Nationwide offer to switch account - possible drawback

tabbycat2k

This isn't an ISA point specifically: I have received an offer from Nationwide to transfer from my Members ISA bond into a Fixed Rate ISA bond. As it happens I dont' want to do it BUT IN THE SMALL PRINT it seems that by opening a 'new' account (ie after 2nd Nov 1997) I will be automatically giving away my rights to any conversion benefits (any benefits under the terms of any future transfer of the Society's business to a company - on conversion or takeover) which I currently hold as a long term member. I would prefer the Nationwide to stay mutual but want to reap the benefits should a conversion happen.

Has anyone else spotted this, or have I understood it wrongly?

Thanks.

LardyCake

Isn't there also something along the lines of:

"if you were a member on 2nd Nov 1997 and have continued to be a member ...
then that bit (about the charitable assignment) doesn't apply"

There has been on all the forms I have seen.

nilocmac

I am pretty sure that is doesn't matter as long as you have held some kind of account continuiously since before this date.

I was also invited to sign up to this but have decided against it as there is not a lot of differance in rates. Also BoE rates I would have imgined will be going up rather than down.

jackthelad_2

This is a crap deal, in the T & C it states on maturity the account will be converted to VR instant access ISA,best stick with Member ISA bond.