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Nationwide;Amazing reward for loyalty...yawn
Comments
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Seems I am wrong about this. According to CS today, when I phoned up CS at the start of September about this, the Issue 5 rates did not affect the Issue 4, and presumably others. Since 5th September Nationwide have announced that the Issue 4 rates are also dropping. Apologies if I have mislead anyoneIf you opened the Issue 4 then you'll get the old rate, it's only the new Issue 5 that has the lower rates0 -
That article is actually 14 months old
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October 2012 - Issue 1 - 15 year was paying 2.6% so those who took that issue out have even more reason to be :mad:
For those who fulfill the critera it is possible to deposit up to 18500+ @ 2% whilst still keep option open of keeping account going for up to 3 years, one withdrawal allowed as an account closure.
http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts
Save to Buy - Issue 2
I have had no notification that this rate is being reduced
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bristolleedsfan wrote: »That article is actually 14 months old -
I know it is, hence the link to the article.
The point it`s making is they pretend to reward loyalty but anyone could have had the same account a few days ealier.
In my previous post I said I had opened a 15 year Loyalty account last month but NW have already decided cut the rate from 1st Oct.
So despite being a member for well over 25 years I only managed to get 1.7% GROSS for about six weeks before it goes down to 1.5%.
Rewarding loyalty, I don`t think so.
I believe Saga have an "instant" account out now paying 1.5% with no loyalty.0 -
The point it`s making is they pretend to reward loyalty but anyone could have had the same account a few days ealier.
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Same rate - different account when that rate was cut the L.S highlighted paid a higher rate.
"MySave Plus – open to new and existing customers with £1,000.The rate on the MySave Plus before 28 June 2013? 1.7 per cent - the same as the top end of its Loyalty Saver. This was cut back to 1.4 per cent over that weekend"
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Another thread states:
FlexClusive Saver 5 interest rate dropGoing from 2% to 1.2% on October 1.
That seems a very big cut, you can only have this account if you a have a Flexaccount.
https://forums.moneysavingexpert.com/discussion/5060669
The only thing NW seems to be rewarding is their board of directors.0 -
The only thing NW seems to be rewarding is their board of directors.
that's a fact, but hey, those millionaires do work hard for their money.
My guess is that the current round of rate cuts for savers are making room for some 'feel good' rate rises in the new year, ....... pre election sweeteners anyone?0 -
Up until 6 weeks ago all I had was £5 in a cashbuilder account with NW. I had it for years, simply to retain membership of NW.
The last time I had serious money with them was about ten years ago and nothing since because of their poor interest rates.
I opened a 15 year loyalty account six weeks ago, which they`ve now decided to cut from 1.7% to 1.5% and a Flexacoount.
After three months I`ll be able to open a Flexclusive Saver which was paying 1.4% but has now been cut to 1.2%.
I`m beginning to wonder why I bothered changing my £5 only policy with the BS who is "on your side" with no shareholders to pay out to so they can "look after our members".0 -
As the saying goes “ don’t get mad, get even”, if anyone has a Current Account that can be switched even without any direct debits/standing orders, switch it for 80.00 Cashback in conjunction with a new current account application and then if an existing Nationwide Current Account customer switch a Nationwide Current Account out for a Switch Incentive/Cashback offer elsewhere, or switch the new account back out after the Cashback has been paid. :money:
http://www.quidco.com/nationwide-flexaccount/?ac
http://www.quidco.com/nationwide-flexdirect-current-account/?ac0 -
Why wouldn't you have a flex direct at 5%?Up until 6 weeks ago all I had was £5 in a cashbuilder account with NW. I had it for years, simply to retain membership of NW.
The last time I had serious money with them was about ten years ago and nothing since because of their poor interest rates.
I opened a 15 year loyalty account six weeks ago, which they`ve now decided to cut from 1.7% to 1.5% and a Flexacoount.
After three months I`ll be able to open a Flexclusive Saver which was paying 1.4% but has now been cut to 1.2%.
I`m beginning to wonder why I bothered changing my £5 only policy with the BS who is "on your side" with no shareholders to pay out to so they can "look after our members".Remember the saying: if it looks too good to be true it almost certainly is.0 -
Why wouldn't you have a flex direct at 5%?
The travel insurance with the Flexaccount is better for me than the £100 interest (first year only) with the Flexdirect.
In fact the only reason I opened a current account with NW was to make it easier to get money out of the Loyalty account.0
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