Some frequently asked questions

To help you understand how to open and operate your account, here are a few frequently asked questions on the subject.

Is my money safe with Nationwide UK (Ireland)?

Although our name may be new to many in Ireland, Nationwide UK (Ireland) is part of Nationwide Building Society in the UK. We've over 160 years of expertise and experience at being a building society, providing a safe and secure home for savings.  One in every six people in the UK choose to save with us.

Lodgements made with Nationwide UK (Ireland) are covered by the UK’s Financial Service Compensation Scheme (FSCS). Payments under the FSCS are limited to a maximum of £50,000 or € equivalent per individual, that is 100% of the first £50,000 or € equivalent of an investor’s total lodgements. The limit applies to each investor and, since joint accounts will be deemed to be split equally between investors, two people with a joint account will have the € equivalent of a maximum of 100% of the first £100,000 guaranteed.

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Where is Nationwide UK (Ireland) based?

Nationwide UK (Ireland) is based in Ireland and operates from its head office in Spencer Dock, Dublin.

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How is Nationwide UK (Ireland) regulated?

Nationwide UK (Ireland) is a branch of Nationwide Building Society. Nationwide Building Society is authorised and regulated by the Financial Services Authority in the UK.

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Will I be a member of Nationwide Building Society?

Savings accounts offered by Nationwide UK (Ireland) do not confer membership rights to Nationwide Building Society.

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What happens after I send in my application form to open an account?

As soon as your account is opened, we’ll send you a statement together with a Welcome Pack which provides you with a guide to operating your account.

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How can I keep track of my savings?

You can keep track of your savings any time of the day, from anywhere in the world via our Internet Banking service or, if you prefer, you can use our Telebanking Service.

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When can I register for Internet Banking?

As soon as your account has been opened you can register for Internet Banking. Registration is simple and fast. Once you have completed the process, we will send you a unique Internet Banking Passnumber and User Guide on how to get started.

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Will it cost me anything to have a Nationwide UK (Ireland) savings account?

We don't currently charge customers to open or operate an account with us. Details of our up to date charges can be found here.

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Do I receive a cheque book and cash card with my account?

No. We don’t provide current account facilities such as a personal cheque book and cash card, but we offer a range of services which provide you with easy access to your money.

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How can I transfer money from my new savings account to my current account?

Using our Internet Banking and Telebanking Service you can move funds to your current account at the click of a button or by simply picking up the phone. Full details can be found in your ‘Using Your Account’ guide that you will receive in your Welcome Pack.

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Can I pay cash or travellers cheques in to my account?

For security reasons we are unable to accept cash or travellers cheques for lodgements into your savings account. You can make lodgements by cheque, bankers draft or by electronic transfer.

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Do I have a choice of when my interest will be paid?

Yes. With our Easy Access Savings Account, your interest can be paid annually or monthly.

With our Fixed Rate Savings Accounts, interest can be paid monthly or at maturity.

If you request the monthly interest option with a Fixed Rate Savings Account, the interest must be transferred into a Nationwide UK (Ireland) Easy Access Savings Account or paid by electronic transfer into an account in your name with a nominated Irish bank or building society.

If you prefer to have your interest paid at maturity, the funds will be added to your Savings account.

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Is the interest paid on my savings subject to tax?

Interest paid on savings in the Republic of Ireland is subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate. DIRT is deducted from the interest you earn with Nationwide UK (Ireland) and paid directly to the Revenue Commissioners. A DIRT statement is available for each account and details the amount of interest earned, paid and tax deducted.

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Does Nationwide UK (Ireland) pay interest gross?

Certain customers are entitled to receive interest gross - that is where no DIRT is deducted. These customers are known as DE1 or DE2 by the Revenue Commissioners. DE1 are customers over 65 and DE2 are incapacitated customers.

The DE1 form can be downloaded from www.revenue.ie and should be completed and returned to Nationwide UK (Ireland).

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Does Nationwide UK (Ireland) pay interest gross to non-residents?

Only Irish Residents can open an account with Nationwide UK (Ireland). Non-residents cannot open or operate accounts with Nationwide UK (Ireland).

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What happens in the event of my death?

On the death of an account holder the balance in the account together with interest and any bonus will be paid to their personal representatives without notice or loss of interest. On the death of a joint account holder, the balance together with interest and any bonus will be payable to the surviving account holder without notice or loss of interest or the surviving account holder can choose to keep the account in their name.

Nationwide UK (Ireland) can assist in these matters – for further information please contact one of our customer service team who will be able to help.

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