Nationwide e-savings will raise rate...

MiserlyMartin

I have sent a further complaint:

"The society made a guarantee on 14 Jul 2005, to match or beat the Bank of England Base Rate until 30th September 2006 on e-Savings. After the BOE interest rate rise earlier this month, the rate of e-Savings is still 4.55%
Can you tell me when this rate with increase to match BOE and if this increase will be backdated to comply with your rate guarantee, as it should be?

If I do not receive a favourable response to this email I will be taking this matter of this breach of the rate guarantee to the Financial Ombudsman."

And as far as I can see, this is really one for the Ombudsman. I shall take great pleasure in taking it to them too.

thor

Isn't this how those big bad naughty banks would behave? Demutualise now Nationwide! Your board of directors have had it far too cosy for far too long and it is about time that the members were rewarded instead.

[Deleted User]

Revised rates announced today, but only wef 1st September. See here

http://forums.moneysavingexpert.com/showthread.html?p=2803879#post2803879

Sapphire

See other thread for responses. :mad:

MiserlyMartin

Ok, this is the reply from Nationwide I have recieved to my message:

"Thank you for your message.

I have logged your complaint on our Member Service Site. This site is reviewed in order to improve the service and facilities we provide to our Members.

I am very sorry that you are disappointed with the service you have received. I confirm that our Savings rates are under review and an announcement will be made shortly.

Choosing to remain a mutual society does not mean that we guarantee to offer the best rate of interest in all sectors of the market all of the time, as this would be impossible for any organisation. However, it does mean that we are committed to providing long-term good value to all members in the form of competitive rates, both now and in the future. We can only deliver long-term value of this kind because we are a building society and, unlike banks, do not have to generate profits to pass to shareholders.

You may be interested to know, that we regularly hold Member Talkback's which gives you the chance to have your say and put your questions to a Nationwide Director. To find out more information, please click on the below link:

http://www.nationwide.co.uk/about_nationwide/listeningtoyou/talkback.asp"

Nice PR spin.