Your cookie choices

We use necessary cookies to make this site work. With your permission, analytics cookies help us understand usage and marketing cookies support advertising.

You can reject non-essential cookies and still use the site. Change your choices anytime in Cookie settings.

Cookie settingsCookie policy

Nationwide Building Society review

Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

Nationwide Building Society suits anyone in the UK who wants an easy-access savings pot with a variable rate of 1.1% to 1.2% and no monthly charge. The interest is modest, so the appeal is the combination of free withdrawals, branch and app access, and a building society rather than a return chase.

Key facts

Best for
A first savings account for a student or teenager who wants instant access without fees
Headline rate
1.1% to 1.2%↗
Rate type
Variable↗
Minimum deposit
£1↗
Deposit protection
FSCS up to GBP 85,000↗
Access terms
Instant access, unlimited withdrawals, manage online via app or internet bank or in branch, sole or joint account, UK residents aged 16 or over, balance up to GBP 5 million↗
Monthly fee
£0↗
Account kind
Easy access↗
Legal entity
Nationwide Building Society↗
Headquarters
United Kingdom↗
Founded
1884↗
Support channels
Phone, Help-centre↗
Pricing model
No monthly fee
Official website
nationwide.co.uk

Everyday accounts

Currency conversion fee
2.99%↗
Local account details
UK-sort-code↗
Free ATM withdrawals
£0↗
Transfer fee
CHAPS payment GBP 15 per payment; Faster Payments free↗
Audience
Students, Teens
Features
Free ATM withdrawals, Joint account

Facts checked September 26, 2026, 8 sources

Apps and profiles

Get the app
Google Play
Elsewhere
WikidataWikipediaLinkedInX

Pros and cons

Pros

  • Instant access with unlimited withdrawals and no notice period, held in a building society
  • Savings balance protected by FSCS up to GBP 85,000
  • Free cash machine withdrawals, and joint accounts are available
  • The linked current account carries a monthly fee of £0

Cons

  • Variable interest of 1.1% to 1.2% sits below the site median of 3%
  • Support runs on phone and help centre only
  • A CHAPS payment costs CHAPS payment GBP 15 per payment; Faster Payments free
Nationwide Building Society

Ready to try Nationwide Building Society?

Scored 9.2 / 10 by VaultCue.

See alternatives

Who it suits

  • Students and teenagers opening a first account, as Nationwide is listed for a student and teen audience
  • Savers who want branch as well as app access
  • Anyone holding an emergency pot they may withdraw from at short notice

Who should look elsewhere

  • Savings hunters chasing the top rate, since 1.1% to 1.2% is well under 3%
  • Travellers who spend abroad often, as the card charges 2.99% to convert
  • PayPal Colombia, which holds a higher headline rate of 3.3%

Rates and card terms

The savings account pays a variable rate of 1.1% to 1.2%, so the figure can move rather than staying locked for a term. It is an easy-access account: money comes out whenever you want, with no notice period and no monthly charge attached. Balances run up to a high ceiling for UK residents, and the linked current account has a monthly fee of £0. Card spending abroad carries a conversion charge of 2.99%, and Faster Payments transfers are free while CHAPS costs CHAPS payment GBP 15 per payment; Faster Payments free.

How Nationwide Building Society compares

Where Nationwide Building Society is available

Available
United Kingdom
Licence in United Kingdom
Financial Conduct Authority (106078), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What rate does Nationwide pay on instant access savings?+

The account pays a variable rate of 1.1% to 1.2%, which means the figure can rise or fall rather than being fixed for a term. It is an easy-access account, so you can take money out whenever you want without giving notice. The rate is modest, so the account suits emergency savings more than long-term growth.

Is my savings protected if the building society fails?+

Yes. Deposits are covered by FSCS up to GBP 85,000, which is the Financial Deposit Protection Scheme limit per person. Nationwide is regulated in the UK by the Financial Conduct Authority under reference 106078, so it operates inside the UK deposit protection framework rather than as an overseas or unregulated issuer.

Can I open an account if I am a teenager?+

Yes. Nationwide is listed as serving a student and teen audience, and the savings account is open to UK residents from a minimum age, which means a school leaver can start one. There is no monthly charge, so a young saver pays nothing to hold the account, and a joint option is available for a parent and child.

What does it cost to open and run the account?+

The savings account has no monthly fee, and the linked current account also charges a monthly fee of £0. The minimum deposit is £1, which is a low barrier to starting. Cash machine withdrawals are free, so getting money out does not add a cost either.

How do I get money in and out of the account?+

The account gives instant access with unlimited withdrawals, and you can manage it through the app, the internet bank or in a branch. Payments to other accounts use UK sort codes, and Faster Payments are free while a CHAPS payment costs CHAPS payment GBP 15 per payment; Faster Payments free, so smaller transfers cost nothing.

Is it a good account for spending money abroad?+

Less so. Card spending abroad carries a currency conversion charge of 2.99%, which is higher than the site median of 0.5%. For a UK resident whose cash stays at home, the free withdrawals and no monthly fee matter more than the conversion cost.

Do I need to visit a branch?+

No. You can manage the account online through the app or the internet bank, though branches are also available if you prefer to deal with someone in person. Support is offered by phone and through a help centre, so help is available outside the app for questions that are not answered in the account itself.

How does the interest compare with other savings accounts?+

The variable rate of 1.1% to 1.2% sits below the site median of 3%, so it will not top a shortlist on rate alone. Easy-access accounts as a group are common on the site, so the balance protection and the branch and app access are what separate this one from a higher-paying option.

Sources

Compiled from 9 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Term.

Nationwide Building Society

Nationwide Building Society

A first savings account for a student or teenager who wants instant access without fees

9.2/10See alternatives