Can't withdraw savings without visiting Nationwide branch

anotherbob

My wife and I have a Nationwide "Loyalty Saver" account (dating back to their takeover of Cheshire B.S.)

We don't have any other account with Nationwide.

We have always made withdrawals at a branch but being in our 70s we are unwilling to do so just now.

It isn't possible for us to ask anyone else to help since Nationwide will only deal with the account holder at the branch.

Nationwide says we would have to open one of their current accounts in order to get access to our savings, but we do our online banking with another bank.

Can anyone suggest a way to resolve the difficulty?

LillythePink

maybe open one of their accounts to move the money out of your savings into then transfer it out to your main bank account?

You would have to sign up for online banking with them though

Suseka97

If there's no other option, then setting up a NW bank account is really straightforward and can be done online. You don't have to use it for any other purpose other than to transfer savings into and withdrawing as and when you need to.  You could also transfer savings into it and then use the debit card, or bank account itself for online payments for any goods or services.

Owain_Moneysaver

You should be able to use online banking with that account with Nationwide

Managing your account

1. You can access your account in any of the following ways:

• Via the Internet Bank or Banking app (if you are registered to use the Internet Bank).

• In branch.

Faster Payments are not available for making withdrawals from your account.

https://www.nationwide.co.uk/support/support-articles/terms-and-conditions/loyalty-saver
However, it looks like online you could only transfer to another Nationwide account, that would let you then transfer outside Nationwide. That might not need to be a current account, and anyway you can have more than one current account. Just leave £10 in it to keep it open ... 
They do cheque withdrawals too, will they post a cheque to you if you phone and ask them?

d63

another advantage of opening a flexdirect current account with nationwide is that they will pay you 5% interest on an in-credit balance up to £2500 provided you jump through a few hoops such as paying in £1000 a month, (which of course you can withdraw again the following day if you wish).
always handy to have more than one current account anyway in case of problems with one or the other plus you could be getting £125 for the first year too.

KxMx

You can have 6 different current accounts with 6 different banks and 6 different Internet banking log-ins, if you wanted to do so  

anotherbob

Thanks for the advice and suggestions.

I've looked at switching to a Nationwide flexdirect acct, but I'm not clear what to make of this....

"We'll pay the 5% rate on the first account you open in just your name. Plus, if you want to share another account with someone else, we'll pay the 5% rate on the first joint account you open with them."

... which appears on the Nationwide page.

At the moment we have a joint current account and wish to keep it that way.

KxMx

You don't have to switch, just open a Natwest current account (in one name if you want to keep it simple ) and sign up to online banking. Then:
Transfer from Natwest savings to Natwest current. 
Transfer from Natwest current to other bank current. 

d63

anotherbob said:

Thanks for the advice and suggestions.

I've looked at switching to a Nationwide flexdirect acct, but I'm not clear what to make of this....

"We'll pay the 5% rate on the first account you open in just your name. Plus, if you want to share another account with someone else, we'll pay the 5% rate on the first joint account you open with them."

... which appears on the Nationwide page.

At the moment we have a joint current account and wish to keep it that way.

there really is no need to switch your existing joint current account to the nationwide unless you really want to, but i would strongly advise you to simply open a new flexdirect account either in your own name or in your joint names, or indeed open two accounts, one sole name, one joint, and then if you arrange for the £1000 to be paid first into the sole account, then move it back to your original account, then transfer back again to the joint account, and ok, it may sound a bit involved, but it is a lot easier to do than for me to describe!
but sadly it doesn't look like you will be able to take full advantage of the 5% interest rate offer for long as according to this article:
https://www.dailymail.co.uk/money/saving/article-8191713/Best-current-accounts-Nationwide-cut-FlexDirect-2-May.html
they will be reducing the rate to 2% pretty soon.

well anyway, it should solve your original problem of accessing your loyalty savings account (i have one of those too! 15 years! time sure flies)

anotherbob

d63 said:

there really is no need to switch your existing joint current account to the nationwide unless you really want to,

but sadly it doesn't look like you will be able to take full advantage of the 5% interest rate offer for long as according to this article:
https://www.dailymail.co.uk/money/saving/article-8191713/Best-current-accounts-Nationwide-cut-FlexDirect-2-May.html
they will be reducing the rate to 2% pretty soon.

Thanks for your advice.

I had been thinking of a switch prior to this problem arising. My present account (Halifax Reward) is changing to less favourable terms soon and I think that maybe 2% with a flexdirect acct. will be preferable to nothing at all, in addition to dealing with my original problem.