carpetbagging is it still worth it

Eco_Miser

roddydogs wrote: »

Because they missed the chance of several hundred pounds, dont get me wrong I like NW and have A/cs with them, but Id rather have had say £800 several years ago.

I was one of those who voted against demutualisation, and I reckon I saved more on the lower mortgage interest than I would have made on getting shares.
That's without considering what would have happened if I'd kept the shares, and Nationwide had gone the way of all the other ex-building societies.

Radiantsoul

I think Nationwide is great and would be sorry to see it disappear, even if there was a bit of cash in it for me.

roddydogs

How is N/Ws interest rate lower than banks? I pay 1.35% with Woolwich, how much do you pay?. As I said NW is good at the "Mutual is best bit", but there no real logic in it. And if you sold your shares , say with the B &B as I did, you made a tidy sum, Its only the people who held on that lost out.

MoneySaverLog

GeorgeHowell wrote: »

The people who voted in favour are probably mostly worse off as a result -- the value of the windfall having been eroded away over time by a combination of lower savings interest rates and higher charges in order to satisfy shareholders and higher pay and bonuses for senior employees -- not to mention what happened to those who actually hung onto the shares.

And of cause the Nationwide's Chief Exec is not taking a slice of the cake with his 6 figure share options and 7 figure salary along with many of the board members.

And this is what you get with a mutual.

Brand New Customer Only offers appear on the shelves following advertisements that make them look silly now.

I mean really... http://www.youtube.com/watch?v=H--tdhf1DPg
and now after a year their ISA drops :rotfl::rotfl::rotfl:

Also their rates are not competitive, take for example their ISA, currently the best rate variable ISA is 3.1% contrast that with the AA part of Halifax at 3.5% and when you think that the Halifax used to be a mutal until it merged with Leeds Permanent Building Society and we carpetbagged a nice sum of money for my £500 in my liquid gold account at the time :j

roddydogs

Their new ISA dosent drop after 1 year, its till Sep 2013, and AA dosent allow transfers in. See im trying to be fair to NW despite earlier posts.

MoneySaverLog

But their rate still drops to 1% in Sept 2013 with this example, granted that's 18 months rather than a year though :-)

oldvicar

MoneySaverLog wrote: »

And of cause the Nationwide ...

Brand New Customer Only offers appear on the shelves following advertisements that make them look silly now.

I mean really... http://www.youtube.com/watch?v=H--tdhf1DPg
and now after a year their ISA drops :rotfl::rotfl::rotfl:

That's simply not fair to Nationwide.

The advert promises "great regular savings rates which don't drop after a year". Their regular savings rates (great or otherwise) are still exactly the same as when the advert was made.

Like others they do offer Bonus rates for a year or so for an ISA. But when the bonus is due to expire they write to you. And to switch to their latest e-ISA paying a bonus takes just a click of the mouse and you have a bonus for the next 18 months or so - meeting the promise that existing loyal customers can have the same rates as new customers.

roddydogs

MoneySaverLog wrote: »

But their rate still drops to 1% in Sept 2013 with this example, granted that's 18 months rather than a year though :-)

So tell us which decent rate dosent have a"Time limit" , or one that is more than 18month, then?

oldvicar

pqrdef wrote: »

I'm holding out for a merger between Nationwide and the Co-op Bank. It would still be mutual, but a different sort of mutual.

Do you think this might happen, and who would get any merger bonus (Coop or Nationwide members)?

I'd thought of cashing in my £100 with Britannia (actually is over £105 now !) just to tidy things up, but if this is a realistic prospect I might hang on.

I use Nationwide quite a lot and will probably have £100 in a suitable account with them on the qualifying day anyway.

MoneySaverLog

I did not say that there was an account which did not have a time limit. Albeit Nationwide hoiked me in at a nice fat juicy rate that did not last, so I jumped out of their keep net too :-)