Nationwide a joke!

donmax777

I have money invested in nationwide e.savings account.When i put it there which was november 2007 it was paying 6.50% and now just read it is down to 1.5% !!! What a joke...why do hey think we will invest our money with them at such a pittiful rate??? I am obviously looking to re invest elsewhere,could anyone advise me on the best deals at the moment please.
Also,can i transfer my money from e.savings to flex account into new account with whoever online?
Thankyou

cos69

donmax777 wrote: »

.... Also,can i transfer my money from e.savings to flex account into new account with whoever online?
Thankyou

You can as long as "whoever" accepts online transfers. Do it for several of my accounts and the rest of my money will shortly be departing Nationwide for A&L until I find a good home for it.

Hungerdunger

donmax777 wrote: »

When i put it there which was november 2007 it was paying 6.50% and now just read it is down to 1.5%

Didn't it occur to you to put at least some of it away in a fixed-rate account, especially when it became clear that interest rates were going to drop substantially? The e-saver generally tracks the BoE Base Rate (except for the latest decrease), so while it's useful when using it in conjunction with your Flex account, I wouldn't advise using it as your main savings vehicle.

By the way, I've just checked my records and found that the rate in November 2007 was actually 5.8%, and the rate from 1 January is 1.95%, so not quite as bad as you suggest.

codetown

He is probably referring to the ebonds, which were quite attractive for a good period at Nationwide (I had myself a few at 6.5 and 6.7% AER).

I agree that Ntionwide has gone very far with cuts, but most other banks/BS have done similarly.

As of today I don't see many deals:
the highest I could find recently is the A&L e-saver 2, which is online and can be used as a monthly bond. For any months you don't need the money you get 5% AER on it. When you need it, it is best to take it out all on the 1st of the month as you will not get any interest for that month!

Baldur

codetown wrote: »

..the highest I could find recently is the A&L e-saver 2, which is online and can be used as a monthly bond. For any months you don't need the money you get 5% AER on it. When you need it, it is best to take it out all on the 1st of the month as you will not get any interest for that month!

Make that 4% AER as of 2nd January - http://www.alliance-leicester.co.uk/savings/esaver.aspx

intalex

Feeling a bit frustrated with Nationwide today!!!

Just did a transfer of a lumpsum from my HSBC a/c to my Nationwide a/c today, only to find that my FlexAccount can't even receive faster payments. Have to wait till Monday or Tuesday now to receive the money and open an e-bond, in hope that they won't reduce the rates even further by then - it would be a disaster if they did!

Baldur

intalex wrote: »

...only to find that my FlexAccount can't even receive faster payments.

You can check which of your accounts can receive Faster Payments HERE - Nationwide seem to be dragging their heels over adopting Faster Payments.

opinions4u

12 to 18 months ago, getting an instant access account that paid close to the BofE rate would be considered a winner.

As the banks stabilise, the same is likely to appy.

You might get the occasional "new player" or "new product" that comes along paying a sexy rate, but over time it will nearly ALWAYS drop to below the BofE rate.

The BM ESaver has been a particularly good account when compared to the BofE rate over an extended period. The only frustration people have with it is the paying of interest away from the account to the nominated/linked account. If you're disciplined enough to move it straight back it could work for you.

http://www.askbm.co.uk/savings/i/easy/product.asp?id=158

I would still expect another 1% off the 4.33% you see on the site today.

Use sites like https://www.moneysupermarket.com/savings to compare rates. Just be careful at the moment because most providers are currently cutting rates and these may not have filtered through yet.

Also, beware Tesco. Good rate. Poor service. It might be Easter before you can use the account, and I would hazard a guess they will pull the competitive rate soon.

Red_Ant

The fact that the Nationwide have stopped paying any interest at all on their Flexaccount unless you pay in 1,500 from a non-Nationwide source a month isn't very good news either - especially for those who have lost their jobs recently.

It's all well and good saying people should transfer the money into the e-saver account - but how many of their customers aren't online, and don't have this option ?

Lansdowne

The maximum interest anyone can earn on a Flex Account, following all the rules, is £15 per year = £1.25 a month. So no-one's lost much by that particular change.
The idea of using a current account to gain interest is history.

agsnu

I just find it bizarre that I can currently get a significantly better rate of interest in an e-Saver with NatWest than I can with Nationwide.