Nationwide Building Soc Strength?

[davelec]

They wont, say and looking on fitch seems hopeless. I am after the retail deposits versus its mortgage lending I think, although anything can happen these days. I have more than the 50k in there and you only get back 50k if they go tits up. I know they are the biggest society but thats not much comfort when they start to send warnings out about only getting 50k if they default. Any ideas? Not so easy to move money about over the internet and open new accounts this way, places want proof of address in the UK etc etc. Most of my money there is in bonds until next year and means losing money if cashed in early

Edited July 23, 2010 by davelec

[shaunoro]

Nationwide not big in Thailand.

Put your money under your bed.

Burn the greedy banks down.

[12DrinkMore]

The general advice is not to have more than 50k with any one group.

Opening up an offshore account in the Channel Islands is a bit of a pain, but can be done by post. You do not need a UK address. Just need to be able to prove an address somewhere on the globe with utility bills or similar.

IMO looking at the ratings is a waste of time, but here they are with explanations.

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

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

[neil324]

Nationwide are mean't to be safe. No sub prime lending etc.

Anyway if Nationwide was to fold, paper money would be the last thing you would be worrying about, i'd invest in shotguns, baked beans and steel shutters for your house.

[jubby]

I've just got a message when I signed on to internet banking.

No mention of defaulting.

They seem to be stating the obvious though, and do tend to give different messages at sign on.

Not heard anything adverse about them, and we would have for sure. maybe with hindsight they wouldn't have issued the message.

Shouldn't lose any sleep over it.

[PattayaParent]

Nationwide are mean't to be safe. No sub prime lending etc.

Anyway if Nationwide was to fold, paper money would be the last thing you would be worrying about, i'd invest in shotguns, baked beans and steel shutters for your house.

That's what they used to say about Lloyds, and look what's happende to them.

[cardholder]

Get a life and stop worrying.

£50,000 is a good guarantee (better than many offshore guarantees) and if Nationwide go tits up we can all go home and die because the world will have ended - 2012 eat your heart out !

Save on sleeping pills and put the surplus over £50,000 with another bank.