e-Savings - managing your online savings account

If you have any questions about managing your online savings account, check the frequently asked questions below to see if we can help (just click the question and the answer will appear underneath):

• How can I pay money into my online savings account?

  Funds can only be transferred from your Nationwide FlexAccount to e-Savings using the Internet Bank or Telephone Self Service. The easiest way is using the 'Quick Transfer' menu on the left hand side of the Internet Bank screens. Your transfer will take place immediately and your online savings account updated online to show the new balance.

  Payments earn interest from the first full day that they are in your online savings account.

  It is not possible to pay directly into e-Savings - all payments must come via the FlexAccount.

  You can set up regular payments into e-Savings from your FlexAccount:

  • Sign into the Internet Bank and select your FlexAccount
  • Choose 'Payments and Transfers' from the left-hand options
  • Select the 'Manage Arrangements' tab and select the link to set up a regular arrangement ('Set up a new regular arrangement')
• How do I withdraw money from my online savings account?

  Online savings account funds can only be transferred from e-Savings to a FlexAccount on the Internet Bank or Telephone Self Service. The easiest way is using the 'Quick Transfer' menu on the left hand side of the Internet Bank screens. Your transfer will take place immediately and your account updated to show the new balance.

  You can transfer up to £3,000,000 per day.

  No cheques can be withdrawn directly from the e-Savings account.

• How do I keep track of my online savings?

  Full online savings account statements are available via our Internet Bank.

  Mini statements are available through Telephone Self Service

  No paper statement is provided as this is an online savings account.

• When is my e-Savings interest paid?

  Nationwide online savings interest rates are calculated daily and paid annually on the 31 March.

• Can I have more than one e-Savings account?

  Yes, you can have multiple e-Savings accounts attached to your FlexAccount. This is very useful if you want savings accounts for different purposes.

  You can also give each account a meaningful nickname e.g. “holiday”, “new car” or a child's name. You can change savings account names by selecting the 'Preferences menu' on your Internet Bank screen or by selecting the “a” next to the account number on the 'My Accounts' page.

• How do I close an e-Savings account?

  You can close an online savings account by signing onto the Internet Bank and requesting closure via the template under ‘other services’. This is processed electronically.

  Note: Closure requests sent as secure messages or email will NOT be actioned.

• I'm entitled to receive gross interest – but how do I arrange this?

  You need to complete and return an R85 form. For more information, see here.

• How do I change my name or address?

  There are forms available online to change your name or address. These can be found within 'Other Services' on your Internet Bank. Alternatively you can pop into your local branch.