Nationwide a joke!

markdeer2004

Lansdowne wrote: »

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.

I assume you mean minimum. I received approx. 37 pounds interest today.

apt

Well you won't be getting £37 next year. £15 gross is the most you could earn at the present rate of 0.5% on balances upto £3,000 and paying in £1,500 per month.

The_Pedant

I was glancing over a list of the savings accounts interest rates that were in the paper on Thursday. At a glance, there isn't anything (except some bonds & ISAs) paying even 3%!!!

There used to be a time when their rates were semi competetive, but now that's not even inflationary.

Needless to say, I only keep a token account running with them these days.

equitydealer

Apparently Nationwide want to protect savers :rolleyes:

http://news.sky.com/skynews/Home/Business/Nationwide-to-stop-passing-on-rate-cuts-to-tracker-customers/Article/200901115196564?lpos=Business_Carousel_Region_0&lid=ARTICLE_15196564_Nationwide_to_stop_passing_on_rate_cuts_to_tracker_customers

oldandgrumpy

"Apparently Nationwide want to protect savers :rolleyes: !!!"
They are, after having reduced the savers rates they are now refusing to pass on rate cuts to mortgagees!

Geoff_W

equitydealer wrote: »

Apparently Nationwide want to protect savers :rolleyes:

http://news.sky.com/skynews/Home/Business/Nationwide-to-stop-passing-on-rate-cuts-to-tracker-customers/Article/200901115196564?lpos=Business_Carousel_Region_0&lid=ARTICLE_15196564_Nationwide_to_stop_passing_on_rate_cuts_to_tracker_customers

A very cynical piece of marketing, if you ask me!

gvlewis

Have not been too impressed with Nationwide recently. They were pretty well uncontactable by phone on Wed. afternoon - technical problems apparently. Another phone anomaly (which has been in existance for some time) is that when you call the Woking branch you are put thru' to Winchester. They will in turn give you the local number for Woking but when you try to phone the branch, you are put through to Leeds - after pressing several buttons to input your account number, date of birth etc...

I used to have quite a bit of my savings in Nationwide until recently. I've just (belatedly) transferred my last remaining £££s from my ISA into a Cheshire Fixed Rate ISA. [Unfortunately Cheshire is now owned by N'wide, so I'm not entirely rid of them.]

MOCHA

Without savers they'd be a lot less money to lend in mortgage funds.Just how 'cheap' do some people want their mortgage to be or would they still moan even it if was 'free'? Everyone is finding it tough at the moment and a bit of fairness is long overdue.
Savers always get the short end of the stick with falling interest rates and I'm glad that the Nationwide has taken this particular decision.

Milarky

Lansdowne wrote: »

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.

(*based on £1000 average balance?)

Not quite yet. A&L Premier Direct 8% fixed for 12 months up to £2500 (6.5% for newbies) That's £80 (£65)
Halifax High Interest Current Account 2.5% this month but £5 a month net from next month if you just pay in £1000 regularly - that's £60 [FREEBIE] - plus you can put the £1000 somewhere else and earn another £30 without too much difficulty - that's £90 or so
Even Lloyds TSB Classic with Plus pays 2.5% at present - £25 on an average balance of £1000 if you like - £45 if you are signed up to their bonus rate - also on £1000pcm regular funding.
First Direct First Accountpays no in-credit interest but gives £250 interest free overdraft to play with - worth £8 in AN Other account plus £30 for the average in-credit balance in NW - £38

And all these accounts are on Faster Payments already

The idea of current accounts based on the just the Flexaccount model is the fallacy here. There is lots of choice.

Red_Ant

I think the frustrating thing with the Nationwide is that they used to seem to care about their customers. Now they don't seem to inform customers about structural rate changes, so you can suddenly find your account is way behind the curve, even if you accept that all rates are dropping - e.g. down to 1.8% gross for a 60 day notice account.

I wouldn't be surprised to see them introduce monthly charges for their Flexaccount soon - they've got a lot of people locked into that account by virtue of taking out e-bonds, and they've already stopped people doing certain counter transactions with that account.

As a veteran who goes back to the Anglia building society days, I've realised that they have got too much power in the Building Society sector now, and the Banks are catching them up (and in many cases have passed them given the Government's benevolence).