transfers?
Quick Answer: Nationwide typically sends a confirmation message or email once the nominated account is active. You can also try a small test transfer (e.g., £1) to confirm.
How to get help if I'm struggling to set up my nominated account?
Quick Answer: Contact Nationwide customer service by phone or visit your local branch. They are equipped to guide you through the process step-by-step and troubleshoot any issues you encounter.
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