New Rates at Nationwide

BruceyBonus

Selected variable rates will reduce by up to 0.50% and a rate guarantee will be introduced on E-SAVINGS PLUS w.e.f. 1.2.09.

INVESTDIRECT (-0.50%): £100 - 0.35%, £10K - 0.45%, £25K - 0.55%, £50K - 0.65%.

E-SAVINGS: 1.45% (-0.50%).

BONUS 30 (excluding bonus): £100 - 0.20% (-0.40%), £10K - 0.20% (-0.50%).

60 DAY DIRECT (-0.50%): £100 - 0.65%, £10K - 0.75%, £25K - 0.85%, £50K - 0.95%.

CAPITALBUILDER: 0.20% (-0.45%).

MONTHLY INCOME 60+: 1.55% (-0.43%).

SMART: 1.75% (-0.49%).

CHILD TRUST FUND (excluding bonus): 2.10% (-0.50%).

REGULAR SAVINGS (-0.25%): 0.85%, 2.35%, 2.85% (depending on increase in balance during month).

INSTANT ACCESS ISA (-0.50%): £100 - 1.00%, £10K - 1.10%, £25K - 1.20%.

MEMBERS ISA BOND (-0.50%): £100 - 1.25%, £10K - 1.35%, £25K - 1.45%.

E-SAVINGS PLUS: AER guaranteed to pay at least 0.75% above Bank of England Base Rate until 1.1.10 and then 0.25% above until 1.1.11.

Source: eMoneyFacts

No change on the Cashbuilder ... at 0.1%:rotfl:

fullstop

I'm sure The Nationwide put out a statement a short time go promising to protect savers from rate cuts in the future,

Rafter

The Nationwide unfortunately don't have much option. Their SVR is linked to base rate as are their tracker and variable mortgages.

Therefore when base rates go down they earn less interest on mortgages and therefore can't pay as much interest to savers.

They can't be accused of profiteering either because they are owned by their customers and any profits are ploughed back into rates, service and growth.

Might seem harsh as a savings customer but the Base rate is the real problem here, caused by irresponsible lending by banks, poor regulation and probably interest rates that should have been higher 5 years ago to stop house prices getting out of control.

R.

fullstop

Rafter wrote: »

The Nationwide unfortunately don't have much option. Their SVR is linked to base rate as are their tracker and variable mortgages.

Therefore when base rates go down they earn less interest on mortgages and therefore can't pay as much interest to savers.

They can't be accused of profiteering either because they are owned by their customers and any profits are ploughed back into rates, service and growth.

Might seem harsh as a savings customer but the Base rate is the real problem here, caused by irresponsible lending by banks, poor regulation and probably interest rates that should have been higher 5 years ago to stop house prices getting out of control.

R.

And very generous pay and perks for the management.

Milarky

BruceyBonus wrote: »

No change on the Cashbuilder ... at 0.1%:rotfl:

That will allow Nationwide to claim that the 'average reduction' is less than 0.50%.....

metrobus

fullstop wrote: »

And very generous pay and perks for the management.

Its the same with companies like Ebicoclaiming "we are a non profit making company"
but they still charge more for electricity than British Gas who make massive profits.

Also look at the many housing assoc`s that claim to be charities,they have directors who are amongst the highest paid in the country,whilst being able to claim 100`s of millions in grants,paid for by all us taxpayers.

Nationwides rates are now a joke and I will be getting my money very quick.

NPowerUser

1% interest payable on my instant cash isa is a very poor return.
Why should I try and save 9K with them, when I will be earning just £90 interest?

All of a sudden the 1.8% return on Premium Bonds (with average luck) looks quite good.

oily_rag

NPowerUser wrote: »

All of a sudden the 1.8% return on Premium Bonds (with average luck) looks quite good.

Just what I was thinking.

I joined Nationwide so that I could use their debit card abroad without incurring any fees. Nowadays with the credit crunch I can't afford to go abroad any more and with their savings rates so low I'm looking for another home for my paltry stash.

metrobus

The debit card is the only reason I will keep the flex acc open..

rb10

NPowerUser wrote: »

All of a sudden the 1.8% return on Premium Bonds (with average luck) looks quite good.

As Martin explains in his article at http://www.moneysavingexpert.com/savings/premium-bonds#most, you would actually need above average luck to get 1.8% return. Most people will get less than 1.8%, because of the way they allocate prizes.

Also bear in mind that unless you are able to get the premium bonds before the end of January, they won't be entered into a draw until 1st April, by which time the rate will probably have gone down.

And, even if you were unusually lucky and managed to get 1.8% on Premium Bonds, you can still easily better this in many savings accounts (just move it away from the 1% one at Nationwide!).

juicyjude

OMG totally pathetic returns, get a large safe or spend the lot!!!!:eek: