Do you often find yourself with a little bit of money left over after a transaction, wishing there was an easy way to save it without even thinking about it? Perhaps you're looking for a simple, effortless method to boost your savings without feeling the pinch. If so, you've come to the right place! Nationwide's "Spare Change" feature, often referred to as "Round-ups" or "Impulse Saver," is designed precisely for this.
Imagine every time you spend £2.50 on a coffee, the extra £0.50 automatically gets moved into your savings. Or when you buy groceries for £19.20, the £0.80 rounds up and finds its way to your savings pot. These small amounts, when accumulated over time, can make a surprisingly significant difference to your financial goals.
This comprehensive guide will walk you through, step-by-step, on how to set up and make the most of Nationwide's Spare Change feature. Let's dive in!
The Magic of Micro-Savings: How Nationwide's Spare Change Works
Before we get into the "how-to," let's understand the core concept. Nationwide's Spare Change (or Round-up) feature takes your debit card transactions and rounds them up to the nearest whole pound. The difference is then transferred from your current account to a nominated Nationwide savings account. It's a fantastic way to automate your savings without actively cutting back on your spending.
You won't even notice the small amounts leaving your account, but your savings balance will steadily grow. It's a form of "set it and forget it" saving that truly adds up over time.
Step 1: Are You Ready to Be a Super Saver?
First things first, let's ensure you have everything you need to begin your micro-saving journey with Nationwide.
- A Nationwide Current Account: This is essential, as your debit card transactions from this account will be rounded up. If you don't have one, you'll need to set this up first. Nationwide offers various current accounts like FlexAccount, FlexDirect, and FlexPlus.
- A Nationwide Savings Account: You'll need a designated savings account for your rounded-up funds to go into. This could be an instant access saver, a regular saver, or any other Nationwide savings account you wish to use for this purpose. If you don't have one, don't worry, you can often open one within the app or Internet Bank.
- The Nationwide Banking App: The easiest and most convenient way to set up and manage the Spare Change feature is through the Nationwide Banking App. If you haven't already, download it from your device's app store (Google Play Store for Android or Apple App Store for iPhone).
If you've got all three of these covered, excellent! You're ready to proceed to the next step. If not, take a moment to get these in order – it's worth it for your future savings!
Step 2: Logging In and Finding Your Way Around
Once you have the app downloaded and your accounts ready, it's time to log in and navigate to the savings features.
Sub-heading 2.1: Launching the Nationwide Banking App
- Open the Nationwide Banking App on your smartphone or tablet.
- You'll be prompted to enter your Passnumber or use your Biometrics (Fingerprint or Face ID) if you have them set up. Enter your credentials to securely log in.
Sub-heading 2.2: Locating the Savings Features
- Once logged in, you'll typically see an overview of your accounts.
- Look for a section related to "Savings," "Goals," or "Manage Money." Nationwide's app is designed to be intuitive, so these options should be clearly visible.
- You're looking for something that mentions "Round-ups" or "Impulse Saver." It might be nestled under a broader "Ways to Save" or "Saving Tools" menu.
Step 3: Activating the Spare Change Feature (Round-ups)
This is where the magic happens! Follow these steps carefully to turn on the Spare Change feature.
Sub-heading 3.1: Initiating the Round-up Setup
- Within the savings section, you should find an option specifically for "Round-ups" or "Spare Change." Tap on this.
- The app will likely provide a brief explanation of how the feature works. Read through it to ensure you understand.
- Look for a button or prompt to "Set up Round-ups" or "Activate Spare Change." Tap on this to proceed.
Sub-heading 3.2: Choosing Your Savings Destination
- The app will then ask you to select the Nationwide savings account where you want your rounded-up amounts to be transferred.
- If you have multiple savings accounts, choose the one you intend to use for these micro-savings. Consider an account that you don't regularly withdraw from for day-to-day expenses to maximize the impact of your round-ups.
- If you don't have a suitable savings account, the app might offer you the option to open a new one directly from this screen. If so, follow the prompts to complete the new account opening process.
Sub-heading 3.3: Confirming and Activating
- Once you've selected your designated savings account, the app will present you with a summary of the settings.
- Review the details carefully. Ensure the correct current account is linked for transactions and the correct savings account is chosen as the destination.
- You'll likely be asked to confirm your choice. Tap on "Confirm" or "Activate" to finalize the setup.
- You might receive a confirmation message within the app or a push notification confirming that the Spare Change feature has been successfully activated.
Congratulations! You've just taken a significant step towards effortless saving!
Step 4: Monitoring Your Micro-Savings Progress
Setting it up is just the beginning. It's incredibly satisfying to see your spare change accumulate.
Sub-heading 4.1: Checking Your Round-up Activity
- Return to the Savings section of your Nationwide Banking App.
- You should now see the impact of your Round-ups. The app typically provides a clear overview of how much has been transferred through this feature.
- You might be able to view a transaction history specifically for your round-ups, showing each small transfer. This can be very motivating!
Sub-heading 4.2: Understanding the Frequency of Transfers
- Nationwide's Round-up feature usually aggregates the spare change from your debit card transactions over a period (e.g., daily or weekly) and then makes a single transfer to your chosen savings account.
- This means you won't see a separate transfer for every single transaction, but rather a consolidated amount. This helps keep your statements tidy.
Step 5: Tips for Maximizing Your Spare Change Savings
While the feature is largely automatic, a few tips can help you make the most of it.
- Use Your Debit Card More Often: The more you use your Nationwide debit card for everyday purchases, the more opportunities there are for transactions to be rounded up, and thus, the more you'll save!
- Set Savings Goals: Within the Nationwide Banking App, you can often set specific savings goals. Link your Spare Change savings to a particular goal (e.g., "Holiday Fund," "Emergency Buffer," "New Gadget"). Seeing your progress towards a goal can be a powerful motivator.
- Combine with Other Saving Habits: Don't rely solely on Spare Change. Consider setting up a small, regular standing order into the same savings account if your budget allows. The combination of automatic round-ups and regular contributions can supercharge your savings.
- Review Periodically: While it's "set and forget," it's a good idea to periodically check your savings. This helps you track progress and can encourage you to save even more.
Frequently Asked Questions (FAQs)
Here are 10 common questions about Nationwide's Spare Change feature, with quick answers:
How to check if I'm eligible for Nationwide Spare Change?
You need to have a Nationwide current account and a Nationwide savings account. The feature is generally available to most personal current account holders.
How to stop the Spare Change feature if I need to?
You can typically disable the Round-up feature within the "Savings" or "Manage Money" section of your Nationwide Banking App. Look for the "Round-ups" option and an action to turn it off.
How to change the savings account my spare change goes into?
You should be able to amend the nominated savings account for your Round-ups within the settings of the Spare Change feature in the app.
How to see a detailed breakdown of my Round-up transactions?
The app usually provides a summary of your total round-ups. For individual transaction details, you might need to check your current account statement for the rounded-up debit card transactions and your savings account statement for the consolidated transfers.
How to know when the round-ups are transferred to my savings account?
Nationwide typically processes the round-ups on a periodic basis, often daily or weekly, consolidating all the small amounts into a single transfer to your savings account.
How to make sure my debit card transactions are being rounded up?
Once activated, any eligible debit card payment will automatically trigger a round-up. You can verify this by checking your savings account balance or the Round-up summary in the app.
How to use the Spare Change feature with joint accounts?
If you have a joint current account, the Spare Change feature might be linked to the primary cardholder or require specific setup for both. Check with Nationwide's customer service or the app's settings for joint account functionality.
How to use Spare Change if I don't have the banking app?
While the app is the easiest, you might be able to set it up via Nationwide's Internet Bank (online banking). If not, you may need to contact Nationwide directly by phone or visit a branch.
How to ensure my spare change is earning interest?
Yes, once the rounded-up amounts are transferred to your chosen Nationwide savings account, they will start earning interest according to the terms and conditions of that specific savings account.
How to contact Nationwide if I have issues setting it up?
You can contact Nationwide's customer service via phone, their online chat service (available on their website), or by visiting your nearest Nationwide branch for assistance.
