Nationwide Member Exclusive Bond

MarkFromCornwall

Bobblehat said:

How are people funding this bond on the day they open it? Other than shifting £10K into your own NWide current account before opening, is there a way to FP from another bank on the same day as opening it? Ignore COP?

I couldn't get COP - I expect that takes 24 hours.  So I went via my Nationwide current account.

Bobblehat

Thanks MFC - I'll get the FP to NWide CA underway 

slinger2

Bobblehat said:

How are people funding this bond on the day they open it? Other than shifting £10K into your own NWide current account before opening, is there a way to FP from another bank on the same day as opening it? Ignore COP?

My Member Bond from 2023 (that was a 2-year fix) matured last week and I had parked that in a couple of Easy Access accounts, assuming there'd be something on offer today. £5k moved from Cahoot, £5k from Chase, both instant, into my current account. Funded by 9am or so.

Sneakily they've switched to an 18-month bond in 2024 and 2025, so the timing of the maturing bond won't match with the opening of the new one.

slinger2

Worth noting that last year's Member bond wasn't withdrawn until 18 July, so there's probably plenty of time. Of course they might withdraw this one earlier.

subjecttocontract

slinger2 said:

Worth noting that last year's Member bond wasn't withdrawn until 18 July, so there's probably plenty of time. Of course they might withdraw this one earlier.

That was going to be my next question. I have funds becoming available after 17th June.....I hope it's still available. I'm aware I have 14 days to pay into the account.

Bobblehat

Opened and funded after a slight hiccup of Lloyds temporarily blocking the £10k transfer to Nwide! Once the funds were in the Nwide CA all went quick and smooth ... thanks MFC and slinger2 

alfred64

Useful. Not putting in the max though. O.k. to put 2k away for the term.

Ibrahim5

It's not often the Nationwide have competitive interest rates. It's worth leaving a few hundred in one of these accounts to maintain eligibility. It was only £100 this year in savings but could be a bit higher next year.

allegro120

subjecttocontract said:

slinger2 said:

Worth noting that last year's Member bond wasn't withdrawn until 18 July, so there's probably plenty of time. Of course they might withdraw this one earlier.

That was going to be my next question. I have funds becoming available after 17th June.....I hope it's still available. I'm aware I have 14 days to pay into the account.

Based on previous experience it should stay on the shelf for a while, I'd be surprised if it disappears next week,  but as @slinger2 said - there's no guarantee that it will.  My guess is that this will depend on when they reach the target.

CSH1

I think I may chance leaving it, I have one maturing on the 26th June so I could open it 14 days before and put that money in, I'll put a reminder on the calendar.