Is it time to ditch Nationwide in droves?

geepster

MiserlyMartin wrote: »

Seeing as Nationwide are paying only 1% now on their Cash ISA's ands not much more for the Members ISA Bond is it time for everyone to make a mass protest and pull money out of the society.? They are treating savers very poorly. They don't seem very keen on hoarding cash at those rates.

They have even stopped paying any interest at all on Flexaccounts.
I have moved all my money out of Nationwide years ago when they started paying such poor rates, its just got worse now!

Its a scandal! Even the banks are paying better rates now.

I agree. All this talk that "because we are a mutual and don't have shareholders means we can pass this benefit to our customers" seems to be a load of rubbish because they and quite a few other mutuals do not have interest rates that are even in the top half of the tables.:mad:

Inactive

rb10 wrote: »

Plenty of people keep the Nationwide one purely for use abroad, and then have a better current account for day-to-day use in the UK. E.g. have a Halifax Reward account (£5/month interest), and you can have a Bank of Scotland instant access account with instant transfers to/from Halifax, that has a rate just marginally higher than Nationwide's e-Savings. So you would be better off by just over £60 per year this way.

Indeed I could if I wanted to deal with a bank/banks that cannot run their own affairs properly, I choose to stay with Nationwide/HSBC mainly because neither have a too bad record in the recent turmoil.

I will not lose any sleep over the lost £60.;)

Mini_Bear

Ive got 19k of cash isas fixed with them at 6.15% until Apr 2010. I wont be moving my money until then - their current ISA rates are shocking though so i wont be opening any new ones with them.

loulou41

The family banks with NW. We are moving our cash to Yorkshire Building Society for a much better rate. Their cash isa is shocking at 1%. So far, we have moved quite a lot cash and isas with them.

NPowerUser

Lots of my friends are moving cash away from Nationwide in an attempt to get a better return on their savings.

The staff looked seriously peed off today in Nationwide, as if they had the world on their shoulders.

For a mutual that has no plc shareholders to worry about and has not lent willy nilly, they sure do offer pi$$y rates at the moment.

donmax777

Hi,
This may be an option,I have recently moved my money from e.savings to flexaccount to new e.bond.They are offering 3.35% fixed rate for 6 months,interest payable monthly.They have other offers for 1 year,2 years and 3 year options.Seems pretty competitive to me and saves all the hassle of moving your money about.Took me 10 minutes on the internet to do the whole process.

Milarky

donmax777 wrote: »

Hi,
They are offering 3.35% fixed rate for 6 months,interest payable monthly.They have other offers for 1 year,2 years and 3 year options.Seems pretty competitive to me and saves all the hassle of moving your money about.Took me 10 minutes on the internet to do the whole process.

True, but they also have lot of branch-based savings. It would be interesting to know what proportion of deposits are held in these accounts with terrible rates. Whilst this division exists with all institutions, Nationwide does seem to plough a middle furrow- no top rated accounts, occasionally (never the best) good fixed term offers, but generally mediocre to poor for all the other accounts. In a word, their 'size' protects them from being overly competitive; making them the 'bad boy' of the building society movement.

Inactive

NPowerUser wrote: »

Lots of my friends are moving cash away from Nationwide in an attempt to get a better return on their savings.

Perhaps they left it too late, I am getting 7% fixed and 6.15% fixed at Nationwide.

neil324

Inactive wrote: »

Perhaps they left it too late, I am getting 7% fixed and 6.15% fixed at Nationwide.

Sounds very smug:D

G_M

I've just spent the last week researching current accounts for exactly the same reason. Conclusion here .