Is it time to ditch Nationwide in droves?

mike_the_bike_2

I've been moving all my money out of N/W over the last few weeks and have had no problems whatsoever finding other financial institutions guaranteed with the 50K fsa compensation scheme to offer me far better interest rates..I will keep their credit card for using overseas but apart from that they are soon to be history for me...Shame because they used to be really good.

hethmar

donmax777 wrote: »

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.

I did the same thing last week for a two year fix.

Last spring the cashier asked me if I wanted to move some money into the fixed 7% e bond. I dithered then said ok - thank gawd.

NPowerUser

I was in the Nationwide today withdrawing money from my 1% ISA account and I noticed most people were withdrawing money.

When I got to the counter the cashier had to go to the safe to get more money out.

I withdrew £500 and I reflected on the sadness that this mutual building society is not as competitive as it once was. "Proud to be different" was their recent slogan, how is offering 1% tax free on a cash isa different?

They seem more money grabbing everytime I visit. Women in suits trying to flog you building insurance, just one big sell.

soulsaver

Pssst wrote: »

Nationwide really DO need to reassess how they treat their customers. A month ago they fleeced me for £30 for a returned cheque. I have been with them for nearly 20 years and always have a very healthy balance. My current balance with them is in 5 figures. I have now opened a first direct account and am migrating.

First Direct? Great service - ppoor rates. I bank with 'em, and their rates were good for a perceived safe bank, but now I only use them for current a/c and switch money from other banks better interest a/c to pay bills. In fact I'm tempted to switch to use my Halifax hi int c/a for my main banking for the better rates - just let down by their Faster Payments non service....

MiserlyMartin

NPowerUser wrote: »

I was in the Nationwide today withdrawing money from my 1% ISA account and I noticed most people were withdrawing money.

I wonder when/if we will get the first run on a UK building society?Surely the governments next to zilch interest rate policy is not going to help re-capitalise banks unless the money goes back to them via the spending in the wider economy. But will it?

hethmar

I appreciate people are upset seeing the low interest on some of their building society accounts - I have several different BS accounts - but in each case Ive rung up and asked what other accounts with them would offer me more. With Yorkshire BS the account I had at below 1% was transferred to an instant esaver at about 4%.

So dont go drawing your money out before you ring and enquire about alternatives.

Soulsaver, NW took some money off me for being a day late on my credit card - I rang and complained that it was the first time in 15 years as a member Id been accidentally late and they just refunded the money immediately. Its always worth phoning if you are unhappy with anything.

Sorry, meant Psst, always distracted, so got wrong name

soulsaver

hethmar wrote: »

I appreciate people are upset seeing the low interest on some of their building society accounts - I have several different BS accounts - but in each case Ive rung up and asked what other accounts with them would offer me more. With Yorkshire BS the account I had at below 1% was transferred to an instant esaver at about 4%.

So dont go drawing your money out before you ring and enquire about alternatives.

Soulsaver, NW took some money off me for being a day late on my credit card - I rang and complained that it was the first time in 15 years as a member Id been accidentally late and they just refunded the money immediately. Its always worth phoning if you are unhappy with anything.

Errrm - nowt to do with me

JCB2020

I have been with NW for over 30 years but enough is enough. I have just opened an A&L current account at 6% if I keep a balance of 2.5K. My salary is paid into NW Flexaccount and now I get nothing! Well this will be the last month, next month it will be earning interest with A&L.

freddysmith

NW could lose a lot of customers including me as the recent 6.15% Fixed Rate 1, 2 & 3 year ISA's and Fixed Rate Bonds upto 7% start maturing.
I will be looking around as NW rates do not look good for new money or money from maturing accounts.

hethmar

JCB2020 wrote: »

I have been with NW for over 30 years but enough is enough. I have just opened an A&L current account at 6% if I keep a balance of 2.5K. My salary is paid into NW Flexaccount and now I get nothing! Well this will be the last month, next month it will be earning interest with A&L.

But JCB, is that 6% not limited to the amount you can put into it and interest paid on the average amount in there - hence more like 3%? Im sure someone can come along and work it out properly?