Savings terms and conditions changes

As part of our commitment to improve products and services for our customers, we need to invest in our systems and operations.

As part of this process, we have reviewed our product range and we are taking steps to simplify it by reducing the number of products we have and by making some changes to bring older, off-sale accounts in line with our latest products. This may include the removal of some functionality where we see it is not being used by many customers.

This will give us a consistent set of products and processes that will make it easier for customers to manage their savings.

Most changes will take place on 6 February 2025.

However, some additional changes will take place later in 2025. This is when you will get your new sort code and account number. These changes include:

• the option to set up a nominated account (applicable to instant and limited access accounts only; this does not apply to ISAs or children’s accounts)
• moving back the date you receive your interest by one day. The interest will still be calculated in the same way and this will not impact the amount of interest paid to your account
• sending an annual statement, either in the post or online. If you move money in or out of your account, you will also receive a monthly statement in that month

We cannot yet confirm the exact date these additional changes will take place, but we will write to you to let you know once these changes have been made.

You will get your new sort code and account number at some point after February 2025. We cannot confirm the exact date this will happen, but we will send these to you as soon as they are ready.

If you have more than one account, your sort code and account numbers for these accounts may arrive on different dates.

No, any existing payments made using your old account number will still reach your account and you will not need to take any further action.

For any new payments you set up, you should use your new sort code and account number.

We have simplified our savings range and are reducing the number of products we have by combining similar products. This means some product names will change.

A nominated account is an account you can send money to directly from your Nationwide savings account. It will become available on instant access and limited access accounts. Without a nominated account, it will not be possible to make withdrawals directly from your Nationwide savings account to a current account you hold with another provider.

You will get the ability to set up a nominated account when you get your new sort code and account number. We will write to you to let you know when this is.

CHAPS is a service for making electronic payments and unlike Faster Payments, there is not a limit to how much you can move.

Some of our older savings accounts have offered this service, only in one of our branches. As part of our work to simplify our savings range, we are removing the option to make payments using CHAPS.

After we make these changes in February 2025, if you need to make an external payment from your Nationwide savings account, you can do this by moving the money via your Nationwide current account.

Alternatively, when you get your new sort code and account number, customers with instant or limited access savings accounts will get the option to send money to an external nominated account.

We have changed the date that we pay interest to bring our off-sale accounts into line with how our on-sale accounts work. This means we have a consistent approach across our product range, making it simpler for customers to manage their savings.

Interest will still be calculated in the same way, and this will not have any impact on the amount of interest paid.

We no longer include phone numbers in our terms and conditions. We have also updated our general enquiries number to 03457 30 20 11. Calls to 0345 numbers are charged at a local rate but will be free if you are using your mobile's inclusive minutes. The actual cost will depend on your phone provider. For complaints or security concerns, we still have separate 0800 numbers available for you to use.

For complaints, you can reach us on 0800 30 20 15.

For security concerns, you can reach us on 0800 055 66 22.

We have completed a review of the services we offer and have taken the decision to remove this service due to low demand and usage.

If you would like to transfer the interest from your account, you can do so once it’s paid to your account by either:

• visiting a Nationwide branch, or
• transferring the money yourself on our internet bank or banking app, if you are registered.

The communications in August were sent to customers who used their passbooks regularly to let them know about passbook modernisation. This was to give these customers as much time as possible to plan for the changes.

The communications we are sending now set out a wider range of changes we are making to savings products in February 2025. These communications include the removal of passbooks and are being sent to a wider group of customers.

Yes, you can continue to manage your accounts in branch without a passbook, but we will ask some security questions and may also ask for identification.

We already have a range of passbook replacement accounts available. These come with a card and a wallet to hold mini statements. Please ask next time you are in branch.

You can find more information about the changes to our passbooks on our passbook pages.

You can manage your savings account online by registering for online banking.

Tell us which Nationwide savings account you have and we will let you know how to close your account.

Visit our guide to withdrawing money from your savings account.

You can find your interest rate by logging in to our banking app and internet bank.

You can also use our check your rate tool.

Simply find a Nationwide branch and give us a call.

To notify us about a death, follow the steps to register a death.

If you have been appointed as an attorney by one of our savings customers, visit our guide to registering a power of attorney.

We have completed a review of the services we offer and have taken the decision to remove this service due to low demand and usage.

If you have an InvestDirect, you can still manage your account:

• in branch, from 6 February 2025
• online
• via a Nationwide or UK LINK cash machine

If you have a Direct Saver, you can still manage your account:

• in branch, from 6 February 2025
• online
• via your nominated account

If you require additional support, speak to a member of our team about additional options available to you.

We do not offer another savings product with a postal service. But have a look at our savings range to see if there is an alternative product for you.

We do not offer another savings product with a postal service.

You can continue to use your account in branch from 6 February 2025, online or, for InvestDirect customers, by using a Nationwide or UK LINK cash machine.

If you would like to operate with a chequebook, you can explore our current account range.

If you need a specific postal savings account, we can no longer support this but you can visit MoneyHelper (opens in a new window) for free and impartial help. This is provided by the Money and Pensions Service, an arm’s-length body of HM Government.

You can continue to request and pay in cheques via branch. InvestDirect customers can also pay in cheques at a Nationwide cash machine.

If you need a chequebook to pay third parties, a savings account might not be the right option for you. You may want to take a look at our range of current accounts where a chequebook can used to manage your account.

This communication is specifically for customers who hold an InvestDirect or Direct Saver account to provide formal notice of upcoming important changes to these accounts and our new terms and conditions. These changes would not have been included in our previous communications.

For Direct Saver customers, we will only send you a regular statement once a year.

For InvestDirect customers, we will only send you your regular statement. You have until 6 February 2025 to let us know how often you want to receive statements and whether you would like them to be in paper or paperless form. You can tell us in branch or over the phone.

The postal process will stop on 6 February 2025, but we will process the requests up to 7 days after the end date.

No, you can continue to use the same LINK card for InvestDirect and request a new one if your card is lost or stolen.

The rate is lower, but our Flex range might be more suitable to meet your needs in terms of payments.

All our current accounts have eligibility criteria and when opening a new account, we will conduct a soft credit check.

You can also open a new savings account and transfer money between your current account and savings.

No changes will be made on how these accounts are credited except the postal credit.

If you require additional support, speak to a member of our team around additional options available to you.