Nationwide can close your existing savings account and switch you over easily.
Nationwide is the world’s largest building society and one of the UK’s largest savings providers.
It offers a broad range of savings accounts, so whether you’re looking to save your money for a rainy day or you’re willing to let your money mature over a longer period of time, Nationwide has options for you.
What savings accounts does Nationwide offer?
- Cash ISAs
- Regular savings accounts
- Children’s savings accounts
Personal savings accounts
Flex Regular Online Saver. With a really decent return on your money and instant access, this saver is a great option for anyone. The two catches? You have to have a main current account with Nationwide. Plus the deal is only for 12 months.
Instant Access Saver. This is probably Nationwide’s most basic account. The interest rate is pretty low, but you can deposit or withdraw whenever you like and you don’t need to have a current account with Nationwide.
Fixed-rate bonds. Get better interest rates than with instant or easy-access accounts. If you want to take money out before the term ends, you’ll be charged. Terms are between 1 and 5 years.
Limited Access Saver. You get up to 5 instant withdrawals a year. Further withdrawals are allowed at a lower interest rate.
Future Saver. This account is for parents or guardians trying to save for their child’s future. It’s available for children from birth to 15 years old. It has a decent interest rate but you have to have a main account with Nationwide. If you make more than 1 withdrawal, the interest rate sharply drops.
Nationwide’s cash ISAs explained
An individual savings account (ISA) lets you earn interest tax-free, although there is a limit on how much you can put into an ISA each year. The various cash ISAs on offer from Nationwide are explained below.
Help to buy ISA
- Only eligible for first-time buyers
- This ISA gives the best interest rate (although it is variable)
- Holders could also qualify for a government bonus of up to £3,000 on qualifying purchases
- Lock your money away for an agreed length of time
- Interest rates are higher and fixed
- No withdrawals or additions during the term
- Must have a main current account with Nationwide
- The interest rate is variable but you can make withdrawals at any time
- Save up to the maximum ISA allowance for the year (£20,000 for 2018-2019)
- Exclusively for members who have had continuous membership for 1 year or more
- The longer your loyalty, the better your interest rate
- Make withdrawals at any time
- Lowest interest rate out of the ISAs on offer (variable, too)
- If you’re on a tight budget and haven’t got a main account with Nationwide then this might be for you
- Unlike a fixed-rate ISA, this instant access ISA lets you withdraw at any time
What is a building society?
A building society is a financial institution owned by its members. Whereas banks are normally listed on the stock market and run for their shareholders, building societies aren’t.
Because they don’t have shareholders to pay, building societies have historically claimed to offer better interest and cheaper mortgage rates than banks offer.
How to set up a Nationwide savings account
This depends on whether or not you’re already registered with Nationwide. Current members can open an account online and may be able to do so without showing any proof of identity. Nationwide will let current customers know if they need physical proof.
New customers will have to go into a branch and will need to bring UK photo identification – either a passport or driving licence – plus proof of name and proof of address. Examples include:
- A bank statement from within the past 3 months
- A valid full EEA passport
- A benefits letter from the last year
- A valid student ID from a UK university
- UK gas or electricity bill (less than 3 months)
- UK phone bill (not mobile, less than 3 months)
- A benefits letter from the last year (last 12 months)
There’s a full list of eligible documents, which explains those that are specifically for name or address, on the Nationwide website. If you’re setting up a savings account as a child then you’ll need to provide your passport or birth certificate along with proof of where you live.
Does Nationwide offer online or mobile banking?
Yes, it offers both. Here are some of the basic features:
- Check balances. For any type of account.
- Transfer money between accounts. In a matter of seconds.
- Pay bills and people. All within the online portal.
- All of those features. On the go.
- Secure login. Log in to your account by simply using your fingerprint.
- Filter and compare. View up to 15 months’ transactions and compare your income and expenses.