Nationwide a joke!

sheslookinhot

I keep a small Cashbuilder account open, saving £20 a month, just in case . I keep a minimum of £200 in the account and make a withdrawal when it reaches £400. Interest is a whopping 0.1%

bristolleedsfan

Red_Ant wrote: »

I wouldn't be surprised to see them introduce monthly charges for their Flexaccount soon - .

quote]


Mr Beale would have loved to have done so already. Id have thought it would now be extremely difficult for Mr Beale to introduce monthly fees across the board on Nationwide current accounts now that Halifax are introducing a 5.00 a month net credit interest payment for those crediting their current accounts with 1000.00 per month.

http://www.dailymail.co.uk/news/article-437233/Bank-chief-predicts-end-free-bank-account.html

" He said the Nationwide would not be the first high street name to impose such fees. But he said the society would follow others."

RayWolfe

MOCHA wrote: »

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.

Of course they do. But interest rates do rise from time to time. Anyway, generally speaking base rates follow the inflation curve. So it's all illusory.

LittleVoice

sheslookinhot wrote: »

I keep a small Cashbuilder account open, saving £20 a month, just in case . I keep a minimum of £200 in the account and make a withdrawal when it reaches £400. Interest is a whopping 0.1%

Why?............

MOCHA

I know that savings are 'earning' nothing at the moment let alone keeping pace with inflation but I get fed up hearing about mortgage holders to the exclusion of everyone else.Save what you're getting back each month if that's an option and resist the government propoganda about spending it on Chinese imports that you don't need and perhaps we'll avoid the whole sorry (overextended) mess repeating itself again.

martinman3

LittleVoice wrote: »

Why?............

The CashBuilder rates may be c**p but they are unusual accounts for two reasons, and I am not suggesting that either is the answer to your question.

1. The passbook version can be opened from the age of 7 and the card version from the age of 11 (and it has a proper Link card).

2. If what I overheard in a branch was correct then it is the only account which non-discharged (or maybe it was recently discharged ) bankrupts can open at Nationwide.

The_Pedant

I keep my Cashbuilder a/c, as I openened it prior to the introduction of the rules attempting to dissuade carpet-baggers trying to cash in on the bank conversion windfalls of the 90's. I keep a nominal amount ... just in case they ever decided to de-mutualise (is that even a word:huh:).

Also, as this was a passbook account, I did it at the time to make it harder for me to get to some of my (then) limited funds.

cottager

The_Pedant wrote: »

I keep my Cashbuilder a/c, as I openened it prior to the introduction of the rules attempting to dissuade carpet-baggers trying to cash in on the bank conversion windfalls of the 90's. I keep a nominal amount ... just in case they ever decided to de-mutualise (is that even a word:huh:).

Snap!
It doesn't look particularly likely they would demutualise now, it seems to me, but... stranger things have happened.

fullstop

sheslookinhot wrote: »

I keep a small Cashbuilder account open, saving £20 a month, just in case . I keep a minimum of £200 in the account and make a withdrawal when it reaches £400. Interest is a whopping 0.1%

If you are keen to save £20 or more a month you would be better off getting a regular saver with Abbey, Barclays , Halifax, or Principality BS all paying at least 5% at least you would earn a bit more than 0.1% interest, not a lot but this is money saving forum.

Milarky

I opened a 2 yr e-bond* to act as a 'holding' account with at least £100. This is currently 6.08% pa (till August) E bonds will probably always be the best accounts to hold for this purpose.

*requires flexaccount...

(No one hoping for a DM should be subsidizing NW with Cashbuilders IMO)