Nationwide Interest Rate online

dal5band

Like a number of banks / BSs, Nationwide don't tell you the interest rate you are getting on your online savings account. Nationwide has e-saver and e-ISA accounts online and there is a link on the statement page for you to go and find out the interest rate and if you get all the answers right you may find out.
On the other hand the current interest rate with bonus is shown in your face all the over the place but most likely you are not getting that.

I have written to the Nationwide for them to show the actual interest on the statement page online - they said they will look at it !!
I suggest everyone who has a Nationwide saving account online, complain to them to show the actual interest rate being paid on individual accounts.
The information is there because they calculate the rate daily - so complain, complain, complain.

CLAPTON

sadly so true of many /most savings a/cs
another total failure of the regulators

ryan7

Hi,
I have a flex account with Nationwide & just discovered they no longer pay credit interest because of the 'current economical climate'.
I told the call handler I hadn't heard this news.
Is there anyway I can challenge them further on this?

Thanks

le_loup

erm ... from about 15 months ago ...
Good to see you keeping a good eye on your money.

alanq

Actually from February 2009. Before that paid 0.5% on up to £3000 only if £1500 was credited to the account each month.

The information was sent to me by post in advance and, if I recall correctly, listed with Annual Reports.

http://www.nationwide.co.uk/current_account/rates.htm

Sceptic001

alanq wrote: »

Actually from February 2009. Before that paid 0.5% on up to £3000 only if £1500 was credited to the account each month.

The information was sent to me by post in advance and, if I recall correctly, listed with Annual Reports.

http://www.nationwide.co.uk/current_account/rates.htm

I agree that with monthly statements, it was difficult to miss the demise of the FlexAccount from a market leader paying a top rate of interest to an also-ran.

More sneaky was the way in which the Nationwide's esaver moved from a reliably good instant access rate to a miserable 0.45% without any notification to savers.

Maybe banks should be required in all their advertising to state their current worst rate for a comparable account with equal prominence to their top rate. eg:

Our shiny new instant-access ISA pays 3%. Did you know the account you opened a year ago is now paying 0.1%?

Hungerdunger

Sceptic001 wrote: »

More sneaky was the way in which the Nationwide's esaver moved from a reliably good instant access rate to a miserable 0.45% without any notification to savers.

Which was why I moved nearly all of the funds in my Nationwide e-savings account into one which was paying five times as much.

If you kept an eye on this account, you would have known that generally it tracked the BoE base rate and would have noticed its gradual decline.

Loughton_Monkey

I do find it strange that so many people don't 'notice' interest.

Ever since I started work, I kept monthly 'accounts'. In the 70's, with very high inflation, the Building Societies [banks never gave 'proper' interest in those days] were complete charlatans. Their legal requirements for changing interest rates were limited to (a) posting the rates in all their branches, and (b) notifying the change in rate in the Lloyds Daily Post [that extremely well known publication that we all buy and read every day.....!!!!]

It was a very frequent occasion when a new 'Platinum Super 5-Star Saver Plus' would be paying 13% interest upon launch. No exaggeration, but a couple of months later their '7 Star' would come along at 14% and the 5 Star would drop to 0.5%. They made huge amounts of money.

This is one reason why I would only invest in a Buidling Society very close so that I could pop in from time to time.

But I did my monthly accounts religiously and still do. I know exactly what interest rate I'm getting paid on all my savings accounts [about 30 of them between Mrs LM and me]. Also I know how my ISA and Pension funds are doing.

And here's another 'good one'. We've all heard of the so-called 'pension charging scandal' [that isn't anywhere near as bad as made out]. They show you graphs of what 7% growth looks like, and then what the same long term growth looks like at, say, 5.5% - taking into account the 1.5% management charge.

Well in savings, isn't it even worse? 1.5% as a percent of 7% is a 21.4% 'drop' in growth. Some people quite happily put their cash in a 2.5% ISA, because it's 'convenient' or 'thereabouts'. But Goats and Monkeys! If you could be getting 3.2%, you are still getting a 21.8% drop in growth. Negligently leave it for any length of time at 0.1% and it's really costing you.

Mind you, given that something like 80% of the population have less than £5K savings (or whatever the horrible statistic is) then maybe it's no great deal. Us retirees have to 'work' to earn a crust on our savings, and I suspect most of us do.

dal5band

Going back to my original point - put a complaint in to the Nationwide for them to show interest rates on the online statement page of savings accounts. You can do it from their web page, no need for pen and paper. If you have a lot of money with them do it !!

opinions4u

While I completly agree that online banking should provide current rates specific to the account, I do wonder what happened to the ability of people to consider other options to keep on top of their rates.

Such as:

1) Wandering in to a branch and asking.
2) Wandering in to a branch and picking up a leaflet.
3) Wandering in to a branch and looking at the poster on the wall where all rates are displayed.
4) Ringing up those new fangled call centre things to ask.
5) Reading the adverts in the newspapers.
6) Reading the money pages in the newspapers which will, invariably, tell you there's a problem.
7) Browsing the provider's web site every few months to check.
8) Acting when annual interest is added and doesn't seem to be very good.
9) Subscribing to emails from people like Martin Lewis who will remind you that the savings market will lure you in and then gradually diminish the rate (so ironic that this post is about Nationwide, but hey).
10) Reading internet fora that talk about this sort of thing.
11) Clicking on the link that most secure online sites have that takes you to the generic interest rate pages where you can see the rate that you're paying.

Too many people need to be spoon fed in today's society. This isn't a defence of banks and building societies, but you can choose to be in control of your own money or you can let others profit from you. Which is best?

In 2011 there are more ways of knowing what rate you are earning than ever before.

CLAPTON

opinions4u wrote: »

While I completley agree that online banking should provide current rates specific to the account, I do wonder what happened to the ability of people to consider other options to keep on top of their rates.

Such as:

1) Wandering in to a branch and asking.
2) Wandering in to a branch and picking up a leaflet.
3) Wandering in to a branch and looking at the poster on the wall where all rates are displayed.
4) Ringing up those new fangled call centre things to ask.
5) Reading the adverts in the newspapers.
6) Reading the money pages in the newspapers which will, invariably, tell you there's a problem.
7) Browsing the provider's web site every few months to check.
8) Acting when annual interest is added and doesn't seem to be very good.
9) Subscribing to emails from people like Martin Lewis who will remind you that the savings market will lure you in and then gradually diminish the rate (so ironic that this post is about Nationwide, but hey).
10) Reading internet fora that talk about this sort of thing.
11) Clicking on the link that most secure online sites have that takes you to the generic interest rate pages where you can see the rate that you're paying.

Too many people need to be spoon fed in today's society. This isn't a defence of banks and building societies, but you can choose to be in control of your own money or you can let others profit from you. Which is best?

In 2011 there are more ways of knowing what rate you are earning than ever before.

OK a gentle little challenge

I have a tesco internet saver that was opened in 26th Jan 2009
what is my interest rate?