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  • FIRST POST
    • Mardrew
    • By Mardrew 10th May 09, 5:27 PM
    • 416Posts
    • 397Thanks
    Mardrew
    Nationwide InvestDirect
    • #1
    • 10th May 09, 5:27 PM
    Nationwide InvestDirect 10th May 09 at 5:27 PM
    I have had a Nationwide InvestDirect Account since June 1997. Some time ago I cleared most of the money out of the account but left the account open. I have currently just got £240 in there.

    Last year, I opened a Flexaccount to use for our holiday spending.

    Am I right that in the highly unlikely event the Nationwide did demutualise (or is is mutualise?), then I would need to have a savings account with them rather than just the Flex Account?

    Will it be just a case of opening an E-Savings Plus a/c, transferring the money from the Investdirect a/c and then closing the Investdirect?

    Many thanks for any advice.
Page 1
  • BruceyBonus
    • #2
    • 10th May 09, 5:35 PM
    • #2
    • 10th May 09, 5:35 PM
    A FlexAccount is fine, as long as you keep at least £100 in the account (or is it total holding across all accounts?) I keep £100 in an e-Bond to ensure that I never go below £100.

    Edit: All the details are here: http://www.nationwide.co.uk/about_nationwide/membership_matters/membership.htm
  • RayWolfe
    • #3
    • 10th May 09, 5:40 PM
    • #3
    • 10th May 09, 5:40 PM
    ... and you had an account (any account) and have maintained one since before 1997.
    • mandragora
    • By mandragora 10th May 09, 5:54 PM
    • 2,558 Posts
    • 4,751 Thanks
    mandragora
    • #4
    • 10th May 09, 5:54 PM
    • #4
    • 10th May 09, 5:54 PM
    ... and you had an account (any account) and have maintained one since before 1997.
    Originally posted by RayWolfe

    Just what I was going to say! Any one who opened an account later won't get anything - it's all down for charity after that date - a move by the board a few years ago to stop carpetbaggers' attempts to get on the board and put it to member vote.

    Had it ever come to that, I would, of course have refused. Why would I want a nice little windfall when I can, instead, have the sainted pleasure of being in a building society rather than a bank??








    (Still holding on to all our ancient accounts against that day, though)
  • hotkee
    • #5
    • 10th May 09, 5:54 PM
    • #5
    • 10th May 09, 5:54 PM
    Is this to do with share entitlement if they float?

    I had Nationwide between 96 and 2003 and then 2004-2005, I think at least the second time there is a clause you have to sign to waive your right to shares.

    And in any event, no chance of Nationwide floating on stockmarket in current climate and they also fought off a big shareholder around 2001 I think who wanted to them to float.

    Had they floated, the shareholders would have been richer for a bit, the nationwide would have been gobbled up by one of the big banks and disappeared.
    • mandragora
    • By mandragora 10th May 09, 6:00 PM
    • 2,558 Posts
    • 4,751 Thanks
    mandragora
    • #6
    • 10th May 09, 6:00 PM
    • #6
    • 10th May 09, 6:00 PM
    the shareholders would have been richer for a bit, the nationwide would have been gobbled up by one of the big banks and disappeared.
    Originally posted by hotkee

    Still, you can see which part of that I find tempting... just like we all know Tesco's is doom for any small- to medium-sized town they set their sights on, but we all end up doing at least some of our shopping there...
    • bristolleedsfan
    • By bristolleedsfan 10th May 09, 8:52 PM
    • 7,236 Posts
    • 9,429 Thanks
    bristolleedsfan
    • #7
    • 10th May 09, 8:52 PM
    • #7
    • 10th May 09, 8:52 PM
    and they also fought off a big shareholder around 2001 I think who wanted to them to float.

    .
    Originally posted by hotkee

    You mean a "big" butler.


    http://www.guardian.co.uk/money/2000/mar/17/demutualisation.business
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