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Nationwide InvestDirect
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# 1
Mardrew
Old 10-05-2009, 5:27 PM
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Default Nationwide InvestDirect

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.
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# 2
BruceyBonus
Old 10-05-2009, 5:35 PM
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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_na...membership.htm
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# 3
RayWolfe
Old 10-05-2009, 5:40 PM
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... and you had an account (any account) and have maintained one since before 1997.
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# 4
mandragora
Old 10-05-2009, 5:54 PM
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Quote:
Originally Posted by RayWolfe View Post
... and you had an account (any account) and have maintained one since before 1997.

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)
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# 5
hotkee
Old 10-05-2009, 5:54 PM
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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.
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# 6
mandragora
Old 10-05-2009, 6:00 PM
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Quote:
Originally Posted by hotkee View Post
the shareholders would have been richer for a bit, the nationwide would have been gobbled up by one of the big banks and disappeared.

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...
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# 7
bristolleedsfan
Old 10-05-2009, 8:52 PM
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Quote:
Originally Posted by hotkee View Post
and they also fought off a big shareholder around 2001 I think who wanted to them to float.

.

You mean a "big" butler.


http://www.guardian.co.uk/money/2000...ation.business
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