£100 if you switch to Nationwide (6 month+ existing members only)

stoptheworldIwannagetoff

I am seriously considering this switch but can I ask any of you who have done this if all the DD/SO have gone through ok after switching? I really am worried that something could go wrong eg mortgage.

Milarky

Right, I've read this thread and I think I can qualify:

Have main banking with Nationwide already, but;

Opened a Barclays current account for their regular saver (matures 28th April) into which I already pay salary as a condition. There is only a single standing order on this account (to the RS) but that account remains 'open' and converts to an 'Easysaver' at maturity anyway. Thereafter you don't need the Barclays account to credit the account - so the SO becomes 'movable'

I've taken the precaution of moving at BT direct debit from First Direct to Barclays today - and BT will action this within days (makes a nonsense of asking banks to move these for you!) so I will then have one SO and one DD. I could easily create any number of SOs on the account as I have a few savings accounts not actually set up on Nationwide already (YBS, LTSB)

Can this really be so easy? The 'dormant' concept is not mentioned in the Terms and Conditions any where I can see - just reference to 'main' current account -and there's no definition of one - so it boils down to just 'a current account'. The fact that salary has been paid in there for 12 months (and not to Nationwide) ought to swing it.

Have I missed anything important? (My plan is to apply as soon a my RS has matured - a week before NW's deadline)

furndire

I get the feeling that they need to get more customers, as they were very quick to close the accounts of the people who claimed back charges.
Seems strange that they want to make people run a new flex account alongside and old one ~ apart from massaging the figures as to how many account holder they have, or am I being cynical.

MrChips

JoeA81 wrote: »

I used to live in a block of flats, but I recently moved into a new house (with a 'proper' address), which [slaps head] is probably the reason why I was denied, as its the main thing me and my girlfriend now have in common, which points to it being the main reason for both of us failing to get the account. Someone I spoke to says that if the address has previously been blacklisted it can cause problems.

If you only moved recently that can cause problems, especially if you aren't on the electoral roll at your new address yet. Getting on the roll normally takes a couple of months as it is only updated periodically.

sofa_surfer

furndire wrote: »

I get the feeling that they need to get more customers, as they were very quick to close the accounts of the people who claimed back charges.
Seems strange that they want to make people run a new flex account alongside and old one ~ apart from massaging the figures as to how many account holder they have, or am I being cynical.

I've asked them and they confirmed I can transfer the SO/DDs to my existing Flexaccount - no need to apply for a new one if it meets the criteria.

fablad75

Just sharing my experience:

I opened a Nationwide cashbuilder account about 5 years ago and stopped using it after 6 months (long story).

I went into a branch last week to take advantage of the offer and they told me it should be fine, even though the account has been dormant for so long.

I told them that I won't be switching over my DDs yet, as I have a financial review with my current bank (A&L) in two weeks (for the free £25) and they told me that's fine too - I don't have to switch till they send me a letter asking me if I want to.

After not hearing from them for a week I went in to the same branch and was told that it has been approved and I will get my bank details next week.

The £100, apparently, will be deposited into my acount about 5 days after that.

Yogibear

well I`m glad you are all benefiting from this,:beer: after a few messages to them I have come to the conclusion I don`t qualify I am unable to pay in the £1000 a month as I am retired [early] they said"we have to find ways to get new customers" we are sorry that you feel this way,sorry I`m raging mad:mad: a bit contradictary as you have to be a member for 6 months +

sofa_surfer

Yogibear wrote: »

well I`m glad you are all benefiting from this,:beer: after a few messages to them I have come to the conclusion I don`t qualify I am unable to pay in the £1000 a month as I am retired [early] they said"we have to find ways to get new customers" we are sorry that you feel this way,sorry I`m raging mad:mad: a bit contradictary as you have to be a member for 6 months +

I was told by their CS Reps that the >1000 bit is not compulsory - there is no way for them to know the amount you are going to credit the account in the future - they are supposed to give you the money 5 days after the receipt of the authorisation document, remember?

Milarky

sofa_surfer wrote: »

I was told by their CS Reps that the >1000 bit is not compulsory - there is no way for them to know the amount you are going to credit the account in the future - they are supposed to give you the money 5 days after the receipt of the authorisation document, remember?

and besides, it's the easiest trick in the book to fund current accounts to a pre-set level, you just withdraw as much cash as you can at the ATM and pay it straight back in over the counter in a branch. You can take up to £300 (subject to your overdraft limit) back into a Nationwide branch every day this way, regardless of income!

ED

Even more than £300 per day, if in possession of an InvestDirect account, as further funds can be transferred online to that prior to ATM withdrawal. Perhaps there are other Nationwide accounts with ATM cards (anyone?) I have rarely used the Society in recent years, because their online facility is poor compared with numerous other Bdg Societies, especially regarding snail's-pace secure online messaging.