Where to save? (Nationwide's poor rates)

Kazza242

MiserlyMartin wrote:

I have an old Cahoot account which has now increased from 4.55% to 4.8% following the base rate move. Are there any other instant access online accounts?

Two options come to mind:

- Yorkshire building society's Internet saver will pay 5.10% from 27 August 2006.

- Bradford & Bingley's eSavings account will pay 5.10% from 3 September 2006.

MiserlyMartin

Thanks. I might open one. The only good thing about esavings is that its an instant transfer from your savings - current and vice versa. I wonder if those others do this. If they do and the current account rates are good I will move my current account from Nationwide too!

Seems like Nationwide are becoming the new evil...

Kazza242

MiserlyMartin wrote:

Thanks. I might open one. The only good thing about esavings is that its an instant transfer from your savings - current and vice versa. I wonder if those others do this. If they do and the current account rates are good I will move my current account from Nationwide too!

Seems like Nationwide are becoming the new evil...

B&B don't offer current accounts. Withdrawals are made via BACS.

Yorkshire BS don't offer current accounts either. However, their Internet Saver does come with a LINK cash card, allowing you to withdraw funds instantly from your savings account via over 30,000 cash machines in the UK.

MiserlyMartin

Thats good for small amounts but take today...... I needed to transfer £3000 into my current account to pay off a stooze card (now i can't get any new 0% ones). That happened instantly. Very useful and not possible with a cash machine obviously.

Kazza242

MiserlyMartin wrote:

Thats good for small amounts but take today...... I needed to transfer £3000 into my current account to pay off a stooze card (now i can't get any new 0% ones). That happened instantly. Very useful and not possible with a cash machine obviously.

Yes, I know. For amounts around £250 it is useful but for larger sums it's not suitable.

I use my Cahoot current account and savings account to instantly move funds. Now they have increased their rates, they are competitive accounts. Some accounts require 24 hours to move funds from the savings account to the current account, but with Cahoot it is instant. As you have a Cahoot savings account already, have you thought about applying for the Cahoot current account (if you haven't already got one)?

MiserlyMartin

Now theres an idea. But cahoot savings only pays 4.8%, I think I'll open one with the yorkshire instead. I should imagine that eventually due to the rate guarantee (mentioned on other thread) Nationwide will increase the rate on e savings, but I think it will only be to 4.8%, so i will still open up the yorkshire account and clear the money out of e savings.

[Deleted User]

See also this thread re Nationwide e-savings 'guarantee' made in July 2005.

http://forums.moneysavingexpert.com/showthread.html?p=2778202#post2778202

Slim

The only reason that Nationwide is leaving it so late in announcing its interest rate rises is to see what its competitors are doing ie they will raise their rates the minimum that they can get away with. Is this how a mutual society, run for the benefit of its members, should operate?

Sapphire

Slim wrote:

The only reason that Nationwide is leaving it so late in announcing its interest rate rises is to see what its competitors are doing ie they will raise their rates the minimum that they can get away with. Is this how a mutual society, run for the benefit of its members, should operate?

Rubbish treatment of customers! :mad:

I'm also not sure whether a mutual society should increase it's mortgage rate above the rise in BoE interest rates. (Standard Life did it, too.) Both these companies will shortly be losing me as a customer for all (SL) or most (N) of their products. :mad:

CopperPlate_2

I agree in most respects regarding NW. The rates do seem fairly standard with the exception of the Flexaccount rate of 4.25%. It's handy though that the money can be transferred instantly between Flex and Esavings, and not floating around in the ether for days at a time, losing interest, and all the banks and BS's seem to hold off for as long as possible before moving savings rates and even then it's like a game of brinkmanship to see who will blink first and raise by the full amount instead of 0.1 or 0.15% at a time.