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



## AMatt

I'm surprised no-one has commented on the Nationwide's (UK) entry into the Irish savings market - unless I've missed that particular thread.

Their new website is at [broken link removed]

Quick summary of accounts on offer:
Easy access: 2.75% var, min €2000
Fixed 6 mth: 3.02%, min €3000
Fixed 9 mth: 3.11%, min €3000

See [broken link removed]

I had a quick look at the application forms and there are some unusual questions in section 6, such as how did you generate the money you're saving with them! Perhaps this is a new requirement from the regulator?


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## glenagoolie

Is Nationwide Ireland covered under the UK scheme? And does this cover extend to the Irish Branch?

thanks
R


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## Lightning

Yes, you are covered up to 50,000 GBP (about 60,000 EUR).


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## jaykayphd

Rate has been dropped to 3.30 pc.

Article in indo today http://www.independent.ie/business/irish/nationwide-drops-its-interest-rate-1902373.html


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## MysticX

When opening by Post they don't explicitly mention any crossing of the cheque which is a bit unusual to me as applications with other banks I've used usually state to cross any cheque.

I presume crossing the cheque a/c payee only won't screw up the application? I mean anyone sending a cheque through the Post without crossing it is really risking some trouble...


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## Crunchie

MysticX said:


> I presume crossing the cheque a/c payee only won't screw up the application? I mean anyone sending a cheque through the Post without crossing it is really risking some trouble...



I crossed mine a/c payee last week and they accepted it. Very fast turnaround too, I posted on Friday and received my account details and ID documents back in the post on the following Tuesday


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## PolkaDot

I also experienced a very fast turn around when opening my account. Did my lodgement by electronic transfer.

Very happy with the service so far.


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## MysticX

Is it easy to change the nominated account once your setup?

I'm a Halifax orphan so am moving my savings, current account etc concurrently to different banks; so my nominated account will change shortly down the road.


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## Lightning

Easy via "telebanking". 

More here: [broken link removed]


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## PolkaDot

Yeh you need to use telebanking, dont think you can do it online.

Still easy enough though


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## Lightning

Yeah, you can't do it online.


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## MysticX

You weren't kidding regarding the fast turnaround... 4 days TAT.
Good impression so far.


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## PTO

I'm thinking about opening an account with Nationwide UK. I just wanted to double check the UK guarantee and I can see that it's mentioned on their website.

However, there is a list published on the UK FSCS website (I can't post URLs yet) and I can't see a mention of Nationwide Building Society anywhere. The file name is jan10.pdf and it's on the fsa.gov.uk --> pubs --> list_banks --> 2010 link.

Am I missing something?


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## Lightning

It is covered by the FSA. 

The Irish Financial Regulator states this as does the Nationwide UK website.


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## worksop7

Bumping this thread to ask people's gut feelings on Nationwide UK? I have c. 50K to park for up to a year and the savings account interest rate is comparatively attractive, but I am (maybe needlessly) wary of smaller institutions advertizing comparatively high interest rates to attract floating money. 

Aside from the guarantee question some people raised, is the rate likely to be drastically cut back soon? Or, worse, are they likely to pull out of the Irish market? (They issued a press release recently announcing their commitment to Ireland, but if anything that made me more wary. Protesting too much, etc.) Impossible questions to answer with certainty, I know, but if anyone had any thoughts on Nationwide UK, I'd be very grateful to hear 'em.


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## camlin90

Their 1 year rate is now lower than their demand rate - that's normally a good sign of an impending cut in the demand rate. Probably a small cut though.

Think they're viewed as one of the "safer" banks in the Irish market. I would have more general concerns about the risk of leaving the euro given the headcases that are getting more and more media time these days


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## Lightning

camlin90 said:


> Their 1 year rate is now lower than their demand rate - that's normally a good sign of an impending cut in the demand rate. Probably a small cut though.



Maybe. 

Nationwide UK are heavily advertising the 3.30% rate, they are aggressively persuing deposits and recently reviewed their rates.


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## pudds

Anyone know if its possible to open an a/c by EFT with them.


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## Lightning

Yes, you can complete your first deposit by EFT. The very first step is obviously to complete the account opening documentation.


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## pudds

fungus said:


> Yes, you can complete your first deposit by EFT. The very first step is obviously to complete the account opening documentation.



thank you kindly sir that is great news


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## Brendan Burgess

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


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


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## Lightning

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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## prend

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!


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## theresa1

Annually is the better choice.


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## patrickjd

theresa1 said:


> Annually is the better choice.


 
Please correct me if i am wrong but isn't the annual option only better by about EUR 0.11c (based on lump sum of EUR 10,000 over 1 year)?


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## Cooley

What's the difference between having your interest paid monthly, or at maturity?


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## Lightning

You have earlier use of your interest if you get paid monthly. It is frequently at a lower rate.


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## callybags

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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## PolkaDot

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.


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## skrooge

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


 

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


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## callybags

Thanks very much, folks.

That's just what I was looking for.


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## Lightning

NUK have the highest credit rating of any European building society.


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## Palerider

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.


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## Marietta

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.


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## Palerider

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...;-(


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## Marietta

Well you can't really trust those sat nav's, they never go where you want them to go.


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## elcato

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.


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## MysticX

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!).


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## Marietta

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.


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## theresa1

'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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## bearishbull

In event of 
a)Soverign default or
b) Ireland leaving euro

Could Irish government get hold of deposits in Nationwide uk or could a deposit with them be reduced significantly in value.


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## bearishbull

i suppose i want to know where the account is legally held. Also do they do sterling accounts for irish residents?


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## Lightning

bearishbull said:


> In event of
> a)Soverign default or
> b) Ireland leaving euro
> 
> Could Irish government get hold of deposits in Nationwide uk or could a deposit with them be reduced significantly in value.



Yes. Nationwide UK Ireland is subject to the law of Ireland.


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