Closing Nationwide savings account and carpetbagging

Buster_Danog

I don't like to admit it, but I never paid much attention to my savings or interest rates prior to coming on this site. I have a few grand saved from when I was working and keep this in an old Nationwide account, which I thought was a decent savings account. It turns out I've been getting 1.9% AER on my £5,000 for about 6 years now.

I opened my account when it was still carpetbagging season, and I am concerned that if I go to withdraw most of my balance they will ask me to close the account. Thus if they ever do convert I will lose my right to a dividend. I opened the account before they put a stop to carpetbaggers.

The account is the Bonus Saver and is listed on their website under "Accounts no longer available".

What should I do? I would ideally like to leave a couple of hundred quid in just in case, but if I do that I think they'll drag me over the counter before they will let me keep the account open.

Tom_Jones

Don't withdraw it all at once, do it over a few weeks/months, make sure you leave at least £100 in your account if you think they will convert, however I think the NW will be very unlikley ever to convert to a bank.

Milarky

Open an Investdirect acount and just leave £100 in there - I've had '0.00' in that one for a couple of years and they've done nothing to close it. It pays 4.5% - which is OK for a dormant account - and that's all you need to keep your shoe in.

It's not just about carpetbagging, though. I've opened about 25 accounts since January - going to the highest rates first - and the rates on offer from other societies are far better than from a 'mutual giant' like Nationwide.

Here's my list of accounts opened lately:

KEY: B][SIZE=1][U][COLOR=Blue]Society Name[/COLOR][/U], Rank (out of 60),Interest Rate,[U][COLOR=Blue]Account details[/COLOR][/U

Regular Saver Accounts
[/SIZE][/B]
Ipswich 37 7.90% Target Savers 1 and 2 Leek United 26 7.50% Regular Savings (1yr) Brittania 2 7.50% 1yr Regular Saver (closed Issue) Yorkshire 4 7.00% Regular Saver Principality 12 6.50% Regular Saver Bond Bath Investment 47 6.50% Regular Saver Scarborough 18 6.30% My Savings Monmouthshire 32 6.25% Saver Plus Cheshire 11 6.00% 1yr Regular Saver (closed Issue) Furness 26 5.95% Regular Saving Account Skipton 7 5.85% Regular Saver Saffron 25 5.55% Premium Saver Chelsea 6 5.45% Regular Saver Newcastle 13 5.10% Monthly Saver Mansfield 41 4.90% Regular Saver Catholic 59 4.75% Monthly Saver


Other Accounts

National Counties 22 5.86% 2yr Bond West Bromwich 8 5.86% 1yr e-Bond Kent Reliance 19 5.75% Tracker Bond Market Harborough 34 5.45% On the dot Derbyshire 10 5.45% 'iSaver Account Stroud & Swindon 15 5.45% 2yr Bond Teachers' 40 5.30% Callsave Leeds 9 5.00% Online Saver Coventry 5 5.00% Netsaver Account Barnsley 35 4.55% Flex-Save

Target Accounts (intend/likely to open)

Norwich & Peterborough 14 8.00% Gold Savings Acount Chorley & District 48 7.25% Premier Rover Nationwide 1 6.25% Regular Saving Account Tipton & Coseley 39 5.90% Premier ISA Beverley 53 5.80% Monthly Saver Dunfermline 17 5.60% Monthly Saver Dudley 42 5.55% ISA Progressive 20 5.50% 2yr Bond Earl Shilton 55 5.50% ISA Tipton & Coseley 39 5.40% Regular Saver Melton Mowbray 33 5.40% ISA Melton Mowbray 33 5.25% 1yr Bond/3yr Bond Buckinghamshire 50 5.25% ISA or TOISA Chesham 46 5.25% Save Direct Scottish 45 5.15% ISA Harpenden 51 5.10% Simply ISA Shepshed 56 5.00% ISA or TOISA Ecology 58 4.90% ISA or TOISA Loughborough 43 4.55% Loughborough Postal Hanley Economic 38 3.85% Postal 30 Nottingham 16 3.10% Club Account

Unavailable/unlikely to open

49 Holmesdale No suitable accounts – probably minimum £1000 3 Portman Merging 54 Swansea Minimum investment of £5000 21 Cumberland Area only 61 Century No suitable accounts – probably minimum £5000 36 Marsden Area only 27 Hinckley & Rugby Limited Accounts. Unless opening an ISA require £5000 for 'first' account 28 Universal Merging 57 Penrith Area only 30 Darlington Limited Accounts – Minimum £10000 52 Stafford Railway Only to open a new ISA – no transfers-in accepted 60 City of Derry Area only 24 Cambridge Area only 29 Manchester Limited Accounts – Minimum £2500 44 Vernon Area only

Afahmaep

Using the ISA strategy. Excellent idea. My funds from 2005/2006 are 'trapped' in the Portman with a £30 'transfer fee' per transfer. If I split into 3 separate pots as was my intention then it would cost me £90. :eek:
Have you been peeking at my spreadsheets.:rotfl:

cheggers

Milarky wrote:

Open an Investdirect acount and just leave £100 in there - I've had '0.00' in that one for a couple of years and they've done nothing to close it. It pays 4.5% - which is OK for a dormant account - and that's all you need to keep your shoe in.

It's not just about carpetbagging, though. I've opened about 25 accounts since January - going to the highest rates first - and the rates on offer from other societies are far better than from a 'mutual giant' like Nationwide.

Here's my list of accounts opened lately:

KEY: B][SIZE=1][U][COLOR=Blue]Society Name[/COLOR][/U], Rank (out of 60),Interest Rate,[U][COLOR=Blue]Account details[/COLOR][/U

Regular Saver Accounts
[/SIZE][/B]
Ipswich 37 7.90% Target Savers 1 and 2 Leek United 26 7.50% Regular Savings (1yr) Brittania 2 7.50% 1yr Regular Saver (closed Issue) Yorkshire 4 7.00% Regular Saver Principality 12 6.50% Regular Saver Bond Bath Investment 47 6.50% Regular Saver Scarborough 18 6.30% My Savings Monmouthshire 32 6.25% Saver Plus Cheshire 11 6.00% 1yr Regular Saver (closed Issue) Furness 26 5.95% Regular Saving Account Skipton 7 5.85% Regular Saver Saffron 25 5.55% Premium Saver Chelsea 6 5.45% Regular Saver Newcastle 13 5.10% Monthly Saver Mansfield 41 4.90% Regular Saver Catholic 59 4.75% Monthly Saver


Other Accounts

National Counties 22 5.86% 2yr Bond West Bromwich 8 5.86% 1yr e-Bond Kent Reliance 19 5.75% Tracker Bond Market Harborough 34 5.45% On the dot Derbyshire 10 5.45% 'iSaver Account Stroud & Swindon 15 5.45% 2yr Bond Teachers' 40 5.30% Callsave Leeds 9 5.00% Online Saver Coventry 5 5.00% Netsaver Account

Target Accounts (intend/likely to open)

Norwich & Peterborough 14 8.00% Gold Savings Acount Chorley & District 48 7.25% Premier Rover Nationwide 1 6.25% Regular Saving Account Tipton & Coseley 39 5.90% Premier ISA Beverley 53 5.80% Monthly Saver Dunfermline 17 5.60% Monthly Saver Dudley 42 5.55% ISA Progressive 20 5.50% 2yr Bond Earl Shilton 55 5.50% ISA Tipton & Coseley 39 5.40% Regular Saver Melton Mowbray 33 5.40% ISA Melton Mowbray 33 5.25% 1yr Bond/3yr Bond Buckinghamshire 50 5.25% ISA or TOISA Chesham 46 5.25% Save Direct Scottish 45 5.15% ISA Harpenden 51 5.10% Simply ISA Shepshed 56 5.00% ISA or TOISA Ecology 58 4.90% ISA or TOISA Barnsley 35 4.55% Flex-Save Loughborough 43 4.55% Loughborough Postal Hanley Economic 38 3.85% Postal 30 Nottingham 16 3.10% Club Account

Unavailable/unlikely to open

49 Holmesdale No suitable accounts – probably minimum £1000 3 Portman Merging 54 Swansea Minimum investment of £5000 21 Cumberland Area only 61 Century No suitable accounts – probably minimum £5000 36 Marsden Area only 27 Hinckley & Rugby Limited Accounts. Unless opening an ISA require £5000 for 'first' account 28 Universal Merging 57 Penrith Area only 30 Darlington Limited Accounts – Minimum £10000 52 Stafford Railway Only to open a new ISA – no transfers-in accepted 60 City of Derry Area only 24 Cambridge Area only 29 Manchester Limited Accounts – Minimum £2500 44 Vernon Area only

Thats right list, might have a look at this to add to my collection.

Have you a list of which have 5 year signaways and life time signaways

[Deleted User]

Why not open a Flexaccount and then an e-savings account and then you 5.30%? There is no minimum payment requirement in to the Flexaccount.

tom188

Target Accounts (intend/likely to open)

Norwich & Peterborough 14 8.00% Gold Savings Acount, Chorley & District 48 7.25% Premier Rover, Nationwide 1 6.25% Regular Saving Account, Tipton & Coseley 39 5.90% Premier ISA, Beverley 53 5.80% Monthly Saver, Dunfermline 17 5.60% Monthly Saver. Dudley 42 5.55% ISA, Progressive 20 5.50% 2yr Bond, Earl Shilton 55 5.50% ISA, Tipton & Coseley 39 5.40% Regular Saver, Melton Mowbray 33 5.40% ISA, Melton Mowbray 33 5.25% 1yr Bond/3yr Bond, Buckinghamshire 50 5.25% ISA or TOISA, Chesham 46 5.25% Save Direct, Scottish 45 5.15% ISA, Harpenden 51 5.10% Simply ISA, Shepshed 56 5.00% ISA or TOISA, Ecology 58 4.90% ISA or TOISA, Barnsley 35 4.55% Flex-Save, Loughborough 43 4.55% Loughborough Postal, Hanley Economic 38 3.85% Postal 30, Nottingham 16 3.10% Club Account

Do you live near Hanley or Dudley because these have local operation areas too? Also many of these ISAs do not allow transfers in, only new money.

Buster_Danog

Milarky wrote:

Open an Investdirect acount and just leave £100 in there - I've had '0.00' in that one for a couple of years and they've done nothing to close it. It pays 4.5% - which is OK for a dormant account - and that's all you need to keep your shoe in.

Hi Milarky, how would I keep my shoe in by closing my bonus saver account?

Any account opened after a certain cut off date (can't remember what date) is not eligible for a dividend. They made some clause that any dividends for accounts open after that date would go to charity or something.

I thought the whole point was not to close my savings account, which was opened before that cut off date.

Buster_Danog

Tom_Jones wrote:

Don't withdraw it all at once, do it over a few weeks/months, make sure you leave at least £100 in your account if you think they will convert.

I agree they seem unlikely to convert. The problem in the past was that any time I went into the branch to make a withdrawl they started harping on at me to close the account.

I am thinking there might be a way I could open an account with another bank, and give that bank my nationwide account details so they might be able to transfer most of the funds to my new account, or does it work like that?

vix2000

I thought everyone had to sign to give any windfall to charity when opening an account?

ManAtHome

When you first opened your account you became a member of Nationwide. As long as you don't close the account then open a new one, you remain a member and can transfer freely between accounts.