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  • FIRST POST
    • SalarySlave
    • By SalarySlave 22nd Sep 16, 10:58 AM
    • 44Posts
    • 28Thanks
    SalarySlave
    Ending N&P Reg Save Early
    • #1
    • 22nd Sep 16, 10:58 AM
    Ending N&P Reg Save Early 22nd Sep 16 at 10:58 AM
    HI all

    I am looking to switch my Norwich and Peterborough account to the Nationwide. However I have a regular saver @4% that does not mature until 01/11/2016.

    If I switch now before maturity will I lose the interest?.

    This would be done via a switch and not just withdrawing the money.

    I am struggling to find this in the T's & C's. I am guessing I will so I will wait, but thought I would check with you Knowledgeable folk.
Page 1
    • eskbanker
    • By eskbanker 22nd Sep 16, 11:27 AM
    • 3,418 Posts
    • 3,041 Thanks
    eskbanker
    • #2
    • 22nd Sep 16, 11:27 AM
    • #2
    • 22nd Sep 16, 11:27 AM
    Are you referring to using the Current Account Switching Service to switch a current account from N&P to Nationwide?

    If so, then the separate N&P regular saver would continue unaffected unless there is anything in the Ts & Cs that specifies that it's only available to those with an N&P current account.
    • SalarySlave
    • By SalarySlave 22nd Sep 16, 1:13 PM
    • 44 Posts
    • 28 Thanks
    SalarySlave
    • #3
    • 22nd Sep 16, 1:13 PM
    • #3
    • 22nd Sep 16, 1:13 PM
    Hmmmm it says I can only pay into the Reg Saver from the Gold current account. That means if I switched the current account I would no longer be able to pay into it, I also might have difficulty transferring the money to my nationwide too as their savers do not seem to allow external transfers.
    Think I will just wait til maturity.
    • badger09
    • By badger09 22nd Sep 16, 1:19 PM
    • 4,108 Posts
    • 3,337 Thanks
    badger09
    • #4
    • 22nd Sep 16, 1:19 PM
    • #4
    • 22nd Sep 16, 1:19 PM
    Hmmmm it says I can only pay into the Reg Saver from the Gold current account. That means if I switched the current account I would no longer be able to pay into it, I also might have difficulty transferring the money to my nationwide too as their savers do not seem to allow external transfers.
    Think I will just wait til maturity.
    Originally posted by SalarySlave
    Good plan.

    Any reason not to open the nationwide account now and switch your N&P current account as soon as the regular saver matures? You could even start the switching process towards the end of October, with a switch date of say 3rd or 4th November
    • SalarySlave
    • By SalarySlave 22nd Sep 16, 1:39 PM
    • 44 Posts
    • 28 Thanks
    SalarySlave
    • #5
    • 22nd Sep 16, 1:39 PM
    • #5
    • 22nd Sep 16, 1:39 PM
    only because I get a switching bonus £100 for me and £100 for my mum. That would be the reason not to open now.
    • Ashen
    • By Ashen 22nd Sep 16, 2:45 PM
    • 258 Posts
    • 149 Thanks
    Ashen
    • #6
    • 22nd Sep 16, 2:45 PM
    • #6
    • 22nd Sep 16, 2:45 PM
    Just to check - are you sure that N&P actually support the Current Account Switching Service? My impression is that they don't.
    • badger09
    • By badger09 22nd Sep 16, 4:19 PM
    • 4,108 Posts
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    badger09
    • #7
    • 22nd Sep 16, 4:19 PM
    • #7
    • 22nd Sep 16, 4:19 PM
    Just to check - are you sure that N&P actually support the Current Account Switching Service? My impression is that they don't.
    Originally posted by Ashen
    I've just checked and you're right.

    OP - you need a 'Plan B'
    • EarthBoy
    • By EarthBoy 22nd Sep 16, 7:18 PM
    • 1,516 Posts
    • 871 Thanks
    EarthBoy
    • #8
    • 22nd Sep 16, 7:18 PM
    • #8
    • 22nd Sep 16, 7:18 PM
    Norwich and Peterborough is a trading name of Yorkshire Building Society and, as mentioned above, they are not a member of the Current Account Switch Service, so you wouldn't get any bonus for moving your N & P current account to Nationwide.
    • wmb194
    • By wmb194 22nd Sep 16, 7:49 PM
    • 19 Posts
    • 20 Thanks
    wmb194
    • #9
    • 22nd Sep 16, 7:49 PM
    • #9
    • 22nd Sep 16, 7:49 PM
    I think the data on the switching site are out of date.

    Last week I initiated a switch from my N&P current account to Santander and whilst it hasn't yet completed I've received a letter today from N&P stating that it's received the request to switch from Santander, it's passed on the details of my "recurring credits" and will write to me again once the switch has been completed and my account closed.
    • EarthBoy
    • By EarthBoy 22nd Sep 16, 10:38 PM
    • 1,516 Posts
    • 871 Thanks
    EarthBoy
    I think the data on the switching site are out of date.

    Last week I initiated a switch from my N&P current account to Santander and whilst it hasn't yet completed I've received a letter today from N&P stating that it's received the request to switch from Santander, it's passed on the details of my "recurring credits" and will write to me again once the switch has been completed and my account closed.
    Originally posted by wmb194
    They offer a switching service alright, but it's not the official CASS one which comes with the 7 day guarantee and promises that all payments to and from your old account will be redirected to your new account for 3 years. Rather, it's the old style switching service where they just ask your old bank for a list of payments and set them up on your new account. You can choose to switch some and not others, and it retains the option to keep your old account open if you prefer: "They'll also instruct your old bank to close your old account if you ask them to." This is sometimes called a partial switch, or a manual switch.

    With the CASS service, closing the old account is obligatory.

    http://www.nandp.co.uk/current-account/Our-Switching-Service/

    If you're leaving N & P and going elsewhere, it will be the same process. Many banks will still use that process on request, but they don't promote it and they won't pay you a joining bonus if you use it. Only switching through the CASS scheme will guarantee you a joining bonus, where one is on offer.

    Nationwide's recommend a friend offer specifies: "..your friend needs to open a FlexAccount, FlexDirect or a FlexPlus account AND complete a full account transfer using the Current Account Switch Service - This will close their old account."

    http://www.nationwide.co.uk/products/current-accounts/our-current-accounts/recommend-a-friend-tab#tab:Recommendafriendandshareand163200
    Last edited by EarthBoy; 22-09-2016 at 10:56 PM.
    • wmb194
    • By wmb194 23rd Sep 16, 6:51 AM
    • 19 Posts
    • 20 Thanks
    wmb194
    Dunno, but there weren't any options given to keep it open or do partial etc.
    • SalarySlave
    • By SalarySlave 23rd Sep 16, 9:19 AM
    • 44 Posts
    • 28 Thanks
    SalarySlave
    Wow... I thought all banks had to use the 7 day switching service thing. hmm. Plan b it is. I will set up a sacrificial account and move that one instead.
    Thanks for the help guys
    • eskbanker
    • By eskbanker 23rd Sep 16, 11:35 AM
    • 3,418 Posts
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    eskbanker
    Wow... I thought all banks had to use the 7 day switching service thing.
    Originally posted by SalarySlave
    Pretty much all major banks do but Norwich and Peterborough is a building society, they're not the same thing!

    Having said that, Nationwide are also a building society and they do support it - if you want to see which institutions have signed up to this voluntary scheme, see https://www.currentaccountswitch.co.uk/banksandbuildingsocieties/Pages/banks.aspx
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