The world’s largest building society, Nationwide was founded in Swindon in 1846. While it’s undoubtedly a big deal on the high street – it boasts a 7.7% market share of current accounts – how does it fare in the digital banking world?
Nationwide’s mobile banking app caters for Nationwide customers looking for a way to manage or check up on their finances while on the move. It’s not a flashy app by any means, but then again it doesn’t really need to be. The features that the app does have are genuinely useful. Here’s our rundown of the app.
If you’re not a Nationwide customer, have a read ofour other app reviewsto find a banking app better suited to your needs.
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Nationwide’s mobile banking app works by linking up to your Nationwide current or savings accounts. You can use the app to set up savings goals, make balance transfers and manage your money on your phone or tablet, as well as checking your balance on your smartwatch. To get going with the app simply download it from either the App Store or the Google Play Store, install it and enter your Nationwide account details. You’ll then be able to use the app to:
View and manage balances and transactions.
Use budgeting tools such as the Impulse Saver tool, which allows you to make a transfer to your savings account instead of making an impulsive purchase, and the bar that shows your income relative to your outgoings in a particular timeframe.
View and cancel direct debits.
Apply for a new overdraft.
Set up text alerts for when your account balance falls below a certain level.
View up to 15 months of transactions.
How do I apply for a current or savings account with Nationwide?
The easiest way to apply to open a new account with Nationwide is to go online. Go to the Nationwide website to open a sole or joint account, open a second account or switch your existing account to Nationwide. However, you’ll need to go into a Nationwide branch with proof of identity even if you’re applying to open an account online.
Saving with the Nationwide app
Nationwide’s mobile banking app features some notable budgeting features. One of these is the “Impulse Saver” feature. Targeted at millennials, this feature allows users of the app to deposit money into their savings account instead of making an impulsive purchase. So, say you’re out in the town and fancy a coffee, but think better of it after seeing how much it’ll cost you – the “Impulse saver” feature allows you to put the money that would have been spent aside into a savings account with a couple of taps on your phone. The feature was launched in 2014, and since that time has seen users save over £20 million with an average deposit of £30.
Front and centre of Nationwide’s app is the ability to quickly and easily compare income and outgoings. The moment you log into your account in the app, you’ll be greeted with a chart showing income and outgoings within a given timeframe, allowing you to easily assess how well your budgeting efforts are going.
Nationwide fees and limits
There is no fee for maintaining Nationwide’s main current account, the FlexAccount. However, there are interest charges for arranged and unarranged overdrafts.
Is Nationwide safe?
The Financial Services Compensation Scheme (FSCS) is an independent statutory fund set up to safeguard consumer finances in the event of a bank being unable to meet its payment demands. Nationwide has full FSCS protection which provides compensation for the loss of up to £85,000 – as is the standard for UK bank accounts.
Full access to a current and savings account – can receive salary, make direct debit payments and bank transfers.
Instant notifications for transactions means you no longer have to wait like with normal banks.
Budgeting tools, such as the Impulse Saver feature and facility to set savings goals.
Broad network of bank branches if something goes wrong.
App can only be used with Nationwide accounts.
Frequently asked questions
Yes. If you’re looking for an app that allows you to manage accounts held with different banks, check out our other app reviews.
Transferring money from account to account will usually happen immediately. However, it may take longer in some cases.
If you’re sending an amount under £10,000 to a non-Nationwide account, this will usually arrive immediately but may take up to 2 hours. A payment over £10,000 will arrive the same day as long as it’s sent before 3pm. There’s also a £20 fee for these payments, which are known as CHAPS payments.
To set up a new standing order, you’ll first need to make sure you know the business or person that you’re paying, their 8-digit account number and 6-digit sort code, a payment reference and a card reader (this needn’t be a Nationwide card reader, it can be from any bank as long as it’s a bank that accepts your card). Once you’ve got all this information together, bear in mind that you’ll have until 10pm of the working day before the payment is due to set up the order. To set it up in the Nationwide app:
Firstly, log in to the mobile banking app.
Open the menu in the top right-hand corner and tap “Payments and transfers”.
Now, tap “Pay or move money”.
Choose the account that you want to pay the standing order from.
Now, select the payee. This can be a new or existing payee, though if you’re setting up a new one the process may take a little longer.
Tap on the person you’d like to pay.
Enter the amount you’d like to pay.
Tap the “standing order” toggle button.
Finally, follow the on-screen instructions. Your standing order should now be set up and ready to go.
Before you cancel a direct debit, you’ll need to let the company that the direct debit is with know beforehand. If you don’t, you may be charged with missed payments. To cancel a direct debit:
Log in to the Nationwide app.
Tap the account the Direct Debit is being paid from
Next, tap “more” from the bottom menu.
Select “view and cancel payments”.
From this point, you should be able to see all of your scheduled payments. Find the direct debit you want to cancel.
Finally, tap “cancel this direct debit”.
To make an internal transfer, for example a transfer between your Nationwide current account and Nationwide savings account, you can use Nationwide’s mobile banking app. It won’t cost you anything to do so. To make a transfer using the mobile banking app:
First, log in to the mobile banking app and tap the menu in the screen’s top right-hand corner.
Now, tap “Payments and transfers”.
Then, select “Pay or move money”.
Now, choose the account the funds will be taken from by tapping “One of your Nationwide accounts”.
To finish off the process, follow the on-screen instructions.
Nationwide requires users to enter memorable data when they want to log in to their account. However, if you forget your memorable data, don’t panic. Because of security concerns, Nationwide can’t send you a reminder of your data, so you’ll have to come up with new memorable data. There are two ways to do this – one of which is via Internet banking. To do this:
Log in to Internet banking using the card reader, and click on the “Manage” tab at the top of the page.
Now, go to “My security” and click “View or change my security settings”.
From here, click “My passnumber/memorable data”.
Finally, click “Change” to update your memorable data.
If you don’t have a card reader to hand, or you’ve forgotten all your login details, you won’t be able to do this through Internet banking. However, you will be able to reset your passnumber and memorable data by re-registering for Internet banking, as long as you haven’t done so in the last 7 days.
Oli is a writer for Finder UK. He writes guides, features and news about a range of topics, including banking, credit cards, mortgages and personal loans. He studies English Literature at the University of Sussex, and in his spare time enjoys cycling and playing the guitar, though not necessarily at the same time.
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