Nationwide closing accounts,

[darrow]

Just seen on MSE (money saving experts) that Nationwide have contacted expats in Italy and the Nederlands to say their accounts are closing from 1/1/2021. No plans for other countries at the moment. They are not the only ones! I don't know if they will accept a relatives address for the requirement of UK address! We do everything online and the only thing I could think of it affecting is the issue of new cards. Ours is only used for UK transactions.

[trevnhil]

Like everyone here with a Nationwide account, we are holding our breath and hoping they do not include Cyprus.. It is also sad that they seem to be giving so little Notice..

[Chaddy]

I cant figure this out in my ageing grey matter..Lets say you have a decent amount of savings in the bank and have had for a long time,and now they,re saying,take your money we dont want it There must be millions they will have to give back.
I thought banks made their brass by lending your money to others.
Where am i going wrong.

[darrow]

I don't think it is a relatively sudden decision. It has already happened with some banks. They may not have disclosed it before but it had to be a possibility, a possibility they now are gearing up to put into practice. As you say, the notice period is very small, considering that Covid 19, as disrupted the smooth running of many institutions. It may be that they will pick and choose who they give notice too! People with full accounts may be keeping theirs, but I can't see that working! Apparently it is the associated paperwork and costs involved in operating in these countries that is forcing their hand. The list of banks that still haven't decided is long, according to MSE! The only alternative I can think of is an international account, unless anyone else knows better?

[merchant_banker]

Like everyone here with a Nationwide account, we are holding our breath and hoping they do not include Cyprus.. It is also sad that they seem to be giving so little Notice..

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