Nationwide Member Exclusive Bond

Speculator

allegro120 said:

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Worth noting that last year's Member bond wasn't withdrawn until 18 July, so there's probably plenty of time.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.

I think it may go NLA  sooner this year because rates have fallen quite a bit and the next best 1yr and 18 month fixed rate bond is around 4.4% so there will be a big demand.

I am guessing the gap was much smaller last year.

WillPS

Ibrahim5 said:

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.

If you're only interested in maintaining Fairer Share then the regular saver is a better option (although variable rate, they haven't dropped a rate for an existing issue so far). No monthly deposit requirement.

Bob2000

If you already have last year's members bond can you still open this one?

masonic

Bob2000 said:

If you already have last year's members bond can you still open this one?

Yes        

Ibrahim5

WillPS said:

Ibrahim5 said:

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.

If you're only interested in maintaining Fairer Share then the regular saver is a better option (although variable rate, they haven't dropped a rate for an existing issue so far). No monthly deposit requirement.

I have a regular saver but that will have matured by next year and you can't guarantee that they will continue. A few hundred in an 18 month bond and you are good for next year. (probably)

Sea_Shell

MarkFromCornwall said:

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.

I get "account doesn't exist" messages too, from external banks.   Opened this morning.   So I'll try again tomorrow.

Hopefully it will be recognised then.

Hal17

Sea_Shell said:

MarkFromCornwall said:

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.

I get "account doesn't exist" messages too, from external banks.   Opened this morning.   So I'll try again tomorrow.

Hopefully it will be recognised then.

Yes it took till the next day for my Lloyds account to see the new Nationwide account.

Sea_Shell

Hal17 said:

Sea_Shell said:

MarkFromCornwall said:

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.

I get "account doesn't exist" messages too, from external banks.   Opened this morning.   So I'll try again tomorrow.

Hopefully it will be recognised then.

Yes it took till the next day for my Lloyds account to see the new Nationwide account.

Yes, sorry, meant to say, all ok first thing this morning and duly funded.

poppystar

Sea_Shell said:

MarkFromCornwall said:Z

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.

I get "account doesn't exist" messages too, from external banks.   Opened this morning.   So I'll try again tomorrow.

Hopefully it will be recognised then.

Glad it wasn’t just me! In the end I paid the funds into my Nationwide Reward Saver that had just a few pounds in it but that Lloyds recognised. I then logged in to Nationwide again and the money was there immediately so I transferred it from the Reward Saver into the Bond no problem.

Have to say the whole process involved many loggings in to Nationwide it was the only way to update the account information and I also kept getting logged out and a message to say it wasn’t my fault! Maybe the systems are just a little overwhelmed as we grab at the 5%? 

Rudyson

I deliberately transferred the money to my NW Flex account and did an internal transfer, rather than set up a new payee I'd never use again. Bypasses CoP altogether and avoids the need for a test payment