Current Account FAQs
These are our most frequently asked questions (FAQs)
- How do I upgrade my account?
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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; or
- 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 .
- What is an overdraft?
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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?
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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?
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- Sign on to the Internet Bank.
- Click on your FlexAccount (current account).
- Click on Overdraft from the menu on the left-hand side of the screen.
- Your authorised overdraft limit will be shown under the heading Available limit.
- To change your limit, please follow the on-screen instructions under the heading Change limit. If you have reached the maximum overdraft limit we can provide, we will give you the option to reduce your limit under this heading.
We will tell you straight away if we have accepted your request and for what amount. In some circumstances we may need to consider the request further which can take up to 48 hours.
Or, you can ring our Customer Service Centre on 08457 30 20 10 or contact your local . It is important to get our agreement to an overdraft, to avoid higher interest and charges.
- Can I open a joint account?
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Yes you can.
To apply for a joint FlexAccount, please sign on to the Internet Bank and choose Apply Online from the menu at the top of the page. Then click on FlexAccount and follow the on-screen instructions. You can also apply for a joint account at your local branch.
- How long does a cheque take to clear?
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There are two areas to consider when thinking about cheques clearing.
- Clearing for withdrawal – when you are allowed to withdraw money against any cheque you pay into an account with us.
- 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?
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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 3 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?
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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?
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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 to make a complaint?
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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 .
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?
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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 local 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.