Nationwide e-savings down again

Hungerdunger

I was disappointed to see that Nationwide have again passed on the whole of March's BoE base rate drop, meaning that we now earn 0.45% on our savings.

The good news is that Nationwide still think this is a good rate.

• competitive interest rate of 0.45% gross p.a./AER*

Well I suppose it is, compared to stuffing the money in a cardboard box :rolleyes:

bristolleedsfan

http://www.nationwide.co.uk/savings/all_accounts/all_accounts.htm

steady__eddie

Contrary to what they said previously re interest PAYMENT, just logged on to shift some cash and interest is showing now on my e-saver.

cos69

Does this ring very true for you

Listening to you
If you thought that Nationwide is just like any other bank or building society, think again. Unlike banks we have no shareholders to pay, so we can concentrate on giving our members great rates and excellent service. And as our members are effectively our owners, we believe we should be accountable to them.

Come the AGM on Thursday 16th July when we get to vote on the re-election of the board, we can let them know how good a job they have done for us and send them packing to pastures new.

PurpleBox

The AGM is one thing - and we should all express our feelings - but I'm just going to move my money!

PurpleBox.

Hungerdunger

PurpleBox wrote: »

The AGM is one thing - and we should all express our feelings - but I'm just going to move my money!

I'd like to as well; but one advantage the e-savings account has is that you can make instant transfers into your Flex (current) account, meaning no loss of interest during the transfer.

As far as I'm aware, no other national Building Society offers a current account and linked e-savings account. But if anyone knows otherwise, please tell me and I'll think seriously about moving my money to them. (Assuming their rates are better than Nationwide's).

G_M

Use Faster Payments. I opened a Halifax c/a (to get the £5 pm 'reward') and can switch cash instantly between that and my Tesco savings account.

I've now figured out one can do the same from Nationwide but only if you have a NEW Flex account (sort code 07-02-46). So open a NEW (2nd) Flex.

Coventry BS is an alternative. Faster Payments one-way only so far (Receive), and no need for the linked e-saver as there's no upper limit on the current a/c balance for receipt of interest (1.1% today) which easily beats Nationwide e-saver!

Old_Slaphead

Vote with your feet. There's better deals out there.

Reducing the interest paid to savers will only benefit the borrowers - if Nationwide wants my money they'll have to pay a much better rate than they are offering.

My e-saver has been reduced to £1

bristolleedsfan

I plan to keep the minimum in esaver to cover my committed outgoings + something to cover a little more, keeping most my "rainy day" funds in Yorkshire BS Internet Saver where 250.00 access can be gained daily via cashpoint machine which if neccesary can be deposited in cash to my Flexi-account at any post office.

It should be pointed out that before today ( I havent checked today) both Halifax and Abbey were paying less on its E-Saver equivalent than Nationwide. ( or at least the last time I looked they both were)

piker1957

We're looking at opening a Barclays current account and an e-savings reward. Been re-assured that transfers between the acconts happen immediately. Interest detais for e-savings reward taken from Barclays website:
Higher rate of 1.26% AER (1.25% gross p.a)* for months when no withdrawals are made.Lower rate of 0.85% AER (0.85% gross p.a.) paid for months in which a withdrawal is made.Both of the above rates include an introductory bonus of 0.75% gross. The bonus is payable for 12 months, after which time the rates will reduce accordingly

alanq

Hungerdunger wrote: »

As far as I'm aware, no other national Building Society offers a current account and linked e-savings account. But if anyone knows otherwise, please tell me and I'll think seriously about moving my money to them. (Assuming their rates are better than Nationwide's).

There isn't another building society with the national coverage of the Nationwide. The Coventry offers interest on its current account. The main snag is that there is no cheque book - and it does not have a national branch network. If you want a mutual then there is the Co-operative Bank which has accounts linked to current accounts. However, the interest rate is no more attractive than the Nationwide's.