Nationwide increases savings rates...(Aug 1st 2007)

Kazza242 · 12 July 2007 at 9:37PM

Nationwide Building Society have announced that they will be increasing their savings rates from August 1st 2007. This is in response to the increase of the Bank of England base rate from 5.50% to 5.75% on Thursday 5th July.

The majority of variable rate savings accounts will receive an increase of 0.25%, with some savers receiving an increase of 0.35%. Some accounts will only receive an increase of 0.20%.

Key increases to Nationwide's most popular accounts include:

e-Savings will increase by 0.25%, from 5.55% to 5.80% Gross p.a./AER
Regular Savings will increase by 0.25% paying up to 6.75% Gross p.a./AER

- Monthly deposits of £0 - £99.99 will see an increase from 4.50% to 4.75%.
- Monthly deposits of £100 - £199.99 will see an increase from 6.00% to 6.25%.
- Monthly deposits of £200 - £250 will see an increase from 6.50% to 6.75%.
Instant Access ISA will increase by 0.25% to a maximum of 5.75% Gross p.a/AER
Members ISA Bond will increase between 0.20% - 0.25% on some tiers to a maximum of 6.00% Gross p.a/AER

- Balances from £1 - £9,999 will increase by 0.20%, from 5.60% to 5.80%.
- Balances from £10,000 - £24,999 will increase by 0.20%, from 5.70% to 5.90%.
- Balances from £25,000+ will increase by 0.25%, from 5.75% to 6.00%.
Smart, the children’s account, will increase by 0.25% to 5.95% Gross p.a./6.04% AER
Monthly Income 60+ will increase by 0.25% to 5.71% Gross p.a./5.86% AER
Cash Child Trust Fund will increase by 0.25% to 6.25% AER/7.25% AER*
CashBuilder accounts will increase by 0.35% on one tier and 0.25% on other tiers.

See the following article from the Nationwide website for more details:

NATIONWIDE TO INCREASE SAVINGS AND MORTGAGE RATES

Scroll to the bottom of the article for the full table of Nationwide savings rate increases.

RayWolfe · 12 July 2007 at 9:44PM

Well done Old Eagle Eye

bristolleedsfan · 12 July 2007 at 9:57PM

usual question every rate rise :rotfl: so no increase on flexi account "again" ?:mad:

Kazza242 · 12 July 2007 at 10:04PM

bristolleedsfan wrote: »

usual question every rate rise :rotfl: so no increase on flexi account "again" ?:mad:

Yeah, I know.;) Nationwide don't view the Flex account as a 'savings' account, yet they used to include it in their savings rate list on their website. Which must've infuriated a lot of customers.

Still with transfers to the e-Savings account being instant there's nothing to stop customers stashing surplus funds there to earn a higher rate.;)

RayWolfe wrote: »

Well done Old Eagle Eye

You know me, always keeping a look out.:D

bristolleedsfan · 13 July 2007 at 8:03AM

Kazza242 wrote: »

Yeah, I know.;) Nationwide don't view the Flex account as a 'savings' account, yet they used to include it in their savings rate list on their website. Which must've infuriated a lot of customers.

Still with transfers to the e-Savings account being instant there's nothing to stop customers stashing surplus funds there to earn a higher rate.;)

from a conversation i had with nationwide in march, nationwide believe that a current account paying 4.25% gross on 1000.00+ is very good :rolleyes:

being as nationwides e-saver doesnt actually do anything ( bar pay interest on money transferred into it from flexi account, and ability to transfer funds back to flexi account ) nationwide could if it wanted to show benefits of mutuality and "be proud to be different" pay the e-saver rate on its flexi account on 1.00+ so people got 5.80% gross ( august 1st rate) on all their credit balance at all times.

Ziggy_Stardust · 13 July 2007 at 9:06AM

I wonder if their mortgage rate is going to go up

Milarky · 13 July 2007 at 9:08AM

bristolleedsfan wrote: »

from a conversation i had with nationwide in march, nationwide believe that a current account paying 4.25% gross on 1000.00+ is very good :rolleyes:

Agreed. I often give them stick here, but it is a very good account in all other ways. Remember that you have to credit/deposit £1000 regularly to get this rate..

The only remaining issue with Nationwide is that they are aren't First Direct and the people you speak can't help you much when you phone them up with a banking problem - nor can branch staff - but that I can live with.

E savings is OK - and Flexaccount gives me a very big working overdraft to cover payments going out which I then restore from E savings - but I'd like to be able to manage these better through advanced-dated transfers out of E savings. Nationwide won't offer this, although they do allow you to transfer money back into the E savings

- online: today or pre-dated
- on the phone (0845): today or pre-dated
- at an ATM: today only

Now why can they add this range of withdrawal options to the E savings as well?

RayWolfe · 13 July 2007 at 9:20AM

Milarky wrote: »

- but I'd like to be able to manage these better through advanced-dated transfers out of E savings. Nationwide won't offer this, although they do allow you to transfer money back into the E savings

Agreed, this is most annoying.
Does anyone know if you can set up a Single Arrangement to do a future transfer?

KTF · 13 July 2007 at 11:30AM

Ziggy_Stardust wrote: »

I wonder if their mortgage rate is going to go up

From the same press release it states that the SVR will be going up as well. No news on whether the fixed rates will be repriced yet but all trackers will go up from august as well.

MiserlyMartin · 13 July 2007 at 9:13PM

Note that money transferred from esavings to your Flexaccount won't earn any interest because its money that was sourced from an internal account. This was the final staw for me when I discovered that. Halifax 6% is now my main current account.

RayWolfe · 13 July 2007 at 9:21PM

Yes it will! It won't however contribute to your 1K per month funding requirement.

Nationwide increases savings rates...(Aug 1st 2007)

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