Longstanding Nationwide Current Account

Gsharp93

My girlfriend & I are currently renting together with the ambition of getting on the housing ladder next year. We both have life time ISA's open and plan to max these out for this tax year and save enough this year to deposit the maximum contribution at the beginning of the next tax year. This should put us in a good postion to put down a deposit for our first home. 
I have had a current bank account at nationwide for as long as I can remember (over 15 years) it has been my first and only current account. I have recently been thinking of changing this current account to capitalise on a switch incentive. I am however hoping that my loyalty may be potentially rewarded by Nationwide in the form of favourable mortgage rates / offers. Am I being utterly ridiculous?
I would appreciate any opinions / advice. 

castle96

Nationwide... Loyalty   !!! Kah !

ratechaser

Hahahahaha! This being the warm cuddly building society that has not only slashed their rates far deeper than anyone else, but also wants to record mortgage holidays on peoples credit files...

And where exactly will you get a switch incentive from right now?

colsten

There are currently no switch incentives, so you aren't missing out on anything. If there were any, you could just open what's generally referred to on this forum as a donor account, and switch that one. Keeping your longstanding account, even if you didn't use it regularly, is generally a good idea as it shows stability.

As to loyalty rewards from Nationwide - - keep on dreaming!

onlyfoolsandparking

I don't think there are any switching incentives available currently but on the positive side having a long standing current account will do you no harm. In answer to your loyalty question regarding future mortgage, your not being ridiculous, loyalty just doesn't seem to exist anymore ( I remember many years ago a time when you could have a meeting with your local bank manager to discuss a mortgage, loan etc and it was ultimately up to that individual whether you were successful or not with your lending requirement, if you presented yourself smartly dressed, showed respect and had a stable job, bingo you were sorted!!! sadly  those days are long gone now) when your ready just use a 'whole' of market mortgage broker to get the best deal, save at least a 10% deposit or more if you can and you wont go far wrong.

Yorkshire_Pud

Definitely worth keeping if only for the longevity of having the account which is in your favour for all sorts of applications of a financial kind.
Who knows if you will be rewarded in a mortgage application. Try it. It’s what they do, if the figures add up why not.
If you want a donor account for a switch in the future open another current account. This is when you realise the benefit of having an account you can say you had it for 15+ years, which is a question they ask.
P.S. What is this switch incentive of which you speak?!
Its just that I have a glut of tsb current accounts to get rid of, I mean switch.

eskbanker

onlyfoolsandparking said:

In answer to your loyalty question regarding future mortgage, your not being ridiculous, loyalty just doesn't seem to exist anymore ( I remember many years ago a time when you could have a meeting with your local bank manager to discuss a mortgage, loan etc and it was ultimately up to that individual whether you were successful or not with your lending requirement, if you presented yourself smartly dressed, showed respect and had a stable job, bingo you were sorted!!! sadly  those days are long gone now)

Perhaps some are nostalgic for all that but conversely I'm sure that many of us are quite happy to operate in the 21st century banking world, where you can do practically everything on a 24/7 basis via a device in your pocket, taking advantage of promotions and offers from numerous institutions without being tied to a single bank for life - sure, banks won't be loyal to us either but it cuts both ways and savvy consumers can really benefit from the convenience and flexibility that we now take for granted....

onlyfoolsandparking

Nothing wrong with a bit of nostalgia.....

Fighter1986

Gsharp93 said:

My girlfriend & I are currently renting together with the ambition of getting on the housing ladder next year. We both have life time ISA's open and plan to max these out for this tax year and save enough this year to deposit the maximum contribution at the beginning of the next tax year. This should put us in a good postion to put down a deposit for our first home. 
I have had a current bank account at nationwide for as long as I can remember (over 15 years) it has been my first and only current account. I have recently been thinking of changing this current account to capitalise on a switch incentive. I am however hoping that my loyalty may be potentially rewarded by Nationwide in the form of favourable mortgage rates / offers. Am I being utterly ridiculous?
I would appreciate any opinions / advice. 

You'll have the same products available to you whether or not you do the day to day banking with Nationwide, but if you did use your Nationwide account as your day to day banking account it would make underwriting your mortgage easier.

Holding your bank account for that long increases your creditworthiness too, as it's an excellent sign of stability, and may open more lenders up to you elsewhere.

grumiofoundation

onlyfoolsandparking said:

I don't think there are any switching incentives available currently but on the positive side having a long standing current account will do you no harm. In answer to your loyalty question regarding future mortgage, your not being ridiculous, loyalty just doesn't seem to exist anymore ( I remember many years ago a time when you could have a meeting with your local bank manager to discuss a mortgage, loan etc and it was ultimately up to that individual whether you were successful or not with your lending requirement, if you presented yourself smartly dressed, showed respect and had a stable job, bingo you were sorted!!! sadly  those days are long gone now) when your ready just use a 'whole' of market mortgage broker to get the best deal, save at least a 10% deposit or more if you can and you wont go far wrong.

Assuming of course you weren't a woman. 

onlyfoolsandparking said:

Nothing wrong with a bit of nostalgia.....

Depends what you are nostalgic for....

onlyfoolsandparking

What does being a woman have to do with anything?

Does there have to be a specific reason for being nostalgic? and if there does are you assuming mine is negative?