Save to Buy - Managing your account

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

What is Save to Buy?

'Save to Buy’ is a savings and mortgage offer which aims to support first time buyers by offering a competitively priced savings account exclusively for first time buyers, giving them access to higher loan to value (LTV) lending and a cashback reward on completion of a Save to Buy mortgage.

How do I apply for this account?

To apply for a Save to Buy savings account you need to make an appointment with a Customer Account Manager at your local Nationwide branch.

Once you’ve had a chat with the Customer Account Manager and are happy to proceed, you will need to complete an application for and set up a standing order of at least £50 per month.

When can I apply for a Save to Buy mortgage?

Once you have held your Save to Buy savings account for at least 6 months and up to a maximum of 3 years, and met the regular savings requirements, you can apply for a Save to Buy mortgage by visiting one of our mortgage experts in branch.

At the date of application for the Save to Buy mortgage you must have deposited at least £50 per month for not less than 9 out of the preceding 12 months. If the account has been open for less than 12 months at the date you apply for the Save to Buy mortgage you must not have missed more than 3 monthly deposits of at least £50 into the account from the date of opening to the date you apply for the Save to Buy mortgage.

How can I add money into this savings account?

You can add money into this savings account by transferring in money by standing order from another bank or building society, by transfer from another Nationwide card account on the Internet Bank or by paying in over the counter at your local branch. Remember to take your passbook with you when you go the branch so that it can be updated.

You can pay into the account as often as you like however, you must meet the regular savings requirements to apply for a Save to Buy mortgage.

What happens if I’ve had my account for 3 years but I’m still not ready to apply for a mortgage?

If you have not applied for a Save to Buy mortgage on or before the third anniversary of opening the account or you have completed the Save to Buy mortgage and the account is still open on the third anniversary the account will automatically convert to an instant access account.

What happens if I don’t deposit the minimum amount each month?

The Save to Buy savings account offers the flexibility of allowing you not to deposit at least £50 per month for three months during the 12 months preceding the Save to Buy mortgage application. If the account has been open for less than 12 months at the date you apply for the Save to Buy mortgage, you must not have missed more than 3 monthly deposits of at least £50 into the account from the date of opening to the date you apply for the Save to Buy mortgage.

If you do not meet these criteria then you will be ineligible to apply for the Save to Buy mortgage.

What happens if I need to withdraw some money?

Partial withdrawals are not allowed with Save to Buy savings account. You can only access your money by closing the account. You can close the account in any Nationwide branch.

Can I transfer my money to another Nationwide account?

You can transfer this money to another Nationwide account as long as you are closing the account. Partial withdrawals are not allowed with Save to Buy.

How can I find out my interest rate?

The easiest way to find out the interest rate you are currently receiving on your Save to Buy savings account is to visit nationwide.co.uk. Alternatively, you can ask at your local Nationwide branch or ring us on 08457 30 20 10.

How can I find out my savings balance?

To find out your balance, simply call us on 08457 30 20 10, ask at your local Nationwide branch or you can view your balance online if you are registered for internet banking.

What happens when I am ready to take out a mortgage?

You will need to visit a Nationwide branch to discuss the mortgage requirements with a mortgage consultant and go through the standard application process.

How do I know if I qualify as a First Time Buyer?

You are a first time buyer if you have not held a mortgage in the last 3 years (this includes UK and Non UK mortgages).

How do I qualify for a cashback reward?

You can qualify for a cashback reward after meeting the Save to Buy savings criteria and completing a Save to Buy mortgage.

How much cashback reward will I earn?

If you complete a Save to Buy mortgage you will be eligible for a cashback reward. The amount of cashback earned is linked to your Save to Buy balances at the time of the final mortgage application:

£0 to £2,499 = £0 cashback reward
£2,500 to £4,999 = £250 cashback reward
£5,000 to £9,999 = £500 cashback reward
£10,000+ = £1,000 cashback reward

When will I receive my cashback reward?

You will receive your cashback one month after completing your Save to Buy mortgage with Nationwide either via cheque or via bank transfer to the current account where the mortgage payment is taken from.

Do I have to select a mortgage from the Save to Buy range?

No, you can select a mortgage from the standard mortgage range however some features may not be available such as cashback. You may be eligible for other first time buyer offers at that time.