Nationwide Building Society has clarified some of its account opening rules after a customer shared their frustrating experience on social media. The customer wanted to open a two-year fixed rate ISA but was told they could not fund it online with a bank transfer from their Barclays or NatWest account. Branch staff insisted that if the customer did not have an online account with Nationwide, a cheque was required.
Key account restrictions explained
Nationwide explained that ISAs must be funded at opening using an internal transfer, cash or cheque, or by closing another account. Debit or credit cards cannot be used to open the account. The frustrated customer described their experience with branch staff: 'They even sent me across the road to get a £20,000 cheque. Barclays wanted to charge me £25 for that.'
Bank transfer limitations
The building society clarified that bank transfers can only come from existing Nationwide accounts for products like the Triple Access Online ISA and Fixed Rate ISA. This means customers without a Nationwide account cannot use a bank transfer from another bank to fund these accounts.
Fairer Share payment update
Meanwhile, Nationwide members could soon receive bonus cash through the Fairer Share payment scheme. Over four million customers received £100 each last year, with three consecutive years of £100 payments. The announcement is expected on May 21 alongside Nationwide's full-year results. A spokesperson confirmed that the mutual 'aims to make a Fairer Share payment again this year, subject to financial performance and Board approval'.
