Nationwide - coy about savings rates..

Milarky

Quick off the mark putting up mortgage rate, but coy about savings rates:

"Nationwide Building Society today announces that it will increase both its savings and mortgage rates from 1 September. Savings rates will be increased by up to 0.25%. Full details of the new savings rates will be announced in due course."

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=562

Last time they used the same word formula and put up Flexaccount/eSavings only by 0.25% - other accounts by just 0.20% [eg ISAs] so expect the same kind of 'fiddle' again from this self-proclaimed champion of mutual fairdealing  :(

Come on Nationwide! raise your game, not just your Chief Executive's remuneration!

sergeant121

And, like all the others, they don't mention what'll happen to the money they'll save in the 3 weeks 6 days which will have elapsed between the date of the Bank of England's latest rate increase (5/8/04) and 1/9/04!

david78

I agree. The phrase "up to 0.25%" sounds good but it really just means "less than 0.25%". Why can't they say this on their website.

Personally, I expect 0.15% or 0.20% rise on their cash ISAs. (I feel a transfer coming on).

thor

Yet again inflating their profits by ripping off it's mutual members.(They are not the worst at it though).
They are supposed to do things differently to banks but I can't see it.

Roehyde

They've announced the rate increases:

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=563

Mostly 0.2% :-/

sergeant121

They've announced the rate increases:

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=563

Mostly 0.2%  :-/

Well, well, well.  And the rate rise was 0.25% - coming up short again!

Milarky

I've just noticed that they didn't mention Flexaccount rates anywhere - does anyone know about these?

Thanks in advance

IvanOpinion

At least they gave the full 0.25% to the esaver account.

Ivan

Milarky

Nationwide has cornfirmed that rates on FlexAccount have not changed (i.e. gone up):

"From 1 September, the FlexAccount credit interest rates continue to be:

0.50% for monthly credits of £1 - £499
1.50% for monthly credits of £500 - £999
3.00% for monthly credits of £1,000 or over.

All rates are gross p.a./AER"