Nationwide InvestDirect

Mardrew

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.

BruceyBonus

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

... and you had an account (any account) and have maintained one since before 1997.

mandragora_2

RayWolfe wrote: »

... 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??:rotfl:

(Still holding on to all our ancient accounts against that day, though)

hotkee

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_2

hotkee wrote: »

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...

bristolleedsfan

hotkee wrote: »

and they also fought off a big shareholder around 2001 I think who wanted to them to float.

.

You mean a "big" butler. :rotfl: :rotfl: :rotfl:


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