Nationwide qualifying account.

ianm41

Hello all...just a question about an account I have with the Nationwide...it is a pass book account with 108 pounds in it that I never use, the only reason it is still open is that it qualifies if they ever changed from a building society to a bank for shares...it been open for years. Now I hope the savvy of you out there are not now howling with laughter that I could even think of this happening, ( I suspect you maybe...) so what do you think? close it and take the family for a meal...or leave it where it is. I really don't need the 108 pounds but I found the book the other day and it has been bugging me ever since. PS I live in New Zealand hence why I have to type pounds as my keyboard only has $'s... which is quite annoying.
Thanks Ian

Frogletina

I have got £100 in mine too, but I don't hold much hope of any gains - but I know if I ever got shares I'd cash them in immediately

I gained shares when Bradford and Bingley de-mutualised, but I didn't cash them in and lost the lot.

le_loup

If you think there is a chance - of course there's not - why not put it into a proper account with them? Term deposit perhaps?

droopsnoot

Only needs a pound in to keep the account open for that purpose. I was in Nationwide the other week and mentioned the very same thing because I have an old book account that's there for a similar reason.

talexuser

Still got £101 in the Nationwide too, after closing around 9 or 10 similar BSoc accounts some years ago. Don't know why I keep it, not desperate for 100 quid I suppose. Also have a National Counties account as the only other left without proper cash savings (ie decent rate) in it, because of their relative worth. But there is no chance of conversion windfalls for the next decade, or payouts for mergers IMHO.

talexuser

droopsnoot wrote: »

Only needs a pound in to keep the account open for that purpose.

You needed £100 to be a qualifying member for all the various payouts in the past.

shackalak

If you have £1 in your account, it qualifys you as a member (in respect of continuous membership rights) but you need to have £100 in an account to actually qualify for a vote at the AGM.

talexuser

shackalak wrote: »

If you have £1 in your account, it qualifys you as a member (in respect of continuous membership rights) but you need to have £100 in an account to actually qualify for a vote at the AGM.

In all the previous conversions and mergers with payouts, having less than £100 did not qualify you for any payouts, so being a £1 member was no use if that was the point of keeping the account. I made a great risk free return in the 90s from ALL the Building Socs mergers and conversions before it all went t*ts up.

shackalak

Nationwide's Charitable Assignment kicked in from 3rd November 1997 where any potential payouts in the event of conversion would go to The Nationwide Foundation. To retain your membership rights, you need to have held an account containing at least £1 before this date. You don't necessarily need to have had the same account number, but if you have closed one account, you need to have opened another account on the same day for the membership rights to continue.

As others have said, many other companies have insisted on a £100 balance on a specific date, to qualify for a payout.

talexuser

Does that mean the no-one gets a (very hypothetical now!) payout in the event of a conversion, or only those who were members before Nov 97?

If no-one there's no point in keeping an account from the view of membership, only for ease of opening a new account if a market beating rate comes along - which is not THAT often for the Nationwide...

Eco_Miser

Members since before Nov 1997 have a theoretical chance of a payout should Nationwide ever de-mutualise - not that that's going to happen any time soon.