Nationwide member vote campaign asks supporters to withdraw deposits



Nationwide member vote campaign asks supporters to withdraw deposits  

The campaign for Nationwide members to have a say on the proposed takeover of Virgin Money is proposing that their supporters withdraw all but £100 from their Nationwide deposit accounts.

The campaign has been protesting that Nationwide members should have a vote on the £2.9 billion proposed takeover of Virgin Money – which is what is expected to happen under S92A of the Building Society Act (1986).

However Nationwide’s board and management have thus far refused to put forward a vote to the society’s members. Further, after a 1,000 strong petition was delivered with the requisite details to call a Special General Meeting of the society to affect a member vote, Nationwide have failed to act and call a meeting under the society’s rules.

The campaign is now calling on supporters to consider direct action, by withdrawing nearly all their money leaving just £100 each in the building society. £100 is the minimum required to maintain membership and voting rights in the society.

The campaign highlights that supporters will likely be better off for moving their money, directing supporters to shop around and consult best buy tables for a better deal, where they will likely earn more on their savings anyway. 

Campaign organiser, Mikael Armstrong, commented:

“It’s clear from Nationwide’s response to the campaign that they don’t care about members’ legitimate concerns. They are not following the law and aren’t abiding by their own rules that are binding on the society.

“Management appear only motivated by greed and have lost touch with what keeps them in work – working for the benefit of their customers, the members and owners of the society. We therefore suggest supporters of the campaign hit them where it hurts most – their pockets.

“We call on Nationwide members to consider moving most of their money out of the society to other institutions as soon as possible, where they will likely earn a better return anyway – as management appear to prefer filling their own pockets and those of Virgin Money shareholders, rather than offer customers a better rate on their savings. By leaving just £100 in their Nationwide account, they will retain membership rights, including the ability to call, attend and vote at meetings under the society’s rules – provided Nationwide finally honours this contract with it’s members. 

“Some will be concerned that this will mean they forfeit any rights they have to ownership if the society demutualised. Nationwide’s board and management have stated that they are committed to the society remaining a mutual. However if management did decide to demutualise, only members that belonged to the society pre 3 November 1997 would benefit. Members that joined after that date would have their shares gifted to charity anyway.

“It’s regrettable that the campaign is now having to ask supporters to take this direct action that could harm the financial stability of the society. But with Nationwide failing to put forward a vote on the proposed takeover, or call a SGM to affect the same, this is the best way for members to show their displeasure at the contempt that the society has shown for their valid concerns.”




You can contact the campaign at 



Campaign website – petition –

Campaign interpretation of Section 92A of the Building Society Act (1986)

MoneyFacts savings rates

Nationwide Charitable Assignment information –

Nationwide Memorandum and [membership] Rules
Nationwide member vote campaign asks supporters to withdraw deposits

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