Nationwide;Amazing reward for loyalty...yawn

C_Mababejive
C_Mababejive Posts: 11,654 Forumite
Name Dropper First Anniversary First Post Combo Breaker
in Savings & investments
Are Nationwide crazy or have they completely lost touch?

They emailed me the other day making a pitch about rewarding loyalty as if it existed. Anyhow, for the most loyal customers who have over 15 years old accounts you are to receive an amazing interest rate of

Fandfare

1.70 Gross pa/aer

Hahahahahaaaaaaaaaaaa....................................
Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
«134567…12

Comments

  • anamenottaken
    anamenottaken Posts: 4,198 Forumite
    First Post First Anniversary Combo Breaker
    C_Mababejive wrote: »
    Are Nationwide crazy or have they completely lost touch?

    They emailed me the other day making a pitch about rewarding loyalty as if it existed. Anyhow, for the most loyal customers who have over 15 years old accounts you are to receive an amazing interest rate of

    Fandfare

    1.70 Gross pa/aer

    Hahahahahaaaaaaaaaaaa....................................

    [FONT=&quot]Described as [/FONT][FONT=&quot]"something special[/FONT]".
    As the rate for those with membership of just one year is 1.4%, they are offerig an extra 21.4% for the extra 14 years plus.

    Without checking I'm not sure how long I've been a member (as there was a break in the 1990s) so seeing that "[FONT=&quot]the good news is this account is [FONT=&quot]exclusively available to you[/FONT] as you’ve been a loyal member* for over a year" doesn't tell me just how poor the rate will be. If they had wanted to be helpful, they could have worked it out for me.

    [Oh, and unless rates elsewhere do fall even lower than that, I'm not taking up their rewarding offer.]
    [/FONT]
  • bristolleedsfan
    bristolleedsfan Posts: 12,084 Forumite
    First Post Name Dropper First Anniversary Photogenic
    edited 4 July 2013 at 2:29PM
    Issue 1 - 15 Year Loyalty - Instant Access - Still paying 2.6% Gross ;)
  • Hominu
    Hominu Posts: 1,671 Forumite
    For people who applied before 15/11/2012, they'll still be getting upto 2.6%.

    Apparently, according to Nationwide, the interest on these accounts is fixed for 10 years, even though we are now on Issue 4, and those people on 2.3% will still get 2.6% once their main account has received 15 years.
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    May as well open one in case 1.7% becomes a good rate later. It's not like you have to put any money in it.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • alanq
    alanq Posts: 4,216 Forumite
    Combo Breaker First Post
    edited 4 July 2013 at 7:00PM
    Hominu wrote: »
    For people who applied before 15/11/2012, they'll still be getting upto 2.6%.

    Apparently, according to Nationwide, the interest on these accounts is fixed for 10 years, ...

    If this is true then I am extremely happy but according to who at Nationwide? I don't recall it ever being stated that the rate was fixed.The website does not say that the rate is fixed [STRIKE]but then again it doesn't say that it is variable. [/STRIKE]

    Despite enjoying a rate of 2.6% Nationwide emailed me to offer me the opportunity to downgrade to Issue 4! Whether fixed for 10 years or not I was not tempted!
  • anamenottaken
    anamenottaken Posts: 4,198 Forumite
    First Post First Anniversary Combo Breaker
    pqrdef wrote: »
    May as well open one in case 1.7% becomes a good rate later. It's not like you have to put any money in it.

    Only £1,000 to start - but you could reduce that to £1 later.
  • Gromitt
    Gromitt Posts: 5,063 Forumite
    alanq wrote: »
    If this is true then I am extremely happy

    The T&Cs state differently, but notice they are different for issues 1 - 3 and 4 onwards (ie, accounts opened on or after 3rd July)

    Both state:
    The interest rate payable on the account is variable and is determined by the number of years an account holder has been a continuous member of Nationwide.

    But I don't know if "variable" means between the rates determined by the number of years you had the account for or that they can change the interest rate as they suit. I'm going to assume the former because I'd be quite happy with that :)

    But another important T&C occurs on Issue 4:

    "The maximum balance on the account is £50,000." (for issue 3 and prior, the maximum is £5 million)

    and:

    "Nationwide's No Penalty Transfer Policy does not apply to this account. This means we may offer a later issue of this account with different features such as bonus rate or bonus period and we will not write and tell you about it." (didn't exist prior to Issue 4)
  • typistretired
    typistretired Posts: 2,099 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Worth applying just to find out how long you have been with them! I think I had a postal savings account with them over 15 years ago and I know that if they ever became a bank I don't have to give shares to charity.

    1.70% from next year might be considered a good interest rate so I am going to open one and then take the £1000 out and leave a £1 until my other easy access savers drop below that figure. Never ever took them up on their offers before as the rate seemed low compared to other banks but now it is only beaten by ICICI at 1.75%
    "Look after your pennies and your pounds will look after themselves"
  • alanq
    alanq Posts: 4,216 Forumite
    Combo Breaker First Post
    This is a very handy account to use in conjunction with a Flexaccount. It pays a far better rate than the eSavings accounts.

    My Flex Direct is earning 5% on £2500. Any excess funds I can transfer online to the Loyalty saver and when the Flex dips below £2500 I can top it up from Loyalty Saver.
  • planteria
    planteria Posts: 5,321 Forumite
    First Anniversary Combo Breaker First Post
    good work alanq
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards