Nationwide Building Society Loyalty!

roddydogs

Why are people leaving £100 in,? The chance of another vote is zero!

Sailtheworld

planteria said:

Sailtheworld said:

Nationwide probably have more admin costs than a bank due to rate chasers. If you were with a bank you'd move the whole lot if you found an improved rate. Nationwide must have a disproportionate amount of accounts containing £100. If they come up a proposal to close these accounts I'll vote for it. I dread to think how much of the interest on my 1.1% mortgage goes towards funding all this.

interesting idea. i have £100.00 in the Loyalty Saver, as i made a withdrawal this week... but i have a current account and credit card with our society too, as it stands. the truth is that the "mutual dividend" that HB mentions just doesn't exist for Nationwide members. simplification of the product range, including with the selection that alypen mentions, would be a start, but ultimately it's the rates that provide value, or otherwise, to members.

The word mutual dividend was a marketing term invented to get people to vote against demutualisation. I don't know if anyone really expected one - as you say the rates provide the value and as they fall savers seek value elsewhere.

happybagger

roddydogs said:

Why are people leaving £100 in,? The chance of another vote is zero!

It's not just 'for the vote'
Over the years, I have always maintained my membership as many societies tended to offer... er... loyalty accounts which often offered good value, such as members only fixed rate bonds
And keeping an account means that opening another is easier, many still rely on paper ID which is a pain when most bills and statements are paperless

roddydogs

Who said anything about closing the a/cs i've got a few pence in 4 a/cs. Its the £100 bit I dont understand.

happybagger

I prefer to remain under the rules as a "Qualifying Member" rather than a "Member" (I appreciate this was more relevant in the days when members proposed resolutions)
Aside from that, most of my accounts don't permit drawing down to "a few pence" anyway, changing to an account just to free up £99 that isn't really needed isn't worth the bother.

I *thought* (but it's been a long time since I looked at societies' rules) that you needed £1 to be a 'Shareholding Member" ie if it dropped to pence your membership ceased?

thor

I'm transferring my loyalty isa to charter savings bank but am struggling to find the sort code for it. When I look at the account online there is a number the first 6 digits being 0855/32 followed by another 7 numbers. The first 6 digits can't be the sort code can it?

bristolleedsfan

thor said:

I'm transferring my loyalty isa to charter savings bank but am struggling to find the sort code for it. When I look at the account online there is a number the first 6 digits being 0855/32 followed by another 7 numbers. The first 6 digits can't be the sort code can it?

https://www.chartersavingsbank.co.uk/Help/FAQ

• our Sort Code: 20-19-90 (we partner with Barclays Bank to provide this service)

thor

bristolleedsfan said:

thor said:

I'm transferring my loyalty isa to charter savings bank but am struggling to find the sort code for it. When I look at the account online there is a number the first 6 digits being 0855/32 followed by another 7 numbers. The first 6 digits can't be the sort code can it?

https://www.chartersavingsbank.co.uk/Help/FAQ

• our Sort Code: 20-19-90 (we partner with Barclays Bank to provide this service)

I managed to find it in Nationwide's faq. It's 07 00 93. the 0855 is the branch code which is not needed for the transfer process.

reefer37

i see on 22/5/20 nationwide has dropped its rates again on triple access online isa and saver both these new accounts paying just 0.25% (silver lining is they now pay the same as my loyalty saver account.hahahahahaha)

Albermarle

Glad I did not bother transferring the remains of my loyalty saver to the triple access !