Can Nationwide Building Society Get Away With This?

Andystriker

Mickygg wrote: »

unfortunately you will get people on here that are not sympathetic.

The OP asked for posters to post their thoughts.

If he wants sympathetic then perhaps this is the wrong forum.

nomoneytoday

UK Interest rates are 50bps. QED saving rates will also fall to low rates

debbie42

John_M_Business wrote: »

For some who has the time to post thousands of times on MSE - you probably don't have the same time pressures as I do and therefore are unsympathetic in your response. Others may understand the time challenges faced!

I think that's a very unfair comment. What do you want? A "there there, aren't the banks awful" platitude, or a "That's the way they are, play the game or lose out"?

I know which I'd prefer, and Lokolo has spent a lot of his time on here helping out as well as learning how to make the most of his money.

Stompa

debbie42 wrote: »

There have been an awful lot of these posts lately!

Indeed, and referring to a whole variety of banks. To be honest I'm at a loss to know why people don't just check the rates periodically, it doesn't require much effort. There seem to be a lot of folks who have waited a whole year without checking only to discover that they've been getting 0.1% or whatever - it makes no sense.

mr_fishbulb

bryanb wrote: »

There is an account around that pays the average of the 5 best High st rates, it's not difficult to find.

I think you need £100,000 to open one of these accounts now.

thistledome

I took my money out of e-savings late last year and put it into the e-savings plus, but it did take me a while to notice that my interest rate had fallen.

Like others have said, all the banks do this and I agree with OP that it's not good enough, but unless the law states that they have to e-mail/write you and tell you the rate has dropped, they won't do it.

You need to make the time to check these things on their web site. Once a fortnight or month would do and it'll take 10 minutes or so.

We expect a mutual to be more "caring" than other banks, but they're not really nowadays, not when it comes to making money. Customer service could be another matter. I left Abbey National when they started to charge £5 to pay a bill over the counter (over 10 years ago) and I much prefer Nationwide, they've always been very fair with us. Don't change banks too hastily, I've found the customer service and staff at Nationwide to be excellent when I've needed their help.

Lokolo

John_M_Business wrote: »

Not so easy on savings accounts as the best fixed rates are usually bonused and so you know that within 12 months you'll have to move again and again... furthermore, if interest rates rise, then you've got a second problem.

The problem is that I don't have the time to spend days squeezing the extra 0.005% out of a savings account. I just want one that pays fairly and reasonably, which don't do the kinds of tricks that Nationwide have pulled on me. Is that so hard?

For some who has the time to post thousands of times on MSE - you probably don't have the same time pressures as I do and therefore are unsympathetic in your response. Others may understand the time challenges faced!

Majority of my money is in ISAs.

All I need to do is:

Go here:
https://forums.moneysavingexpert.com/discussion/401374

Look at the highest paying rate. Compare to my current one (which I have written down in a spreadsheet).

If I think its worth it. I then spend the next 10minutes applying for the account online. Or printing a form off and posting it.

All done in 10minutes.

As I also fix for 12 months to know my rate (I can win if rates go down, I lose if rates go up, thats the risk I take). And as I am fixing, I only need to do this every 12 months.

Overall: 20minutes work and I have best paying ISA at the time at a fixed rate. Bonus.

Easily done at halftime on Saturdays whilst the footies on.

John_M_Business

Lokolo wrote: »

Majority of my money is in ISAs.

All I need to do is:

Go here:
https://forums.moneysavingexpert.com/discussion/401374

Look at the highest paying rate. Compare to my current one (which I have written down in a spreadsheet).

If I think its worth it. I then spend the next 10minutes applying for the account online. Or printing a form off and posting it.

All done in 10minutes.

As I also fix for 12 months to know my rate (I can win if rates go down, I lose if rates go up, thats the risk I take). And as I am fixing, I only need to do this every 12 months.

Overall: 20minutes work and I have best paying ISA at the time at a fixed rate. Bonus.

Easily done at halftime on Saturdays whilst the footies on.

Tell me - how much of a savings account can you transfer into an ISA?

Lokolo

John_M_Business wrote: »

Tell me - how much of a savings account can you transfer into an ISA?

From a savings account into an ISA? £5,100 if you haven't used your allowance.
From ISA to ISA? No limit.

John_M_Business

debbie42 wrote: »

I think that's a very unfair comment. What do you want? A "there there, aren't the banks awful" platitude, or a "That's the way they are, play the game or lose out"?

I know which I'd prefer, and Lokolo has spent a lot of his time on here helping out as well as learning how to make the most of his money.

I think we should try to put pressure on for change. It's been done in a number of areas... already in terms of headlining interest rates and APRs in new business adverts... it just needs to be extended to changing of rates.

However, you could just let the banks do it because you're essentially prepared to accept they can get away with it.

Which situation seems passive now?