Dear MSE, Nationwide is not a bank

glider3560

In this article http://www.moneysavingexpert.com/savings/best-cash-isa#instant

It says "Both banks offer decent current accounts". However you only mention one bank: First Direct. The other part of this section talks about Nationwide, which is a building society (unless you know something I don't!)

Perhaps the article should read "Both the bank and building society offer decent current accounts".

It also says "Online, but NEED to have their current account. Accepts transfers". The Nationwide account doesn't require you to have a current account with them. You can use any card based account, e.g. CashBuilder or InvestDirect, both can be opened with £1 and no credit check.

10_66

glider3560 wrote: »

In this article http://www.moneysavingexpert.com/savings/best-cash-isa#instant

...It also says "Online, but NEED to have their current account. Accepts transfers". The Nationwide account doesn't require you to have a current account with them. You can use any card based account, e.g. CashBuilder or InvestDirect, both can be opened with £1 and no credit check.

In fairness, the article does actually go on to say "Alternatively, Nationwide 'card account' customers (including FlexAccount) can get the same rate with its e-ISA, which includes a 1% bonus until 30 June 2011, with a minimum deposit of £1".

cottager

glider3560 wrote: »

In this article http://www.moneysavingexpert.com/savings/best-cash-isa#instant

It says "Both banks offer decent current accounts". However you only mention one bank: First Direct. The other part of this section talks about Nationwide, which is a building society (unless you know something I don't!)
Perhaps the article should read "Both the bank and building society offer decent current accounts".

To be strictly accurate I agree, but also think it's acceptable 'shorthand'. Whatever the message is about what banks or building societies offer isn't ordinarily affected by whether the distinction is made or not; only in narrower contexts where it could be important to understand the differences between banks and mutuals.
I do know what you mean as it's the sort of detail I also notice!
But it's long-winded to be constantly precise, and the fact that by offering a current a/c means Nationwide is 'acting like a bank' makes it fine I feel. After all, I expect most FlexAccount holders refer to their 'bank account', as that's what it is: 'my b/society account' has quite different connotations in most people's minds, i.e. savings.

masonic

I've never seen 'bank' defined so as to exclude building societies that provide banking services.