Can Nationwide Building Society Get Away With This?

Lokolo

John_M_Business wrote: »

I must have missed that excellent advice in all the criticism... :rotfl:

It seemed to amount to 'your fault guv. go visit the savings pages and get a fixed rate'. Really, truly, remarkably good advice, don't you think?

You are complaining about variable rates. So yes, suggesting you get a fix rate is good advice......

foofi22

It was good advice guv...

hethmar

John, Ive moved money from E Savings Plus now into Lloyds vantage accounts which pay 4% gross up to £7k. You can have 3 of them on the go - as long as you put £1k a month in them.

Jonbvn

John_M_Business wrote: »

It seemed to amount to 'your fault guv. go visit the savings pages and get a fixed rate'. Really, truly, remarkably good advice, don't you think?

Surely you realise that the raison d'etre of MSE is to try and combat the situation your OP describes. I.e. customer inertia.

Regardless of how busy you are, the only person who has a duty to look after your money is you.

The only advice that anyone can give is to ditch and switch. In the 3 years I have posted on MSE, I have had more savings accounts than the rest of my life previously (& I am not in the first flush of youth).

Andystriker

John_M_Business wrote: »

I must have missed that excellent advice in all the criticism... :rotfl:

It seemed to amount to 'your fault guv. go visit the savings pages and get a fixed rate'. Really, truly, remarkably good advice, don't you think?

Actually it is good advice

Andystriker

hethmar wrote: »

John, Ive moved money from E Savings Plus now into Lloyds vantage accounts which pay 4% gross up to £7k. You can have 3 of them on the go - as long as you put £1k a month in them.

But keep your eye on the rate because if Lloyds TSB drop the rate then you will be back to square one.

More good advice.

John_M_Business

Lokolo wrote: »

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

So if I have savings account, then an ISA's not much use!

John_M_Business

Lokolo wrote: »

You are complaining about variable rates. So yes, suggesting you get a fix rate is good advice......

No, I am not complaining about variable rates. I am complaining about deliberately reducing a savings rate to something that isn't worthy of the name. If the e-Savings had stayed the same with the same based rate, I wouldn't have been bothered. Even if it had dropped a little, then OK, I would accept that.

But to lost 80% of it's interest in the space of 3 months is wilful, deliberate theft. That's what I don't like.

mr_fishbulb

John_M_Business wrote: »

No, I am not complaining about variable rates. I am complaining about deliberately reducing a savings rate to something that isn't worthy of the name. If the e-Savings had stayed the same with the same based rate, I wouldn't have been bothered. Even if it had dropped a little, then OK, I would accept that.

But to lost 80% of it's interest in the space of 3 months is wilful, deliberate theft. That's what I don't like.

The ironic thing is Nationwide did an advert specifically about banks offering a higher rate to entice you and then dropping it.

http://www.youtube.com/watch?v=9P5e8T1DSWQ

Paul_Herring

Imagine if all the time spend reading and responding to replies on this thread were spent on researching decent savings, maybe once or twice a year?