Nationwide

Hi,
I have a few savings accounts with nationwide and have been thinking of moving them to try and get a better return. Before I move my money I was wondering in days past when carpet bagging was the rage, did Nationwide ever get merged etc.

Replies

  • SystemSystem Forumite
    177.9K Posts
    10,000 Posts Name Dropper
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    No the nationwide is still a building society and never joined me in the premiership
  • diamondskydiamondsky Forumite
    112 Posts
    HI,
    Are there any rumours of any changes with Nationwide? Should I just keep hold of my accounts, maybe transfer the bulk of my savings elsewhere. I have a postal direct account which is not very high in the interest rate and another two accounts with just £50.00 in each. Anyone else relucatant to close these accounts down?
  • alexei_2alexei_2 Forumite
    39 Posts
    If the accounts are no longer competitive then move the bulk of your monies to other providers.

    Nationwide often give preferential rates to existing customers so probably wise to keep at least one account open. This will also give you a chance of carpet bagging in the future.

    There doesn't seem to be much speculation about any potential demutualisations at the moment.
  • MilarkyMilarky Forumite
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    Part of the Furniture 1,000 Posts Photogenic
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    I don't know if I should say this but:

    Use your vote - vote for the member nominated candiate for election to the Board of Nationwide his name is

    ALAN DEBENHAM (see page 12 of voting booklet sent in post to NW members)

    Only by voting for an alternative to ANY existing Board-appointees will we have geniune independent representation of your interests, my interests, and everyone's interests!!

    Mr D deserves your vote simply for having the gumption to stand (as he does) every year on a 'members first' platform. But, as importantly, the nearer he gets to being elected over the 'usual suspects' and friends of the Board whom they want to reward, the clearer the signal we send to them.

    It's the classic 'in a democracy' argument - In a 'democracy' the power has already been grabbed by the 'elites' already, and they are able to stay in power, through sheer manipulation of their position oand status. Only when things start get hot for directors do do we see any real 'concern' shown for us, the members

    [BTW: I have been told that in 1998 more votes were actually cast 'for' demutualisation of Nationwide than 'against' it. But what happened was that the chairman used 'proxy' votes - a bit like TU block votes of old - in his charge to oppose the prevailing majority and therefore (only just) overturn it. These votes were in his gift, but the convention is to support a prevailing majority and not to oppose it in this way.]

    Another point about NW - You can't even put a members motion to a vote unless they [the Board] agrees it is 'legally effective'. Whereas our MPs, for instance are signing these things called 'early days motions' (EDMs) all the time - which aren't legally effective in the least either. If one wants to 'get something off his/her chest' therefore about the only avenue left is to vote AGAINST the Board [by simply not voting for any of them and just putting a cross against AD's name]

    Let's see if the Moderator will take this off [I hope they don't!]

    ;D ;D
    .....under construction....
  • steady__eddiesteady__eddie Forumite
    1.5K Posts
    Part of the Furniture Combo Breaker Uniform Washer
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    To safeguard yourself in the future to gain from any possible windfalls, merely keep a balance of £100 in your account. I am getting a little fed up with N.W. at the moment on the grounds of service, only one teller at peak times etc. They have issued a leaflet advising customers how to operate a/cs without making a branch visit, (net, direct bebits, standing orders etc.) Unfortunately they haven't yet devised an alternative method for awkward customers like myself who have insatiable desire to make cash deposits. If anyone knows of one, would they please advise ?
  • What are Nationwide's rules re: demutualisation? Do you need to have had your account for 5 years to get any windfall paid to you?
    2012 money saving challenge:

    Saved: £16,222
    Target: £12,000
  • diamondskydiamondsky Forumite
    112 Posts
    Hi,
    From what I can remember when I opend my accounts with them about five years ago when moving into my new house, I already had one savings account. I needed a savings account with instant access to do my house up and had to open an account to transfer the money over. Anyway I ended up with three accounts, when I was doing the paper work for second and third account, the assistant asked me to sign a form saying I wouldn't make a claim on Nationwide if their status changed. Well, after missing out on carpet bagging in the past I wasn't going to sign. After much argument they let me open the accounts without signing my rights away. After all that, it didn't change status! So you can imagine how reluctant I am to miss out yet again. How much would be safe to leave in there? I am thinking of moving to Cahoo 5.5%.
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