Thinking of making the jump from NatWest to Nationwide? Perhaps you're chasing a better interest rate, a more tailored account, or simply a fresh banking experience. Whatever your reasons, switching banks in the UK has never been easier, thanks to the Current Account Switch Service (CASS). This guide will walk you through every step of the process, ensuring a smooth transition.
Ready to explore a new banking home? Let's dive in!
Step 1: Discovering Your Ideal Nationwide Account
Before you make any moves, the very first thing you need to do is decide which Nationwide current account is right for you. Nationwide offers a range of accounts, each with its own perks. This is where you engage with your financial needs and aspirations.
Sub-heading: Understanding Nationwide's Offerings
Nationwide has several popular current account options. Consider which one aligns best with your banking habits:
Tip: Don’t skim past key examples.
- FlexAccount: This is Nationwide's basic, everyday current account with no monthly fee. It's a solid choice if you're looking for simplicity and access to Nationwide's branch network. You also get access to exclusive member-only savings products.
- FlexDirect: Looking for a bit more? The FlexDirect account often comes with attractive in-credit interest rates (e.g., 5% AER for 12 months on balances up to £1,500) and sometimes even cashback on debit card purchases for a limited period. However, it's generally designed for online and telephone banking, with limited branch access. It also typically has no monthly fee.
- FlexPlus: This is a packaged account, meaning it comes with a monthly fee (currently £18) but includes a host of benefits like worldwide family travel insurance, mobile phone insurance, and UK and European breakdown cover. If these insurances are something you'd otherwise pay for, this could offer value.
Sub-heading: What to Consider When Choosing
- Fees: Are you comfortable with a monthly fee for added benefits, or do you prefer a no-fee account?
- Interest Rates & Rewards: Do you want to earn interest on your balance or get cashback on spending?
- Access: How do you prefer to bank? Online, via an app, over the phone, or in a branch?
- Overdrafts: Do you anticipate needing an overdraft? Check the interest rates and any interest-free buffer offered.
- Switching Incentives: Nationwide frequently offers incentives (like cash bonuses) for new customers who switch. Always read the full terms and conditions for these offers, as they often require specific actions (e.g., setting up a certain number of Direct Debits).
Once you've done your research and identified the Nationwide account that suits you, you're ready for the next step!
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| How To Switch From Natwest To Nationwide |
Step 2: Gathering Your Information and Applying for Your New Account
This is where the rubber meets the road! You'll initiate the switch process by applying for your chosen Nationwide account.
Sub-heading: Essential Documents and Details You'll Need
Before you start your application, have the following handy:
Tip: Don’t just glance — focus.
- Proof of Identity: A valid passport or UK driving license is usually required.
- Proof of Address: A recent utility bill (not a mobile phone bill), council tax bill, or bank statement (less than 3 months old) will generally suffice.
- Your NatWest Account Details: This includes your NatWest sort code and account number.
- Your NatWest Debit Card Details: The long number on your NatWest debit card.
- Details of Any Joint Account Holders: If you're switching a joint account, ensure both account holders are present and have their ID and address details ready.
Sub-heading: The Application Process
You can apply for a Nationwide current account and initiate the switch in a few ways:
- Online: This is often the quickest and most convenient method. Visit the Nationwide website and follow the steps to apply for your chosen current account. During the application, you'll be asked if you want to switch an existing account.
- In Branch: If you prefer face-to-face assistance, you can visit your nearest Nationwide branch. A member of staff will guide you through the application and switch forms.
- By Phone: You can also call Nationwide's customer service to apply and initiate the switch over the phone.
When applying, be sure to clearly indicate that you wish to use the Current Account Switch Service (CASS). This is crucial for a smooth and guaranteed transfer. You'll typically be asked to sign a "Current Account Switch Agreement" and a "Current Account Closure Instruction" form.
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Step 3: The Current Account Switch Service (CASS) Takes Over
This is the beauty of the CASS! Once you've applied and given your consent, Nationwide, as your new bank, will handle the heavy lifting. The service is designed to be simple, reliable, and stress-free, taking just 7 working days to complete.
Tip: Remember, the small details add value.
Sub-heading: What CASS Does For You
- Transfers all your incoming payments: This includes your salary, pension, benefits, and any other regular credits.
- Moves all your outgoing payments: Your Direct Debits, standing orders, and recurring card payments will all be transferred to your new Nationwide account.
- Transfers your balance: Any money remaining in your NatWest account will be moved to your new Nationwide account.
- Closes your old NatWest account: Once the switch is complete, your NatWest account will be automatically closed, and your old debit card will be cancelled.
- Redirects any accidental payments: For a period (usually 36 months), any payments accidentally sent to your old NatWest account will be automatically redirected to your new Nationwide account. The sender will also be notified of your new details.
- The Current Account Switch Guarantee: This guarantees that if anything goes wrong during the switch, your new bank will ensure it's corrected and that you won't be left out of pocket.
Sub-heading: Choosing Your Switch Date
You'll be able to choose a convenient switch date with Nationwide, which must be at least 7 working days from your application date and cannot be a Saturday, Sunday, or Bank Holiday. This allows you to plan and ensure all your finances are in order.
Step 4: During the 7-Day Switch Period
While CASS handles most of the work, there are a few things to keep in mind during this short period.
Sub-heading: Continue Using Your NatWest Account (Initially)
You can continue to use your NatWest account as normal up until your agreed switch date. However, it's generally advised not to set up any new Direct Debits or standing orders on your NatWest account during the 7 working days leading up to your switch date, as these might not be transferred across.
Tip: Take mental snapshots of important details.
Sub-heading: Nationwide Will Keep You Informed
Nationwide will communicate with you throughout the process, providing updates on the progress of your switch.
Step 5: Switch Completion Day and Beyond
Congratulations! On your chosen switch date, your banking life officially moves to Nationwide.
Sub-heading: What Happens on Switch Day
- Your NatWest account will be closed.
- Your NatWest debit card will stop working.
- All your Direct Debits, standing orders, and incoming payments will be active on your Nationwide account.
- Any remaining balance from NatWest will be in your Nationwide account.
Sub-heading: Post-Switch Actions
While CASS provides a robust redirection service, it's good practice to:
- Inform key payees: Although payments will be redirected, it's a good idea to directly update important contacts like your employer (for salary), pension provider, and any significant regular incoming payments with your new Nationwide account details.
- Check your statements: For the first month or two, closely monitor your Nationwide statements to ensure all expected payments (both in and out) are processing correctly.
- Destroy your old NatWest cards: Once you're confident everything has transferred, securely cut up and dispose of your old NatWest debit and credit cards.
Switching banks can seem daunting, but with the Current Account Switch Service and this step-by-step guide, you'll find the transition from NatWest to Nationwide to be a surprisingly smooth experience!
10 Related FAQ Questions
How to choose the best Nationwide account for me?
- Consider your banking habits: Do you prefer in-branch or online banking? Do you want to earn interest or have a packaged account with insurance? Compare FlexAccount, FlexDirect, and FlexPlus based on fees, benefits, and access.
How to check if my NatWest account is eligible for CASS?
- Almost all UK current accounts are covered by the Current Account Switch Service. You can check the official CASS website for a list of participating banks and building societies, but both NatWest and Nationwide are part of the scheme.
How to apply for a Nationwide account online for switching?
- Visit the Nationwide website, select the current account you wish to open, and during the application process, indicate that you want to switch your existing account using the Current Account Switch Service.
How to ensure all my Direct Debits transfer successfully?
- The CASS guarantees that all Direct Debits and standing orders will be moved. Avoid setting up new payments on your old NatWest account in the 7 days before your switch date.
How to track the progress of my Nationwide switch?
- Nationwide will provide updates throughout the 7-working-day switch period. You may receive email or SMS notifications, and you can often check the status via their online banking or app.
How to manage my old NatWest account during the switch?
- You can continue to use your NatWest account normally until the switch date. On the switch date, your NatWest account will be closed automatically.
How to deal with an accidental payment to my old NatWest account after the switch?
- Any payments made to your old NatWest account will be automatically redirected to your new Nationwide account for a period (usually 36 months) under the CASS Guarantee. The sender will also be notified of your new details.
How to get a switching bonus from Nationwide?
- Nationwide often has promotional offers. To qualify, you usually need to perform a full switch via CASS, and often meet criteria like transferring a minimum number of Direct Debits and funding the account with a certain amount within a specified timeframe. Always read the specific terms.
How to access my old NatWest statements after the switch?
- Your transaction history will not be transferred via CASS. If you need old statements, download them from your NatWest online banking before the switch, or contact NatWest directly to request copies.
How to contact Nationwide if I have issues with my switch?
- You can contact Nationwide's customer service via phone, through their online chat (if available), or by visiting a branch. They are responsible for resolving any CASS-related issues under the Current Account Switch Guarantee.
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