Closing Nationwide FlexAccount with e-Bond open

glider3560

I am about a year into a three year e-Bond with Nationwide. As the FlexAccount is now completely useless to me, I want to close it to reduce the number of accounts I have (for ease of administration).

Does anyone know if I can close the FlexAccount but keep the e-Bond open? The bond contains just £100 to keep me a member.

jonesMUFCforever

Nationwide have already made the decision that any windfall should they not continue to be a mutual building society will go to charity not to members.
I would close both accounts.

glider3560

jonesMUFCforever wrote: »

Nationwide have already made the decision that any windfall should they not continue to be a mutual building society will go to charity not to members.
I would close both accounts.

Only for new members after 1997

money_maker_2

No you have to keep the flex open. That is how you operate E accounts, states in their t&c.

[Deleted User]

money_maker wrote: »

No you have to keep the flex open. That is how you operate E accounts, states in their t&c.

shame that as if one is closed all is closed

jonesMUFCforever

glider3560 wrote: »

Only for new members after 1997

As a member, what would I receive if Nationwide converts?

The Board of the Society has no intention that the Society should convert, but in the unlikely event of a vote for conversion, the allocation of conversion benefits would depend on the decisions taken at the time.
If you are a charity member of The Nationwide Foundation, any conversion benefits that you would have received will automatically pass to The Nationwide Foundation and fund future charitable giving.

This what their website says - it could mean anything I suppose depending on your point of view.

glider3560

A "charity member" is someone who joined after 2nd November 1997

DavidHayton

I think that the chance of getting any windfall money out of the Nationwide is close to zero.

If another vote is forced then the "charity members" are hardly going to vote in favour, against the instructions of the board. And if the directors want to give the society away then the members will do as they are told without need for any payments.

Look what happenned to the Kent Reliance! It was given to JC Flowers on a plate.

That said, I will probably keep my £100 in the Nationwide. It has been there 15 years now, and if I am wrong about the above then I would feel very silly.

David