Membership of Nationwide

lolly5648

I have a Portman account and am planning to close it and buy a Nationwide 6.7% bond. Will my years with Portman count for membership purposes and if I close the a/c to buy the bond will they say I am a new member or should I leave some money in the account?

Thanks

LittleVoice

lolly5648 wrote: »

I have a Portman account and am planning to close it and buy a Nationwide 6.7% bond. (1) Will my years with Portman count for membership purposes and if I close the a/c to buy the bond (2) will they say I am a new member or should I leave some money in the account?

Thanks

(1) The cheque you should have received this week seemed to encourage you to buy a bond with an interest rate which would normally be available to Nationwide members of about 3 years standing. From this I take it that they will accept your Portman membership as contributing to your term with Nationwide. But asking them directly should be easiest.

(2) I would leave £100 in the former Portman account until at least the day after I had opened a new Nationwide one. That is my cautious nature as I would not want them to claim that there was any kind of a break in membership. It's the way I operate when closing a BS account but wanting to retain membership through a new account.

gt94sss2

lolly5648 wrote: »

I have a Portman account and am planning to close it and buy a Nationwide 6.7% bond. Will my years with Portman count for membership purposes and if I close the a/c to buy the bond will they say I am a new member or should I leave some money in the account?

Yes, your years at Portman now count as Nationwide years - however, as they still seem to have 2 different IT systems, it would make sense to ask them to either:

- transfer the balance from the Portman account (rather than closing it) to the Nationwide one in a branch

or

- open the bond first, leaving a minimum of £100 in your Portman account and then open a second bond (minimum balance for a bond is £1)

Regards
Sunil

MattB_4

Unnecessary really. Just open the new bond. I believe the accounts may be tied in to the Nationwide customer record system already (or will be completed shortly). The fact the accounts are held on a different system as far as transactions go is irrelevant.

If i had both NBS and PBS accounts I would be inclined to check the details on both were correct though. Makes things easier!