Nationwide (UK): entry into the Irish savings market!

What does this mean?

You can make additional withdrawals, subject to a 30 day interest charge that will be applied to the amount withdrawn only
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So I make my first 6 withdrawals free.

Then my 7th withdawal is for €10,000

The charge for withdawing this will be 3.3% divided by 12? or 0.275% which isn't too bad given that

  • there are 6 free withdrawals
  • the full rate is paid on the money remaining
 
Good Question Brendan.

I am reasonably sure that your interpretation above is correct.

The T&C listed on the Financial Regulator website is below, which does not really clear things up ...

You can make six withdrawals per year free of charge. If you make more than six withdrawals in the year (between 1 April and 31 March) and the amount of interest earned on the account is less than the interest charge amount, the difference will be deducted from the balance in the account on closure.
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I'm just about to apply to open an account - probably a silly question BUT ... am I better off chosing the option that interest be applied annually rather than Monthly? Can anyone shed some light please?
Thanks!
 
What's the difference between having your interest paid monthly, or at maturity?
 
In another thread which I can't find just now, Nationwide (UK) were described as being "seen as very safe" or words to that effect.

Would anyone have any more concrete info on their status. For example, ratings, info on any bailouts received etc?

The sum being deposited would be a multiple of the 50K which is guaranteed.

Thanks
 
I've no concrete facts or figures but I'd imagine the fact that they're not an Irish bank which is falling apart is a good start.

I reckon you're most likely to find the type of info you're looking for on a
British financial site. Maybe try searching with Google.co.uk.

Sorry, that's not very helpful.
 
callybags said:
In another thread which I can't find just now, Nationwide (UK) were described as being "seen as very safe" or words to that effect.

Would anyone have any more concrete info on their status. For example, ratings, info on any bailouts received etc?

The sum being deposited would be a multiple of the 50K which is guaranteed.

Thanks
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Straight from the horses mouth

http://www.nationwide.co.uk/investorrelations/credit-ratings/default.htm

the credit ratings agencies have given NWUK pretty good ratings compared to Irish banks... its like a school report the more A's (as in AAA) the better. Of course credit ratings are not fool proof but are suppose to reflect professionial's view on how risky an investment a company or country is.

If you're particurely risk averse why not spread the money around a few accounts -ensuring you are below the deposit protection threshold
 
Do they accept personal callers ?, I'd like to drop by in person to open the account and see their operation, they are after all suitcase bankers with no retail branch network to support the customer base.
 
Yes they do, they give directions to their offices from their [broken link removed]

I wouldn't worry too much about them not having branches around the country, Rabo Direct seem to be doing ok without them.

I am currently in the proceeds of opening an account with them and when I rang a nice young chap on the phone told me they were extremely busy with all the new accounts being opened.
 
Yeah, I checked the website, set the sat nav and off I went to go in and open an account, I was totally frustrated, it is a jungle down there !, I ended up in a one way street at the back of their offices, that was interesting !

anyway I gave up the ghost and will revert to the postman...;-(
 
Well you can't really trust those sat nav's, they never go where you want them to go:).
 
I hand delivered my application on Thursday last and received confirmation of my account being opened by post the next day. I'm impressed with their efficiency.
 
Yes if anything their postal efficency has always amazed me.

e.g. they opened my account on Monday and I got confirmation in the post by Wednesday (and in West Ireland no less!).
 
Same here, they are very quick on the ball. I must say I felt a tad guilty when I went in to close my Irish Nationwide account in favour of opening a British (euro) Nationwide a/c. I am conscious of Irish jobs lost etc but until such time as the Irish financial institutions regain some credibility I am unwilling to take the risk of losing hard earned savings.
 
'You can now call-in to 13 Merrion Row Dublin 2 to discuss your savings requirements with our customer service team. Our opening hours at Merrion Row are Monday – Friday from 9:30am to 5:30pm. You can also book a pre-arranged appointment to avoid any delay. To use this service, call 1800 800 310'
 
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