Nationwide Current Accounts Guide
As the second largest savings provider and top three lender of mortgages in the UK, it is also a major provider of current accounts, credit cards and personal loans.
Nationwide is the world’s largest building society. It has existed for over 160 years and has around 15 million members. As the second largest savings provider and top three lender of mortgages in the UK, it is also a major provider of current accounts, credit cards and personal loans.
Nationwide also owns Cheshire, Derbyshire and Dunfermline building societies.
What types of current account does it provide and what are the benefits?
The current account offered by Nationwide is the Flexaccount. Customers can bank by telephone, internet or in branch, and the account comes with no monthly fee.
Flexaccount holders can also apply for an overdraft at 18.9% EAR (variable.)If you go over your agreed limit, Nationwide will refund unarranged overdraft fees the first time, provided that you let them know you’ve made a mistake. If you make the same mistake again though, you will incur penalty charges.
The account comes with a number of benefits. If you switch to a Flexaccount, or are already an account holder paying in a minimum of £750 a month, you are entitled to free European multi-trip cover. This not only takes the hassle out of having to organise travel insurance when you are going on holiday, but could also afford you big savings.
You will also have access to special offers on loans, savings and mortgages and are eligible for the ‘simply rewards scheme.’
If you are a bargain hunter, this scheme offers deals on major high street and online brands and to take advantage of this, you just go to the simply rewards site, use the first six digits of your Nationwide visa debit or credit card to sign in and then follow instructions for each offer. You then pay using your Flexaccount card.
Customers wishing to switch to a Nationwide current account may be concerned that the process will be difficult. However, the building society offers its ‘four point account transfer promise’ to ensure a hassle-free procedure.
This is a guarantee that it will contact all your direct debit companies within 10 working days and if it doesn’t, you will receive £100. It will also refund any charges and interest that occurs as a result of the process in the three months following the start of the account transfer.
The building society promise to keep you informed throughout the process through text and it has a dedicated team on hand to help you with any queries you may have. It will also find out which of your providers have updated their records with your new details, and contact you to let you know of any that haven’t.
If you wish to apply online to switch your account, it couldn’t be easier. You simply need to fill out some basic details and give the name, account number and sort code of the account you are switching from. Nationwide will do the rest.
Comparing current accounts
It’s important that you consider whether or not your current account is working as hard as it should be for you. Shopping around is vital as you could be missing out on major benefits by sticking with the same current account provider that you have always had.
Comparing current accounts on MoneySupermarket will allow you to see a variety of current accounts and pick one that will be the most beneficial for you.