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Nationwide eSavings rate increased to 4.8% (w.e.f. Sep 1)
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Kazza242
Posts: 2,199 Forumite
Nationwide have announced that they are to increase their savings rates by the full 0.25% (on all variable accounts), with effect from 1st September 2006.
Nationwide's eSavings account £1+ prev. rate 4.55% new rate 4.80%.
Their Monthly Income 65+, Smart and Cash Child Trust Fund will all increase by 0.25%.
The information is now available on the thisismoney Has your savings rate risen? webpage.
The full list of savings & ISA rate changes has also just been uploaded to the Nationwide website, here.
Nationwide's eSavings account £1+ prev. rate 4.55% new rate 4.80%.
Their Monthly Income 65+, Smart and Cash Child Trust Fund will all increase by 0.25%.
The information is now available on the thisismoney Has your savings rate risen? webpage.
The full list of savings & ISA rate changes has also just been uploaded to the Nationwide website, here.
Please call me 'Kazza'.
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Comments
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Their generosity is truly overwhelming :rolleyes: I'm glad I removed the bulk of my savings from them . . . :T0
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Just noticed the increase in rates was with effect from 1 September. Shouldn't it be backdated to the date when the BoE raised its interest rates? Are they not otherwise giving out false information, i.e. about keeping up with rises in BoE interest rates? :mad:0
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Considering that the Nationwide reduced its savings interest rates a while ago when the BoE rates were unchanged, yes truly amazing. Ditto to removing savings. So much for this mutual acting in the interests of its members.Sapphire wrote:Their generosity is truly overwhelming :rolleyes: I'm glad I removed the bulk of my savings from them . . . :TNamed after my cat, picture coming shortly0 -
See press release and all new rates here, along with some 'selective' comparisons
http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=882
Flex account rate does not appear to have moved at all.0 -
I don't suppose they've bothered to state anywhere whether they will be bothering to increase the interest rates on their ISAs - probably from January 2009 or something . . . :rolleyes:
Edit: I see they have - to a staggering 4.70%.
Moreover:
'Nationwide Building Society has today announced that it will increase its savings rates from Friday 1 September 2006. From the same date it will also launch a new two year Loyalty Tracker Bond – paying up to 4.75% gross p.a/AER - to reward its long-term members*.'
4.75% 'to reward its long-term members' - also probably an account where they tie you in! What a joke - and an insult!0 -
They've also pulled the "new tier" stunt yet again. So for the Tessa Maturity ISA Bond they've only increased the rates by 0.15%, and then added a £25,000+ tier that increases the rate by 0.20%.
This really takes the biscuit for cynical marketing. Given that this is a Tessa-only product, I'll be amazed if anybody "benefits" from the top tier at the moment....0 -
Right - so the next thing to do is to move my instant access ISA to one that has a better rate and no transfer fee (I've only got about £2,000 left in the Nationwide ISA, which included interest paid after I transferred the rest of that ISA to A&L earlier this year).
I also have the Tessa ISA Bond with ISA, which should really pay much better rates. :mad:
I don't know what Nationwide are playing at. Do they think all their customers are totally stupid, or are they deliberately trying to lose customers? :mad:
(Sorry about the barrage of :mad: symbols.)0 -
It looks to me like the rate on that amount is actually not even 4.70% but 4.65% (see lower down the page of the announcement).Sapphire wrote:Right - so the next thing to do is to move my instant access ISA to one that has a better rate and no transfer fee (I've only got about £2,000 left in the Nationwide ISA, which included interest paid after I transferred the rest of that ISA to A&L earlier this year).
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What a pity. NW seems to be behaving more and more like a plc bank every day. So much for standing up and giving the consumer a fair deal. I suppose all that is expected of them is to raise their rates by BoE increase, but it's the backhanded way they reduced and deleted the tiers on their E-savings accounts a few months back. What they "give" with one hand they take with the other...0
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Nationwide had 55 variable rate savings accounts and tiers to change.
49 of these accounts/tiers have failed to match the base rate rise.
Nationwide: proud to be different!"The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.0
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