Old Nationwide Savings Account

GingerBob_3

I, or rather, one of my sons, has and old Nationwide savings account with about £250 in it. The account was opened by me when my son was born, and when he was 21 we handed it to him, whereupon he withdrew the several thousand pounds to buy a car, but at my recommendation he kept the balance of £250, just in case NW ever got bought - cash windfall etc?

The account remains a "young person's savers account" or words to that effect. It was opened during the carpet-bagging years and, despite requests from NW I have never upgraded it (i.e. signed away rights to a windfall). The account has essentially been inactive for a few years now. What will be the status of it? Will it still have a possible windfall benefit should NW ever be sold (I know that's unlikely as things currently stand).

anamenottaken

GingerBob wrote: »

I, or rather, one of my sons, has and old Nationwide savings account with about £250 in it. The account was opened by me when my son was born, and when he was 21 we handed it to him, whereupon he withdrew the several thousand pounds to buy a car, but at my recommendation he kept the balance of £250, just in case NW ever got bought - cash windfall etc?

The account remains a "young person's savers account" or words to that effect. It was opened during the carpet-bagging years and, despite requests from NW I have never upgraded it (i.e. signed away rights to a windfall). The account has essentially been inactive for a few years now. What will be the status of it? Will it still have a possible windfall benefit should NW ever be sold (I know that's unlikely as things currently stand).

AIUI, if your son is the named account holder, he would retain the "no charity assignment" status if there were no break in his membership of Nationwide.

So, if he does not have another account with them now, he could open one with at least £100 and a couple of days later close the old account.

GingerBob_3

The account is held in my name and is described in the pass book as:

"GingerBob on behalf of Young Ginger"

It is actually a "Smart Under 7" account. The last activity was in 2007 and neither I nor my son have any other accounts with NW, save a recent credit card which I have with them.

xylophone

when he was 21 we handed it to him, whereupon he withdrew the several thousand pounds to buy a car

If he did this then he had control of the account?

Under the circumstances described, I don't understand why your name was not removed from the account at this stage?

GingerBob_3

xylophone wrote: »

If he did this then he had control of the account?

Under the circumstances described, I don't understand why your name was not removed from the account at this stage?

I went with him to the branch, so in actual fact I took it out for him I suppose.

xylophone

As he was 21 when you went with him, and if you were holding the account in bare trust, your name should have been removed at this time?

It is actually a "Smart Under 7" account.

I am assuming that the member of staff noticed that your son was no longer under 7?:D

Perhaps you and your son should pop into the branch and sort this out?

bryanb

I had asimilar "old" account with N/W. They transferred it to a dormant account without contacting me. Then few of years later when I tried to re-activate, they would not do it unless I signed a waiver of any windfall rights.
You will have to be careful.

GingerBob_3

xylophone wrote: »

I am assuming that the member of staff noticed that your son was no longer under 7?:D

They certainly did, and as I recall, they tried to get me to alter something or other - I think it was to convert the account into something else, but this was when NW were trying to stop the carpet-bagging and had introduced this charity thing, so I declined to alter anything. The account remains a Smart Under 7. They have written a couple of times over the last few years urging me to visit the branch and convert it; I've ignored these letters, thinking it might have resulted in signing away the possible windfall.

GingerBob_3

bryanb wrote: »

I had asimilar "old" account with N/W. They transferred it to a dormant account without contacting me. Then few of years later when I tried to re-activate, they would not do it unless I signed a waiver of any windfall rights.
You will have to be careful.

Worrying! What's the best way to stop it becoming dormant? And when does it become dormant - 10 years since last activity?

PasturesNew

GingerBob wrote: »

Worrying! What's the best way to stop it becoming dormant? And when does it become dormant - 10 years since last activity?

Pay £1 in?

bryanb

GingerBob wrote: »

Worrying! What's the best way to stop it becoming dormant?

No Idea I'm afraid. I was out of the country when it happened, but I could have been contacted via the account address. They made no attempt to contact. I was away for a few years.
I'd guess transactions on the a/c would be the best way to avoid it becoming dormant.