NATIONWIDE treats its members like dirt....

apt

A few years ago the Nationwide used to offer membership bonds that secured a decent interest rate, but those days are over. Building societies just use terms like member, loyalty and special for marketing purposes. Very rarely is there a decent product attached to them.

pressuredrop_2

Wendolin wrote: »

As I said at the start I get fed up with having to constantly monitor my accounts - and now my daughters etc.

You fix your ISA's and non-ISA savings accounts and move money every twelve months. It's hardly a tremendous effort.

dunstonh

Its not my account or my money

So why are you worried about it then?

As I said at the start I get fed up with having to constantly monitor my accounts - and now my daughters etc.

Teach your daughter to control her finances then you wont have to worry about hers.

its not a bank its a building society

For the convenience of typing, its generally accepted that banks covers both banks and building societies. The marketing differences and the products they are offer are no longer affected by the old bank and building society rules. Its petty to really raise the distinction nowadays.

And it was a bond they said was guaranteed to give their highest ISA interest rates, verbally and in writing - I would have expected them to have cancelled the bond in writing if they were going to change it's terms and conditions.

Actually its not a bond. That is a marketing name they used. It isnt a real bond. "Banks" often use the term bond incorrectly.

If you look at current ISA rates, excluding introductory offers, then the rate they are offering is in line with market rates.

le_loup

Wendolin wrote: »

I get a much better return on from shares with my spare cash. As I said at the start I get fed up with having to constantly monitor my accounts

I hope you monitor your shares. Of course you do. So what's different about cash?

evenasus

C_Mababejive wrote: »

I would advocate that all disgruntled NW customers switch accounts elsewhere eg, santander or similar..

Santander? Nooooooooooo

A couple of years ago, I had Nationwide 'members accounts' including an ISA.
I opted to change to a Nationwide fixed rate ISA, which I believe was paying 6% at that time.
The other accounts I transferred out of Nationwide to the best paying accounts I could find. But definitely not Santander!

It's a pain I know but you really do have to keep an eye on your accounts.

juicyjude

Well from my experience it has been tremendous effort to transfer ISAs and sort out !!!! up after !!!! up, phone calls, trips to branch, stress, and this went on for 4 months and a lot of people on here will say likewise with trying to transfer ISAs. Even setting up new accounts takes some effort nowadays and this has taken a lengthy amount of time. Ing received hubbys id docs as he wanted to open an instant access savings internet account, then said he had missed the deadline even though he sent them by return, then said they would send out another app form to start the process again. App form received today - nearly three weeks after they said they had sent it! A & L lost his ID, said he could re-apply!!!!!!!!!!!Sorry sometimes it is a tremendous effort................. or perhaps we have been unlucky

Wendolin

Whether you like it or not the Nationwide Members Bond actually promises "When you save with us, you'll always get a competitive interest rate because ulike banks, we don't have to pay dividends to shareholders. This means that, as a member, we can give you a better return on your money". So I guess it is petty to expect them to keep their promise....

Red_Cat

evenasus wrote: »

Santander? Nooooooooooo

A couple of years ago, I had Nationwide 'members accounts' including an ISA.
I opted to change to a Nationwide fixed rate ISA, which I believe was paying 6% at that time.
The other accounts I transferred out of Nationwide to the best paying accounts I could find. But definitely not Santander!

It's a pain I know but you really do have to keep an eye on your accounts.

I agree entirely. Going from Nationwide to Santander would be like going "out of the frying pan and into the fire".

But I do agree with the sentiment - vote with your feet, and your savings (and mortgage accounts).

There is no excuse for poor treatment of loyal customers. They should not be treated as "suckers".

C_Mababejive

Yes..i have held back from the NW>Santander move as i keep reading how carp their CS is... NW are catching up on them though..

caveat_emptor

dunstonh wrote: »

Actually its not a bond. That is a marketing name they used. It isnt a real bond. "Banks" often use the term bond incorrectly.

Now that is funny! A bond that's not actually a bond and you're defending 'them' (presumably NW).
NW are always banging on the benefits of mutuality and trying to quantify this. Well compare their savings rates against the competition, not much benefit there IMO.