Nationwide - Not so different?

ReportInvestor

Sunday Times

Nationwide puts its good guy image at risk

August 2006
Nationwide mortgage rate up by 0.35%
Bank of England base rate up by 0.25%
Nationwide savings rates up by 0.15% to 0.20%
Some Nationwide credit card rates up 3.00%+

January & April 2006
Bank of England base rate - no change
Some Nationwide savings rates - down 0.3%

August 2005
Nationwide mortgage rate down 0.1%
Bank of England base rates down 0.25%

David Hollingworth at L&C Mortgages comments: - "This massaging of the rates takes place both on the way down and on the way up."

Louise Cumming at MoneySupermarket said: - "Nationwide holds itself, more than any other lender, to be a champion of the people, making everything fair and transparent. Yet it has taken advantage of the base rate rise to make a little more than it should do."

Nationwide commented, "our [mortgage] rate is still one of the best".

Sunday Times

Customers lose £1bn in banks' base rate ploy

KTF

They dropped their fixed rates at the end of August:

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=885

free4440273

just read the article in the (hardcopy) paper edition this afternoon - disheartening...like many people here, i have been a long-time loyal member; i just wish they would introduce a high paying savings account. really is about time they started 'rewarding' savers...

ReportInvestor

It was also disappointing to see no members' Summer Bond offered this year .

alanobrien

Its a shame to see them loosing their way. I had a flexaccount from day one and have been with them for years with various savings and mortgage accounts.

On the news of the latest savings rates i have just moved my ISA to B&B who are paying a much more favourable rate.

I see no reason why Nationwide cannot be more competitive after all they have no shareholders to pay.

free4440273

they must surely realise that, with the use of the internet especially, as well as word of mouth, people will simply migrate accounts eventually (although i haven't exactly done so myself!!). what are they playing at exactly...i have a flexaccount, bonus60, 60day direct, fixed bond - but i am really looking for a very high paying interest account; i just wish they would introduce it without delay...

Slim

Why can't they allow one of their occasional long term fixed interest offers to be used by ISA investors. ISAs should by their very nature be investors first choice long term hold but Nationwide insist on them having lower instant access interest.

Gordon_the_Moron

They should offer an Internet only ISA and a direct flex account (like A&L premier direct current account) which only offers basic till facilities in branch and web access to the ISA, then they could pass the saving on to members.

homersimpson_3

various threads on site basically saying nationwide used to be good buidling society but not any longer- those silly adverts really annoy me when they can't even pass the rise in boe base rate to customers but they can increase mortgages. they pay however much for those adverts. also my friend has advised they closed 2 local branches in her town centre and opened a very posh new branch- spent millions? on it- very posh chairs, decor etc but suprise suprise it closes earlier every day! they just don't seem to care anymore- very sad becase the customer service at desk is usually ok and better than most!

homersimpson_3

They should offer an Internet only ISA and a direct flex account (like A&L premier direct current account) which only offers basic till facilities in branch and web access to the ISA, then they could pass the saving on to members.

they should stop wasting money on those silly adverts, posh buildings which are open shorter hours and huge pay increases to directors who seems to care little about the members who own nationwide. that should save a bit which they can then pass onto us.

amcluesent

Must be worth keeping a few £100 with them to qualify for shares after the inevitable conversion to a plc.