Nationwide Reducing Rate

I've also received a letter saying the same thing. I also think its quite a big cut.

I also have a Flexclusive ISA and I'm just waiting for a letter to say that that interest rate is going to be reduced. Its inevitable. There is no way that I can see them letting it remain at 1.5% while reducing the other rates.

I was a bit miffed about this letter as it points you towards their Fixed rate ISAs as an alternative and ignores the fact that their Flexclusive ISA would pay more (if you were eligible).

RedRuby wrote: »

I've also received a letter saying the same thing. I also think its quite a big cut.

I also have a Flexclusive ISA and I'm just waiting for a letter to say that that interest rate is going to be reduced. Its inevitable. There is no way that I can see them letting it remain at 1.5% while reducing the other rates.

It is has already been reduced and is currently 1.3%

daveoc22 wrote: »

Had a letter in the post saying that from June 1st instant access rate on our accounts goes down from 1.4% to 1%.


Of course I accept that the rate has always been variable, but this seems a massive reduction in one go.


Time to look around, though no doubt this will get the others reducing their rates as well.

I got my letter this week too.


I've just come off the phone to them.


A fat lot of help they are!


First of all I asked why the rate was reducing from an already appalling rate to an even worse rate - they of course off loaded the blame to the Bank of England who control the rates. I replied, "but the Bank of England haven't effectively changed their base rate since the crash in 2008, why have you changed yours?"


The phone went silent.


When he came back, he started with the whole management bingo clich!s such as, "I hear what you say" and "I understand where you are coming from".


I asked why they were offering 3.25% for junior savers but knocking the rates down on the older, long standing loyal customers. The phone went silent again.


I asked is it like casting a fishing line, reeling them in and then when you have them in your keep net, reduce the rates for them too?


The phone went silent again.


I asked why can you offer better rates for a current account, (something that I don't want because the offer again is only short term on a relatively small amount of money that can be held on deposit), or even a oxymoron account called a "Loyalty Saver". The phone went silent yet again.


They have no answers. They are just plebs off the street in a call centre. The wheelers and dealers on the big bucks are in their high rise corner offices overlooking the city through plate glass windows, laughing at us.


I am a retired pensioner. The manner in which the government and financial industry treats us is appalling.


Unless you tie your money up for several years on rates that are still extremely poor and certainly do not compete with inflation, you are !!!!!!ed!



But what do you do, even if you put it into Premium Bonds it seems pointless as they have engineered the odds almost totally in their favour so even a small tickle of £25 is unlikely.


There just doesn't seem anywhere to put money where it's safe and can earn a decent return.


I just wish that the day would come where the government of the day stops feeding these vultures with free taxpayers money which enables them to not rely on the funds of savers. Put the shoe on the other foot where they fall over themselves trying to get you to place your hard earned with them is the best scenario for us, but I can't see it ever happening again.


Let me know what decision you come to. All I want is an easily accessible account that pays a decent rate and I can see and manipulate it from my laptop.