Current Account faqs

These are our most frequently asked questions (FAQs) 

How do I upgrade my account?

You may be eligible for an upgrade if you have handled your account well. However, there are also circumstances where we would not be able to consider upgrading, which include if:

• You are under age 18
• Your existing account has been open for less than seven months
• You have applied for an upgrade within the last four months
• Your account has recently been overdrawn without our authorisation
• You have missed payments for other Nationwide products you hold
• Your account has not been used in the last three months
• You have missed loan, mortgage, or credit-card payments with other providers
• You are currently bankrupt or have an Individual Voluntary Arrangement (IVA) with your creditors.

If none of these circumstances apply to you, you may be eligible for an upgrade. Please visit your local branch.

What is an overdraft?

An overdraft is a credit facility that is set up on your FlexAccount to help you manage your short-term cash flow needs. Overdrafts are only available to those aged 18 or over and are subject to appraisal of your financial standing. If you need to borrow a larger amount over a longer period, please ask us about other options we can offer.

What is the EAR?

EAR - Equivalent Annual Rate - the cost of an overdraft stated as a yearly rate, taking into account the compounding of interest, which you can use to compare rates offered by different providers.

How can I change my overdraft?

Log in to the Online Bank:

• Select View accounts
• Select your FlexAccount (current account)
• Select Overdraft options from the menu on the left side of the page
• Continue to follow the on screen instructions to change your limit

The Overdraft link will not be available if:

• Your FlexAccount only has a cash card+
• There's no overdraft facility available on the account
• There are charges pending on your account, or
• When you opened the account, you chose not to have an overdraft facility.

Timescales

To receive an instant decision online, we recommend that you submit your request during the following hours when we are able to immediately confirm your overdraft limits:

• Monday to Saturday 06:00am - 23:00pm
• Sunday 06:00am to 18:00pm

If you submit your request outside the above hours, or if we have to carry out further checks, we will reply to your request with a secure message within three working days.

Or, you can ring our call centre on 08457 30 20 10 or visit us in branch. It is important to get our agreement to an overdraft, to avoid higher interest and charges.

Can I open a joint account?

Yes you can. If you’re registered for online banking you can apply for a FlexAccount, our current account, when you have logged in.

• Select Browse
• Find banking
• Choose FlexAccount – our current account
• Follow the onscreen instructions – you need to select joint account in the before you start section

If you’re not registered for our online bank, you can apply for a FlexAccount online.

To add a customer to an existing FlexAccount you can request an ‘addition of an account holder form’ from your branch or you can send us a secure message and we will send a form to you.

Both account holders will need to be present when the account changes are made.

How long does a cheque take to clear?

There are two areas to consider when thinking about cheques clearing.

1. Clearing for withdrawal – when you are allowed to withdraw money against any cheque you pay into an account with us.
2. Clearing for certainty – when you can be certain we will not take from your account, any cheque which is returned unpaid without your permission (unless you are knowingly involved in fraud).

For all FlexAccount customers

Cheque clearance times

Day cheque paid in	Withdrawals allowed from	Certainty from
Monday	Friday	Following Tuesday
Tuesday	Monday	Following Wednesday
Wednesday	Tuesday	Following Thursday
Thursday	Wednesday	Following Friday
Friday	Thursday	One week after Monday
Saturday	Friday	One week after Tuesday
Sunday	Friday	One week after Tuesday

For withdrawals and certainty, if you pay a cheque into the account on a Saturday, Sunday or bank holiday, we will treat the day it is paid in as the next working day. If you deposit a cheque at a Nationwide cash machine there may be a delay of one working day for the funds to be credited to your account.

Although we will allow you to withdraw against cheques as shown above, this does not mean that the cheque has cleared for certainty. Cheques can be returned unpaid before certainty and if so, we will take the amount from your account.

What is the most I can withdraw from my account each day?

Cash machines

As long as you have enough in your account, you can withdraw up to £300 in any one day.

Branch

You can withdraw up to £500 a day at your local branch, as long as you have the money in your account or an authorised overdraft. If you need more than £500, please give your branch at least 2 full working days' notice. (Some requests may take up to three full working days – so we recommend checking with your branch beforehand.) For cash withdrawals over £500, you will need to present one piece of ID – either your passport or driving licence (with the paper counterpart (copy).

Post Office

You can withdraw up to £300 in cash at any Post Office branch with your card and PIN.

For more information, see our card withdrawals page.

My cards have been lost, stolen or damaged – what do I need to do?

If you have Card Protection, contact the company immediately and they will arrange to cancel all your cards. Otherwise, call us immediately on 08457 30 20 10, or speak to an advisor at any Nationwide branch.

When do I need cleared funds in my account to meet a particular payment?

If you have a direct debit, bill payment, standing order or cheque payment due to come out of your account, you need cleared funds in your account before close of business on the working day before the payment is due. You can also find out more details about when cheques you are paying in to your account clear with our cheque processing calculator.

How can I make a complaint?

If you ask us, we will tell you how to make a complaint and how quickly we will deal with it. If we cannot settle the complaint to your satisfaction, you may ask the Financial Ombudsman Service to look into it. You can contact them at South Quay Plaza, 183 Marsh Wall, London, E14 9SR or visit www.financial-ombudsman.org.uk.

If we cannot settle a complaint to your satisfaction through our internal complaints procedure you may refer the matter to the Financial Ombudsman Service.

How do you help disabled people use your products and services?

Our products and services are designed to be accessible to all members. For more information please visit our accessibility page.

About the account:

Our FlexAccount is only available if you are aged 16 or over and live in the UK. You must be 18 or over to apply for an overdraft.

We do not charge you for using UK cash machines, but the machine provider may make charges over which we have no control.

We may record calls for monitoring and training purposes.

Nationwide current account agreement, declaration and charitable assignment.

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.

Nationwide Building Society operates under the trading names of: Cheshire Building Society, Derbyshire Building Society, Dunfermline Building Society and Nationwide UK (Ireland). The FSCS limit relates to the combined amount in all the eligible depositor’s accounts with all of the building society trading names including Nationwide.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your nearest branch, refer to the FSCS website http://www.fscs.org.uk/ or call: 0800 678 1100 or 020 7741 4100.

You may close your account at any time by writing to us at Nationwide Building Society, Nationwide House, Pipers Way, Swindon, Wiltshire, SN38 1NW. We will only close your account when you have made all the payments you are responsible for under your account. In normal circumstances, we will not close your account without giving you at least 30 days' notice.

Your account is governed by English Law and we will use English in all our communications with you.