Nationwide Mutuality

vinniw

I am rationalising my savings and am thinking about closing a Nationwide account.

Does anyone know if they are likely to demutualise anytime soon? Or is it off the agenda?

Chadsman

IMHO it is very unlikely they will DM... but you never know! The board has changed its mind once on the matter when in the mid 90s they wanted to buy Nat&Prov and then DM the larger society but Abbey (already a PLC) beat them to it.

knuckledragger

vinniw,
Use your vote the next time it comes up. Send off the proxy form voting against all the board members. Vote for the one non-board member who is looking for a place on a DM bandwagon. I do it with all the BS that I have accounts with. One day enough people might stamp their feet together and cause a tidal wave to wash the old guard away...

Robert_Sterling_3

I do not think Alan Debenham is in favour of demutualisation is he ?

grumbler

How long are you with NW? AFAIK only if you have an account with them for a very long time you have chances to get 'windfall':

CASH ISA jargon

I remember signing something like this when I opening NW account 5 years ago ...

jimclark1967

grumbler wrote:

How long are you with NW? AFAIK only if you have an account with them for a very long time you have chances to get 'windfall':

CASH ISA jargon

I remember signing something like this when I opening NW account 5 years ago ...

I seem to remember the magic date was some time in 1997. I've had my Nationwide savings account since 1996 and still have £100 in it "earning" me about 1% a year - you never know what might happen. Sods law says they'll demutualise the year after I finally close the account

JC

vinniw

I opened my account eons ago - its one of those where I have been getting an interest rate that has been left behind by "new" accounts. The only way I will get a return is if they DM but something tells me to forget it?

How much would you get? £50?

They will definitely DM if I close it - so I could be doing a public service!

Robert_Sterling_3

jimclark1967 wrote:

Sods law says they'll demutualise the year after I finally close the account
JC

That being so please close your account now and do us all a favour.

libra10

I think that if Nationwide did demutualise my local village branch office might be closed. Therefore, I would vote to keep the status quo.

Milarky

vinniw wrote:

I am rationalising my savings and am thinking about closing a Nationwide account.

Does anyone know if they are likely to demutualise anytime soon? Or is it off the agenda?

Even if they don't demutualise [which does not seem at all likely now] by keeping your account open you can maintain eligibilty to open higher interest paying accounts, only available to 'new' members after 3 years, such as the Members reward bond [currently 5.15%], occaisional fixed rate bond issues [up to 6%] and a [not great] ISA rate of 4.9%.

So my advice is to keep at least £1 with them anyway.

jojo2004

The usual rules for being eligible for any windfall paypent on demutualisation is that you need £100 minimum in a members account. So first check if your account would confer membership status if it were to happen (NOT all accounts do this) and if so leave the £100 in there. The signs are that another round of demutualisations is in the offing. Good Luck