I take advantage of a Nationwide financial savings passbook – do I have to do something earlier than they’re scrapped in February?

I’m a Nationwide customer who uses a passbook and from what I have read on this site and been told by Nationwide bank staff about the changes to passbooks, I’m not impressed.

When I went to my local branch in October, a member of staff couldn’t tell me anything about the changes – apart from, and I quote, ‘they haven’t told us anything yet’.

I have a branch-based Isa and I don’t want to manage it online. I simply want to know: do I need to take any action before 6 February and will I be disadvantaged in any way like being forced to switch to another account that might attract a lower interest rate?

Helen Kirrane of This is Money replies: Over the summer, we revealed Nationwide would be getting rid of passbooks in their current form from the start of February 2025.

Shortly after, Nationwide announced it would be ‘modernising’ passbooks in a process that would take place over seven months until February 2025.

Customers who wish to keep using a passbook will receive a ‘savings wallet’ instead, containing a Nationwide card which can only be used in a Nationwide branch.

The wallet will also contain a space for printed ‘mini-statements’ – which customers will receive when they lodge or withdraw money at a branch.

Nationwide claims less than 2 per cent of its customers use passbooks. With more than 16million members, that amounts to around 320,000 customers.

Customers who have a passbook will not be able to use them in their current form after February 2025.

Those who do not want the new savings wallet will only be able to use their old passbooks until then.

I asked Nationwide if you would be forced to switch to another account with a lower interest rate due to your passbook being phased out.

Nationwide told me customers who still wish to use branch-based savings accounts when passbooks in their current iteration are phased out will be switched to the same type of product they are on now and the rate won’t change.

You are not the first to point out Nationwide staff may not be fully clued-up on the changes – although the building society told us below that full training has been provided. 

A Nationwide insider recently told This is Money the Nationwide Group Staff Union (NGSU) had not been informed of the roll-out of modernised passbooks ahead of time.

The insider claimed: ‘The first time the NGSU heard about the ‘roll-out’ was from several branch staff members ringing the Union and complaining of the lack of information on how to proceed with this.’

The NGSU said: ‘We were informed about the project around the same time branch colleagues were updated. We were able to gather more details on the process once the project had been initiated’.

A spokesman from Nationwide, said: Nationwide is not removing passbooks, we are modernising them.

The new savings wallet will keep all the benefits passbook customers value – face-to-face branch service and having a physical record of transactions. 

It will contain a card, which importantly can only be used in branch in a similar way that passbooks are used today. 

It will also provide a printed record of the member’s account in the form of securely stored mini statements.

We have been writing to customers making them aware of the changes and encouraging them to go to a branch to discuss their options.

Full training has been provided to branch colleagues on the changes and how they can support customers with opening the new savings wallet product

Customers will switch into the same type of product they are on now (i.e. Branch Isa customers will move to another Branch Isa account) and their rate will not be changed as part of this activity.

We remain committed to branches and have the biggest banking presence on the high street. Nationwide has also renewed its branch promise, to ensure everywhere that has a branch now, will still be there until at least 2028.

Do you use a passbook and are worried about the move before February 2025? Get in touch: editor@thisismoney.co.uk