Nationwide online banking: The facts

Nationwide is the UK's largest building society. They offer new and existing customers a wide range of financial products, including Nationwide mortgages, investments, insurance products, credit cards, savings and current accounts. Better still, you can manage most of your arrangements with online banking. Find out the pros and cons of managing your accounts online.

Advantages of Nationwide online banking

Easy access to your accounts
Once you've registered for online access, you can check your accounts by entering a piece of "memorable data" and 3 digits from your pass number. Upon logging in, you'll be presented with a list of your active accounts, so simply make your selection. Apply for new financial products
You can apply for a wide variety of financial products, including life insurance, mortgages and credit cards. Many accounts are only available exclusively to existing customers, so the terms and conditions tend to be more favourable. Update personal information
After answering a security question, you're able to amend personal details that are held about you. This is a very useful feature for people who've moved home and haven't received a utility bill or council tax statement to date. You can also change personal preferences, such as getting a paper-free statement. Monitor account activity
You can check to make sure that all of the transactions have been authorised by you. Pay your bills online
You can move money to other Nationwide accounts, third parties, set up standing orders and cancel direct debits. Email access
You can reach specific departments by email, and all call centres are based in the UK.

Disadvantages of Nationwide online banking

No pinsentry device
Although the website is secure, it would be safer if Nationwide protected customer accounts with pinsentry technology. This involves inserting your card into a device and entering your pin number. You're then given a code to log-in to your account. It will be several months before this system is implemented throughout the UK. Real-time balance
There have been a few issues with the available balance figure. For example, new funds often show as being available upon arrival at 12.30 am. However, you can't spend the money until about 2 am in the morning. You can transfer the money to other accounts, but you're unable to make either in-store or online debit card purchases. Domestic and international wire transfers
Although you can print off the forms for a wire transfer, you cannot currently transfer money online. However, you can use the faster payment service to move up to a £1,000 per day to another UK account holder.