Closing Nationwide savings account and carpetbagging

Jake'sGran

Franco78 wrote:

Does anyone remember the voting forms that came round for demutualisation? It was an awful example of a biased voting form. They used all the tricks in the book, including confusing people with colours. That is to say you voted yes on all pages in a red box, but when it came to the question on demutualisation they switched the colours round.

I have been with them for a long time and always go for the highest rates on offer. The Christmas before last there was a special bond paying 6% but when it matured recently I was really surprised they dropped the rate considering what has been happening to the bank rate. But, re your observation above, I do notice all the tricks the bldg societies use on voting papers but I put my cross against the outsider every time i.e. the one who is trying for demutualisation. The Nationwide credit card is one of the best though so I can't complain about them very much. I had a dispute with a hotel in Spain about a ROE last year and they sorted it out and a credit soon appeared on my statement. Using their card I have also got one extra years guarantee on two electrical products bought with it.

Franco, I would just leave the minimum in one of their better paying accounts or a bond and transfer the rest to where you like. I don't like their arrangement with the flex-account as you have to transfer funds out of on line savings into the flex account before you can move it elsewhere.

Buster_Danog

Well, I 've taken Milarky's advice and I have an application form filled in for an "Investdirect" account. I can leave a few hundred quid in it and they still pay 4.5%.

However, the small print still concerns me in that the demutualisation "charitable clause" is in there. It doesn't make any provision in the text for members who have been with them prior to the chartiable clause coming into effect.

I am tempted to double check with them on the phone prior to signing it, but then I have been reassured in this thread that once you are a member with an account, then the date you joined on is all that matters. I can't get enough reassurance to be honest.

msmicawber

I went to close a small Nationwide savings account 2 or 3 years ago and the counter staff advised me to leave £1 in it just in case they ever demutualised. I have other accounts with them, but that was the first and was opened some years ago before the 'charitable clause'. Although we didn't discuss it in great detail, I took it that she meant that leaving the old account open, albeit only just, I could prove that I wasn't a carpetbagger.

I hope that helps ...

RayWolfe

Franco78 wrote:

However, the small print still concerns me in that the demutualisation "charitable clause" is in there. It doesn't make any provision in the text for members who have been with them prior to the chartiable clause coming into effect.

I can understand your concern but you are not understanding the term "member". I have an application in front of me and it states "... If you were a member of the society on 2nd November 1997 and have continued to be a member ever since that time this* condition does not apply to you."
* the assignment to the charitable foundation.

It could not be clearer.

tom188

For those of you fussing about a low interest rate on your Bonus Saver the interest rate is infact 5.15% p.a. including the bonus, provided you make 11 of the 12 monthly payments. It is only 1.9% if you do not make this number of payments.

regularsaver1

Milarky

How do you manage to find the time and keep tabs on them all?

do you use a spreadsheet or something?

Buster_Danog

OK, thanks guys. I wasn't trying to hide the fact that I didn't keep up the payments. I was just surprised it was that low even when I didn't, but I did start the thread by saying I have never paid much attention to my savings... silly me!

cheggers

msmicawber wrote:

I went to close a small Nationwide savings account 2 or 3 years ago and the counter staff advised me to leave £1 in it just in case they ever demutualised. I have other accounts with them, but that was the first and was opened some years ago before the 'charitable clause'. Although we didn't discuss it in great detail, I took it that she meant that leaving the old account open, albeit only just, I could prove that I wasn't a carpetbagger.

I hope that helps ...

You need to add another £99 into your account to be a voting member

Buster_Danog

That's right Cheggers. I missed out on the Halifax shares (I was with Leeds building society at the time) because I had less than a hundred squid in the bank. I wasn't carpetbagging back then, I just happened to be with the Leeds and had been since I was a little kid.