Nationwide Fixed Rate Bond

RG2015

I am looking at the Nationwide 1 year fixed rate bond at 4.00%, but it has the following note.

If the money you pay in when opening your new account comes from a joint account, your new account will be joint too. We'll set it up in the same names as the existing account you're moving the money from.

I have never seen anything like this before.

Do Nationwide actually check the external paying account to see if it is a sole account or a joint account?

wiseonesomeofthetime

New one to me tbh

Vortigern

I think Nationwide have done this before with their regular saver. If you applied whilst logged in and funded the RS from a NW joint current account, you'd have opened a joint RS, with no option to change it.
The workaround was to apply whilst logged out, where you'd have a choice of sole or joint.
The workaround is no longer needed for the RS.

Penelopa.Pitstop

I opened this account today. Was going to transfer money from joint account, but  saw info quoted above: "If the money you pay in when opening your new account comes from a joint account, your new account will be joint too. We'll set it up in the same names as the existing account you're moving the money from."

I left bond application, moved money from joint current account to sole saving account and restarted application to open bond by transferring money from my sole account. The bond is in my name only.

RG2015

I guess I could open with £1 from a sole account thus giving a non-joint bond and then transferring in the full amount from a joint account.

Is it worth risking it though?

Penelopa.Pitstop,  were you logged into Nationwide when you started the application and do you have a sole or joint Nationwide current account?

Penelopa.Pitstop

Yes, I was logged into Nationwide app. I have joint current account and number of sole saving accounts, so transfered money to one of these and then to the bond.

RG2015

Penelopa.Pitstop said:

Yes, I was logged into Nationwide app. I have joint current account and number of sole saving accounts, so transfered money to one of these and then to the bond.

Thank you. I hadn't thought of all of those sole savings accounts that got created when my regular savers matured.

Also, the following contradicting message is on their website under eligibility criteria apply.

You can have up to two joint account holders if applying via the Internet Bank or Banking app. Openings made on nationwide.co.uk can only be in your sole name.

https://www.nationwide.co.uk/savings/fixed-rate-online-bond/#eligibility