Nationwide e-bond

[sugarfree]

Hello,

A question for Nationwide customers:  has anyone opened a Nationwide e-bond recently?

I opened one on-line earlier this year without any problem but I now see that there is a requirement to confirm that you are a UK resident (I'm resident in France):

"It's easy to open a savings account with Nationwide if you're already an Internet Banking user:

• Log on to the Internet Bank and go to your FlexAccount online statement

• Click the 'Activate e-Bond' button on the left, tell us how much you'd like to transfer and confirm you're a UK resident

• Then just click the 'ACTIVATE' button

• The account may take up to 5 days to show on the Internet Banking system"

When you actually log on, however, and follow the procedure to open a bond, you are never at any point asked to confirm that you are a UK resident.  You have to agree to the Terms and Conditions but I've read these and find no mention of residency.

Has anyone else noticed this?

 

 

 

 

 

 

[Jackie]

We, because we live in France, opened an off-shore account with Nationwide Isle of Man see

http://www.nationwideinternational.com/. Similar interest rate to the e-bond but has to be declared to the income tax people here in France..............................................J

 

PS Don't know if off-shore accounts have the same Govt protection as mainland UK, maybe some knowledgeable soul could comment.

[Benjamin]

[quote user="Jackie"]

 

PS Don't know if off-shore accounts have the same Govt protection as mainland UK, maybe some knowledgeable soul could comment.

[/quote]

If you look under Terms & Conditions on the link page you gave your question is answered.   [:D]

[Jackie]

Thanks I take it you refer to this:  Deposits are not subject to deposit protection under UK law. The amount of compensation payable is limited to 75% of an eligible protected deposit, subject to an overall maximum of £15,000 or the currency equivalent, in respect of each eligible depositor. A bit worrying then?...............................J

[Benjamin]

Yes I was Jackie.

Other people living outside the UK may also be interested in the following information regarding gross interest which I've lifted from the Nationwide UK site:

Nationwide does not accept the HM Revenue & Customs R105 form

for registration of gross interest. To reclaim any tax paid from HM

Revenue and Customs please use a Section 352 tax certificate which you

can order online or at your local branch.

Net interest will be paid on all accounts registered with an

overseas address. For further information on Offshore savings, please

follow this link Nationwide International.

Article ID: 1209

[Jackie]

We were with Cheltenham and Gloucester before we moved to France. Sometime after we got  here they decided that they did not want us and others like us having an account in the UK and closed it down which is why we went off-shore. Paranoia about money laundering etc I suppose! Do any UK based Building Societies allow you to open an account and give interest gross with deposit protection of 35,000 pounds or whatever if you live abroad I wonder, one suspects not!......................J

http://news.bbc.co.uk/2/hi/business/7482914.stm

[Hereford]

Sugarfree:

We live in France and have transferred money from our ordinary Flex account into an e-bond three times in recent months. Never noticed anything about being resident in the UK!

Nationwide UK, in common with many UK banks do not accept tax form to get interest paid gross. We just claim ours back every year without a problem.

H.

Edit: " Jackie" even if you get the interest net you have to declare it to the French tax office!  You then pay tax on it and the Social charges, and get tax back from the UK.

[Poppy]

Just wondered whether if one does manage to transfer online, regardless of which UK bank, then if the terms and conditions actually say must be UK resident then does the depositor's compensation scheme apply? Or is it like a lot of insurance/assurance.

[mint]

Not going there, Poppy.  Will defo have nightmares if it's as your question implies!

[AnOther]

De ja vue [;-)]

As an aside, with hindsight I'd have done far better if I'd simply exchanged my £ for € in Sept  07 when it was 1.475 and stuffed them under the mattress [:'(] [:(]

I've now cashed my bond and am doing just that whilst the € is nudging 1.3 but wil be looking for a better home for it in France than the aforesaid.

[Polremy]

just seen this post. we took out a nationwide bond in july. didnt see anything about being uk residents. and it was 7% then. wish we'd put more money in it now!

not like us to put our money in the right thing at the right time.

be interested to know if anyone has any better ideas for savings in france.

[Polremy]

by the way, ernie, did you stuff euros or pound notes under the mattress?

[Blossom]

[quote user="Polremy"]

be interested to know if anyone has any better ideas for savings in france.[/quote]

The Anglo Irish Bank is offering a 7.21% (AER) bond with 100% backing from the Irish Government!

(As far as I am aware you can open multiple online NW bonds - it is still at 6.5%)

[AnOther]

[quote user="Polremy"]by the way, ernie, did you stuff euros or pound notes under the mattress?[/quote]That would be telling now wouldn't it [;-)]

[quote user="Blossom"]The Anglo Irish Bank is offering a 7.21% (AER) bond with 100% backing from the Irish Government![/quote]They are on my list for potential savings accounts as at least it can be operated in € although the signup requirements are a pain, certified copies of passport etc. [:(]

[IMG]http://i127.photobucket.com/albums/p123/biskitboyo/AngloIrish.jpg[/IMG]

[Blossom]

Stop Press: just phoned AIB and they are now waiting to hear (1 or 2 days) from the Irish Government to see if the 100% backing will be applied to off-shore accounts!!