Nationwide Building Society Loyalty!

zagfles

newatc said:

missymouse said:

Also really frustrating that you cannot talk to anyone at nationwide unless your call is deemed urgent which I can understand due to the virus. However I have a lot of money in the nationwide and I don’t always want to go to the website.

Some of my money is invested in the triple Access 4 online account which was meant to pay 1.21% which is now dropping to a Pathetic rate in May.

My question is If I withdraw the money will I still get some interest on it or do I have to leave it till the account matures next March? Am I better pull in the whole lot out just before May and opening a totally different account in another bank

Rather fed up with Nationwide

I asked them a question on their online messaging system today and surprisingly got a reply within two hours (perhaps they are overdoing the don't contact message) so I would suggest doing that. I think Zagfles is correct but I would suggest taking a screen shot before transferring in case of dispute as once balance is zero the online account is gone.

The account will still be there unless you close it - I've got a couple of NW accounts with a zero balance

newatc

It might be just ISAs but my transferred out ISA no longer shows which is a little problem as I can't reconcile the amount was transferred (thus wishing I had a print out before the transfer). Now waiting for a closing statement.

zagfles

newatc said:

It might be just ISAs but my transferred out ISA no longer shows which is a little problem as I can't reconcile the amount was transferred (thus wishing I had a print out before the transfer). Now waiting for a closing statement.

If you transfer out there's usually an option to close the account you're transferring from - this might be the default. But you could do a partial transfer I guess, and just leave a penny in the account? In my case I transferred the money myself from a couple of accounts (didn't need to keep the ISA tax free status) and they've been sitting there with a zero balance for months.

Albermarle

I have a couple of zero balance accounts from years ago , but after recent ISA transfers those isa  accounts just disappeared like newatc said . So a little bit inconsistent .

blue_max_3

Albermarle said:

I have a couple of zero balance accounts from years ago , but after recent ISA transfers those isa  accounts just disappeared like newatc said . So a little bit inconsistent .

I don't think it's inconsistent. You can keep accounts with a zero balance and potentially add in the future. The transfer of the ISA effectively closes the account.

d63

ah! some good news at last for nationwide loyalty savers!!
 (this from the latest email they've sent me!) --->

"Some news for our Loyalty Savers

If you took out a Loyalty Saver account after 3 July 2013, your savings limit will be increasing from £100,000 to £5 million from 1 May 2020. This change has been updated in the account’s Terms and Conditions." gosh!

epm-84

newatc said:

It might be just ISAs but my transferred out ISA no longer shows which is a little problem as I can't reconcile the amount was transferred (thus wishing I had a print out before the transfer). Now waiting for a closing statement.

The amount you get transferred will be different to the last time you saw the balance due to any incurred interest being added on closing, so you need to wait for that letter before you can confirm the transferred amount is correct.

epm-84

d63 said:

ah! some good news at last for nationwide loyalty savers!!
 (this from the latest email they've sent me!) --->

"Some news for our Loyalty Savers

If you took out a Loyalty Saver account after 3 July 2013, your savings limit will be increasing from £100,000 to £5 million from 1 May 2020. This change has been updated in the account’s Terms and Conditions." gosh!

So if you have £50k+ perhaps you need to take it out and put in premium bonds so that there's a very small chance you'll be able to benefit from the limit being millions.

typistretired

d63 said:

ah! some good news at last for nationwide loyalty savers!!
 (this from the latest email they've sent me!) --->

"Some news for our Loyalty Savers

If you took out a Loyalty Saver account after 3 July 2013, your savings limit will be increasing from £100,000 to £5 million from 1 May 2020. This change has been updated in the account’s Terms and Conditions." gosh!

Yes!  I had to check the calendar to make sure it wasn't April 1st.  The sad thing is that a lot of pensioners only ever used the High Street for their savings.  Do not have a passport or driving licence and find it very difficult to open any decent accounts.

blue_max_3

I do wonder if Nationwide are in trouble. Seems they are trying to stop these trivial sums going out to savers. Surely they shouldn't be encouraging people to invest more than the FSCS protected limit. Avoid like the plague!