The information Natiowide and Portman did not want you to have

BWZN93

Oh, and make sure that the figure stays at £100, as the announcements of anything are kept quiet and you wont have time to go and recredit the account to make sure you qualify. Another point worth mentioning is that if you decide to switch the account, ensure that you do not close the account and open another on different days or you will fall under the charitable assignment and there is no way of getting it back. To switch an account in the most efficient manner, make an appointment at a branch and ensure it is all done in the appointment to prevent anything going wrong!

I will also mention that I am currently an employee of Nationwide and will try and answer questions if you have any. Thanks to the OP too - a very informative post.

Jo x

adidas

Just reading this interesting thread...I have been a Nationwide member for 6 years now and have an e-saver and flexaccount with them. So if I open a Portman account with £250 I will get a windfall if the merger occurs between Nationwide and Portman or if Nationwide becomes a bank? I'm a bit confused so sorry if it sounds a bit stupid! And any ideas when you'd the windfall?

gingababe

I`m having a dizzy moment, I have a nationwide flexaccount & esaving account, but I only opened this abouth 7 or so months ago... so if I open a portman account will I get a windfall???

Sorry for being dizzy & thanks for your help.
Ginga

BWZN93

Adidas - The windfall would only be for qualifying members if the building society were to turn into a bank. For the merger, only eligible portman members will be getting a bonus, and this is already pre-determined so its too late to get in on this.

If you have held accounts with Nationwide prior to late 1997 then you are already deemed to have 'personal' assignment - meaning that you would benefit financially from a conversion from Mutual to PLC. If you joined after 1997, you have 'charitable' assignment, meaning that any windfall would be given to the charitable foundation rather than you.

If you open an account with the Portman now, and close all of your existing nationwide accounts (based on a joining date of approx 2001 in your case) , you may get a windfall if the enlarged Nationwide were to turn into a PLC - ONLY if Nationwide were to convert to a PLC after 5 years had passed from your Portman joining date, and if you had the minimum £100 in an account on a given day (so dont spend the £100 at all). If the conversion were to take place before the 5yrs were up, again, the funds would go to the charitable foundation.

If you want to find out what kind of assignment you currently hold with Nationwide, a quick call to any branch/head office should be able to clarify matters as everyones record states what assignment is held.

Gingababe - you would only get a windfall if you too were to close your existing Nationwide accounts, open a Portman account before the merger, and even then only in the event that Nationwide became a PLC (bank) 5years subsequent to your joining date with Portman and you having at least £100 in an account on the date specified at the time.

HTH

Jo x

Kilty_2

Remember - there are now so many "signaway" Nationwide members that in order to convert to PLC, they'd need to vote in favour.

Not going to happen unless the charitable agreement is scrapped, so why bother using this loophole?

jw1096 - what are Nationwide like to work for? Applied for a job with them and I've been told they've shortlisted me for interview though haven't heard anything for a few weeks.

(If you'd prefer not to say anything about them on the open forum, send me a PM )

MarkyMarkD

If you read the entire thread (and it's only 16 posts long!) I've covered that point.

Many altruistic signaway members would believe that it was worth agreeing to a Nationwide conversion for the benefits of charity.

The benefits of Nationwide's mutuality are entirely spurious, so why would anyone bothered about £billions being given to charity NOT vote in favour?

Kilty_2

MarkyMarkD wrote: »

If you read the entire thread (and it's only 16 posts long!) I've covered that point.

Show me where you've done that then....

MarkyMarkD wrote: »

Many altruistic signaway members would believe that it was worth agreeing to a Nationwide conversion for the benefits of charity.

The benefits of Nationwide's mutuality are entirely spurious, so why would anyone bothered about £billions being given to charity NOT vote in favour?

I agree with you there, but how many altruistic signaway members are there?

MarkyMarkD

Oops - that would be my post in the "other" thread here: http://forums.moneysavingexpert.com/showthread.html?t=519572&p=5931758 Apologies!

I would argue there are a lot of altruistic signaway members. Most people who joined NW with a signaway knew about it. Nationwide's advertising and attitudes appeal to people who don't want best buy - indeed, they are rarely best buy - but prefer "long term reasonable value" and no hassle.

The sort of people who would I would suggest would like to see £billions going to charity.

Phill_555

I sent my request to open a saver account away on the 9th August and they still have not cashed it. What happens if the merger happens before my request gets processed? Does anyone have any definite news on when this merger is taking place?

MarkyMarkD

28 August is the critical date. I would contact Portman and ask them what's happening.