Nationwide - who are they working for

Ballyorca

Just to add fat to the fire:

I'm a borrower with Nw and, whilst we may be out-numbered, we are still voting members. Therefore might I suggest that if Nw fails to pass on the next BoE cut I think Mr Geoffrey Howe and the other directors might not get the re-election votes they would like.

To be honest their excuse about not passing on the cuts in order to protect savers is hogwash.

nilrem_2

IMHO Nationwide are no better nor worse than any of the others, most of them offer decent rates to get the custom then reduce them quietly!

FWIW I transferred my Icesave money to Nationwide Fixed rate accounts and the rate is not too bad at all.

The only way to avoid opening an account only to find the rate reduces shorty afterwards is to stick to Fixed rate accounts, you must of course keep some cash in a easy access account as well!

george-ddd

thanks for all the responses - especially the input from opinions4u.
I still think that if Nationwide doesn't have any shareholders to pay dividends to they should offer above average if not top rates. The board of directors should understand this and also understand, as evidenced from these replies that people will move their money out for better rates

Red_Ant

I agree that Nationwide really seems to have lost the plot. I suspect that the fact is has slashed the rates so disproportionately on some of its accounts means that it is struggling to absorb the Derbyshire / Cheshire acquisitions and thus can no longer give its customers the sort of deals it used to - e.g. the huge cut in the ISA Rates, the zero interest on the Flexaccount for many a/c holders.

The staff seem extremely demotivated too - whereas once you'd get a great reception going into a branch, these days its very off hand, not helped by their new rules on counter service.

I am impressed with the fact that the Abbey have taken on board the criticisms about their customer service, and are trying to do something about it, and as a result have signed up today for their 6% regular savings account (via the old Bradford and Bingley route) with some of the money rescued from a Nationwide ISA.

I've been a customer of the Nationwide for over 25 years (including the Anglia Building Society), and have always had praise for them over and above the banks - but not any more.