Old Nationwide Savings Account

xylophone

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

If there has been no activity for seven years it might already be dormant?

And if this is really a "Smart under seven account", then neither you nor your son now qualify for it anyway?

And any income on this account belongs to your son - he might need to be aware for tax purposes.

GingerBob_3

I was wondering if voting when they send out the annual ballot papers keeps any accounts you may have from going dormant - maybe not. Anyway, just about to go onto internet banking and pay in a fiver, and going to do the same with a couple of other longstanding accounts with the Darlington and the Newcastle as well.

xylophone

There is also this http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/smart-terms-and-conditions

GingerBob_3

xylophone wrote: »

There is also this http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/smart-terms-and-conditions

Thanks. Looks like by the now the account will have been converted, but since it was opened before 1997 (i.e. either me or my son is a continuing member of the society since then) the charity assignment does not apply.

Also, looks like it would become dormant after 15 years, though they have a right to declare it so after five years.

gentlepurr

I had a similar situation with a dormant Nationwide account, albeit not a young saver account, mine was a joint account which i had held with my ex and had £1 in it from 2006 when we split up. I was pleasantly surprised to learn that this entitled me to a loyalty saver account which has interest rates of over 2%, so even if you dont keep your sons account JIC of carpet bagging, its worth keeping open for preferential interest rates on a new account, - i would presume this would be in either your, or your sons name??

gp xx

SevenOfNine

There is some stuff in Nationwide here http://your.nationwide.co.uk/your-society/inside-your-society/Pages/the-foundation.aspx regarding charitable assignment (& a few more reading options if you type the words into their search box).

We've been Nationwide 'Society' members since pre the crucial date of 2/11/97 & held on to our sons Cashbuilder a/c for the same reason as you (adding £250 to his £4 balance in '97 & just leaving it there ever since, last interest notification in Apr 2013 so you have reminded me to pay the branch a visit).

Our own 1991 Cashbuilder a/c we transferred in '98 to an ISA (the staff member even wrote 'transferred', date and signed inside the book), and it was moved WITHOUT us surrendering our Society membership in favour of 'Foundation' membership (whereby any conversion benefits would be assigned to charity). We've transferred it a few times since but always careful to ensure that word is used, not 'withdrawn' & moved to a different a/c.

Sounds as if you've held on to your original membership as well. Nice to read of someone else who still considers carpetbagging MAY one day happen!