Cash, transfers or automated payments:
If you pay money into your account in cash, by transfer from your Nationwide current account or by automated payment, you can transfer the money out to your Nationwide account immediately, and you’ll earn interest on the money from the date it's paid in unless you take it out on the same day.
All cheques go through a 3-step process called ‘clearing’ which normally takes six working days and applies to all banks and building societies. When you pay a cheque into your account, we need to make sure that the person or organisation that has given you the cheque has enough money in their account to pay the amount that’s written on the cheque.
So you won’t be able to take your money out straight away and we won’t pay you interest on the money straight away.
At the end of the sixth working day following the day you paid the cheque in the money will be 'cleared for certainty' which means its definitely staying in your account.
The table below explains the cheque clearing process with a few examples: