Nationwide Flexclusive Regular Saver value HALVED

Malchester wrote: »

All part of Nationwide's gradual reduction in competitiveness in relation to savings and reduction in customer service. Have been a customer for 30 years but have moved almost everything elsewhere for much better interest rates and, it has to be said, much better customer service.

They have a decent functional current account paying the highest rate in the market on your first £2500 of balance and which doesn't require messing around setting up direct debits to qualify.

For those having a qualifying current account with them, they have a regular saver account paying the highest rate in the market on £250pm which is great for people building up savings from a low base or even just to boost the returns on some of their savings.

For those wanting larger amounts on instant access they offer higher rates to longstanding customers such as you or me (loyalty saver accounts) which are not the highest rates in the market but the ones at the top of the league tables for that are 'challenger banks' which you might not have heard of, trying to build up their customer base with special deals. The 0.75% instant access unlimited withdrawal on a 15-yr loyalty saver is currently 3x the BoE base rate and the vast majority of other large mainstream banks / building societies don't offer as much.

They have a credit card with no foreign currency exchange rate loading so anything bought from overseas or spent on holidays or business trips is about 3% cheaper than most other banks. They have decent mortgage rates and personal loan rates (including price-beating their competitors on the latter).

As a customer for more than 15 years I don't have any interest in moving somewhere else for 'better customer service' as I have maybe contacted customer service about my current or savings accounts once or twice in that timeframe. Within the last five years I've done a mortgage application and changed my mortgage rate near the expiry of a fixed term, in each case visiting a branch and speaking to a mortgage specialist who were personable and presentable and knew their products. The other stuff for loans or credit cards or savings or current accounts is just done online.

Maybe I've just been lucky. Thirty years ago they were lending members' money out for mortgages at 10% ; a few years before or after that, perhaps 15%. Now the half a million quid of mortgage we have with them is at more like 1.5%. So, it's not surprising that there has been a decline in savings rates since you started being a customer 30 years ago. And likely customer service levels are perceived as lower because so much more can be done online these days and there's no need to go into a branch with your passbook to get anything done, so you think things are worse because you don't get the human touch.

roddydogs wrote: »

Yet they persist in the 200 pound "refer a friend" nonsense that will not result in extra customers , once the 100 is paid out, as this columns are full of advice how to get this. PS anyone want referring?

Better us for money than stupid press advertisements, sport sponsorship, dozens of marketing managers at £10ks per year etc etc