Nationwide Building Society

Finance, Taxes, Banking, Insurance and Retirement
1
My plan is currently to keep my Nationwide BS account when I move to Zurich for my UK finances (I am renting out property in the UK and this is currently managed via my Nationwide account). When I lived in Germany, they said that they tear up correspondence with a change of address abroad, because they don't allow it. So, I was thinking of changing my address to that of my parents, since everything I need to do, I do online.

However, I can't for the life of me remember if I was able to access my account online when I was abroad or if there was some kind of blocking mechanism on the site.

Does anyone know? I don't want to ask the BS as I am scared they won't approve of my plan! But it will be a lot of hassle to reorganize all my finances in that account. Or is it illegal, I don't think it is. Maybe I should just ask them direct!

Thanks,

kfc.

2
Hello There, just a little bit that may help you...I too have a Nationwide account. It is totally possible to access this from anywhere in the world. I have done this myself, while on holiday, as well as on business. No problem at all. And the change of address bit, Yes, absloutely possible as long as its a valid UK address. Hope this is good. regards

OP

3
does this particular bank not offer electronic monthly statements...and then turn off/disable paper statements?

4
Yup, me too. I use the online banking from Nationwide all the time from Switzerland. No problems at all. Bear in mind though that there are some accounts that you can't manage online, and some that you can put money into, but can't take it out of online!

5
Nationwide is ace for those who go often abroad, top exchange rate, no admin charge, well worth having one if you are a UK resident that has to travel abroad.

I can also confirm that you can access your accounts online abroad without any problems

6
We're both with Nationwide in the UK including credit cards.

We've only had 2 issues:

1. You cannot open new accounts (only e-savings etc)

We wanted that new savings account they do

Open anything now.

2. The online address/phone number change form does not work here

It trashed my details and I lost access to some accounts for a few days.

7
I'm with the Nationwide. I had no problem changing my address to Switzerland, and all correspondence turns up OK. I tried to change to an ebanking account, but I needed a UK address to do that. Once it is set up you can change all the details to Switzerland. My colleague set up an online account before he came here and has no problems using it.

If you are out of the UK for more than a tax year, you can claim your tax back on the interest. They wouldn't do it directly (for my account, others may differ) but they send you a tax certificate which you use to claim the money back from the UK tax authorities. You can claim for the last 7 years you were out of the UK.

8
You can definitely change the address on your account to Switzerland (Done it myself) Nationwide (and many other banks) will not allow you to do e-banking outside the country where the bank has it's HQ (UK in this case). It's in the small print. Most bank clerks however do not know this rule. Presumably they don't get exposed to too many expats. QED they seem to not follow this rule up, if you already subscribe to e-banking when you move. So as said before, make sure you have e-banking up and working before telling them you have moved to Switzerland. With luck you'll keep the facility.

9
Good point. I couldn't open new accounts either, except e-savings and e-bonds. Open anything you think you might want before you leave.

It is indeed excellent that you can draw money for free from cash points abroad.

10
Thank you everyone for your replies - very useful.

I think I will still change my address to my parent's UK address. I have already cancelled paper statements, so it will only be (what I regard as) junk mail that I get from them anyway. I am worried about giving them my Swiss address just in case it botches up my electronic account somehow.

WHen I was in Germany, my paper statements were definitely destroyed and I remember there being some fuss about my electronic account, and I don't want to risk not being able to have it. Because I registered for e-banking, my registered "local" bank is the Swindon office for internet accounts (I'm in Sussex just now), so I am scared that my electronic banking abroad will not escape them if I change my address to Zurich.

I will claim my tax back - with any luck this won't get detected as meaning that I am abroad. Good tip about opening any other accounts I may want before I leave. I will go and take a look! It is also very good to know that the ebanking does work from Switzerland.

Many thanks!

11
Some info from a group newbie

If you have any savings and would like the interest gross then register with HSBC for an online saver account. They specify in the terms and conditions that if you become non-UK resident (ie: after you tell the IR you're no longer resident) you can get interest gross after submitting an R105. No tax re-claim necessary.

This is exactly what I have done with First Direct (a member of HSBC) but since the HSBC rate is better (5.75% vs 5.25% AER) I would go for them. Note that these two rates have not yet increased since the BoE hiked borrowing to 5.5% so I expect another rate increase soon.