Confirmed - Nationwide UK (Ireland) to Shut Down

CiaranT said:
.....Apparently it is Nationwide UK (Ireland)'s priority to keep customer informed. Well a good start would be a statement on their website with next steps.
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Rule No.1 - once a bank decides to leave the country, the customers matter the least
 
I tried to get more information out of Nationwide UK (Ireland) but it seems like they are not ready to communicate with customers yet. Perhaps, 25 April 2017, the date mentioned in the media, is when we will get more information.
 
MrEarl said:
Rule No.1 - once a bank decides to leave the country, the customers matter the least
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In fairness, it isn't ideal for the staff either, who have to deal with grumpy customers without having the full picture themselves and who then lose their jobs. I always found the staff in Merrion Row and on the phone pleasant to deal with.
 
Precisely.

Minor hassle for people who by definition have a few bob versus the loss of people's livelihoods.

Perspective required.
 
ardmacha said:
In fairness, it isn't ideal for the staff either, who have to deal with grumpy customers without having the full picture themselves and who then lose their jobs. I always found the staff in Merrion Row and on the phone pleasant to deal with.
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Yes, that is a very good point.
 
Received notice of account maturing on 2nd May inviting me to reinvest funds and no mention of closing
 
Yeah, customers are getting renewal notices, new accounts can still be opened and there is still nothing about the closure on their website. It seems that the closure will not become official in any respect until 25 April.
 
Nationwide UK (Ireland) have released the below statement:


- New account opening not allowed effective 25 April 2017.
- Accounts will need to be closed but no details given as to how or when.
- "Later this year" suggests that the closure process will take time.
- Their website still advertises new products and the CCPC still lists the products despite the fact that new accounts cannot be opened as at today.
 
I guess they had to do " consultation " process with staff to keep redundancies kosher and avoid unfair dismissal claims
 
Nationwide UK (Ireland) have now removed new customer applications from their website.

I have contacted Nationwide UK (Ireland) trying to get more information on the closure procedure.
 
Nationwide UK (Ireland) will close their Merrion Square branch on 31 May 2017.

Nationwide UK (Ireland) say they have set up a Q&A on their website about the closure. Does anyone know where it is?
 
The Q&A is buried on their website. It is [broken link removed]. It does not answer much.

From a conversation with Nationwide UK (Ireland) call centre, it seems that their operation will likely close on 30 September 2017. Term deposits that mature after that date are likely to get paid maturity interest early! Hence, nobody with term deposits should close their accounts early.
 
CiaranT do you know what the best alternatives for sterling fixed term deposits are? It doesn't seem to be covered in Key Posts.
 
Yes, Gervan, perfect. These are offshore so I presume they are subject to full income tax, USC and PRSI? Still much better than KBC's Irish branch sterling rates.
 
'Term deposits that mature after that date are likely to get paid maturity interest early! Hence, nobody with term deposits should close their accounts early.'

Did they specifically tell you this?
 
Yes. They did stress that no final decision has been made. However, if they are telling customers that maturity interest is likely to be paid early then I would be surprised if that does not happen.
 
I'm told by a Nationwide UK (Ireland) staff member, that the closure procedure is likely to be:
- No early exit fees from 1 August 2017. (Seems the date may change slightly but 1 August 2017 is being targeted).
- Interest paid early from 1 August 2017. i.e. If you have a term deposit maturing after 1 August 2017 you will get the maturity interest early! (As predicted!)
- Not clear as to what will happen to those with 12 Month Regular Saver products. Seems that 12 month maturity interest will not be paid early because the account is variable.
 
Hi Sue,

Nothing officially confirmed yet but it seems, based on conversations with staff, that penalty free access to your money with maturity interest will be allowed in early August 2017 with account closure by 30 September 2017 if you do nothing.
 
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