Nationwide new rates (w.e.f 01.01.09)

alanq

One reason for the appalling interest rates may be to fund the £75 cashback when opening a Flexaccount or making an existing Flexaccount your main current account. Other conditions apply.
http://www.nationwide.co.uk/current_account/account_benefits.htm?source=nationwide&campaign=winterevent&execution=FlexAccount_hotspot_22122008

Not quite in breach of the "brand new customers only" deals ban but in breach of the spirit of it I would say.

apt

Another Nationwide slogan promised consitently good savings rates. They've certainly abandoned that. I'm sure that if an independent candidate ran for the Nationwide board on a genuine mutuality ticket - efficiency and a fair deal for members as opposed to empire-building, expensive marketing and sponsorship, and excessive boardroom and executive pay - I'd bet that candidate would get a stack of votes from Nationwide savers. I'd certainly vote for him/her instead of the present board.

7sefton

I got a letter from NW the other day informing me of an 'adjustment' to the terms and conditions of my Capital Builder (notice) account... the account used to have a promise that it would pay x% (think it was 1%) higher than the tiers of the Cash Builder (instant access) account. Not any more. That promise has been removed with nothing in its place. Nice.

amethystcash

We have virtually all our savings in Nationwide and now thanks to these shocking interest rates are looking to move money elsewhere. We thought about A&L ISA and eSaver/Online Tracker, but having no dealings with A&L before checked their rating from the website recommended by Martin and it says outlook unstable so we are worried to move our money now.

Any suggestions, better to stick with Nationwide and hope the interest rates improve or go with A&L, or does anyone have any other suggestions.

We have 2 each of ISAs, Reg Savings and eSavings accounts currently with Nationwide.

Chadsman

Ouch! They are getting towards being punitive rates.

The A&L rate quoted above by another poster (5%) is payable only if you dont make a withdrawal... no interest is payable in any month (except July) in which a withdrawal is made.
http://www.alliance-leicester.co.uk/savings/esaver.aspx?ct=dec08rfsesaverleft

They also have a online tracker account paying at least 1.75% above the BoE base rate...
http://www.alliance-leicester.co.uk/savings/online-tracker.aspx?ct=dec08rfsonlinetrackermiddle
currently paying 4.75%

I am in the process of moving mine to the Principality e-saver currently paying 4.51%
http://www.principality.co.uk/default.aspx?page=2
...tho they may have another rate cut in the pipeline.

[edit]rate now cut to 3.07%[/edit]