Nationwide Windfall

startup

Hello all

I have an Instant Access ISA with the Nationwide (since 2004, and before that a Cashbuilder I think it was) and have been starting to look at alternative options now that its interest rate has sunk to pathetic levels, but have been holding out hope for a windfall one day. Would I be eligible for a windfall, and is it likely to ever happen?

I noticed there was a thread about this here:

http://forums.moneysavingexpert.com/showthread.html?t=208356

… but I wandered if anything had changed since it was discussed in 2006, what with the recession and all?

Thanks

Farway

My opinion is I doubt any building society , or any private company for that matter, would float on stock market any time soon, so don't hang on to poor rates hoping to make a few bob

I do not think anything has cahnged regarding carpet bagger rules

PS, if you have an old cashbuilder, over the counter passbook, like I have, then you may be pre carpet bagger rules, like me, so contrary to my opinion above, hang onto that that one, just in case, with all interest rates pathetic the miserly amount on £100 is not going to be beaten by much elsewhere, especially once taxed at 20%

ad44downey

startup wrote: »

and is it likely to ever happen?

given recent events the likelihood of demutualisation is about zero

BruceyBonus

If you held a Nationwide account before a certain date in 1997 and have continuously held £100 in a Nationwide account since then - you shouldn't have signed away your windfall.

If the account was opened after 1997, then you have assigned your windfall to the Nationwide foundation.

Keeping £100 in a NW savings account will stop your membership from lapsing,

jimbow25

I think it's very unlikely this will happen in the near future - look at the other former largest building societies that became banks in the 1990s- Northern Rock, Bradford & Bingley, Alliance and Leicester and Halifax are all now either owned by a larger bank, by the government, or both.

However:
I've had a Nationwide account since 1992 (when I was 8), the only major change I've made is to turn a Smart Account into a FlexAccount and e-Savings when I reached the age for an adult account (around 2002). I've pretty sure I didn't sign a signaway at that point. So, to keep my rights, just in case, would I need to leave £100 in:
Any one single account?
The current account?
Both my accounts added together?

I realise there might only be a 1% chance of it happening in our lifetimes, but I don't really use the account, so I may as well put the 'right' amount in there!

jimbow25

jimbow25 wrote: »

I've had a Nationwide account since 1992 (when I was 8), the only major change I've made is to turn a Smart Account into a FlexAccount and e-Savings when I reached the age for an adult account (around 2002). I've pretty sure I didn't sign a signaway at that point. So, to keep my rights, just in case, would I need to leave £100 in:
Any one single account?
The current account?
Both my accounts added together?

I realise there might only be a 1% chance of it happening in our lifetimes, but I don't really use the account, so I may as well put the 'right' amount in there!

Does anyone, maybe someone who has carpet-bagged in the past know what the exact conditions are on this? Thanks in advance.

McKneff

could i also ask something, i know the amount of a windfall depends on how much you have invested so if i have over £100 in a savings account and 5K
in a members bond ISA would i be paid out on just the £100 plus
and also the ISA bond
I ask because the ISA is paying peanuts and i am thinking about transfering it.

Farway

anniehanlon wrote: »

could i also ask something, i know the amount of a windfall depends on how much you have invested so if i have over £100 in a savings account and 5K
in a members bond ISA would i be paid out on just the £100 plus
and also the ISA bond
I ask because the ISA is paying peanuts and i am thinking about transfering it.

It would depend upon what the Board decided at the time. In the ones I have been involved in it was dependant upon total savings held on a given date in an account that conferred membership

So to answer previous poster, AFAIK a Flexaccount does not give mutual membership, only savings or mortgage accounts, but it is years since I opened mine so stand to be corrected

Milarky

Farway wrote: »

So to answer previous poster, AFAIK a Flexaccount does not give mutual membership, only savings or mortgage accounts, but it is years since I opened mine so stand to be corrected

Flexaacount does confer membership. Products like insurance and the NW credit card do not.

evenasus

Until last year, I had over £250K in Nationwide. :rolleyes: Not now though, due to the £50K guarantee.
Can't remember how many times a vote re demutualisation was raised. But I have always voted against.
I voted against with other building societies too, unfortunately I was in the minority. Still the only thing I lost were free shares, which didn't cost me anything, so I suppose I didn't actually lose.

I will always vot NO to demutualisation.

Milarky

evenasus wrote: »

Can't remember how many times a vote re demutualisation was raised. But I have always voted against.

Exactly twice. Make a note in your memoirs; in 1997 - defeated 30:70 in 1998 there was a return match - defeated 49:51. Thereafter, your principled stand against demutualisation was no longer required since the managment simply changed the rules to forbide the question being put a third (or subsequent) time. From the trend, it is obvious why they could never 'rely' on the members to keep voting it down.

Yes, 'principled' and 'Nationwide' - interesting juxtaposition. I beleive they call that 'an oxymoron'