Nationwide increases savings rates

KTF

+0.25% on all savings products with +0.30% on the child Trust Fund. e-savings is now 5.05% as a result.

Details here:

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=917

will456

instant access isa rate change for balances under 25k is 0.20% increase.

Proud to be different

Robert_Sterling

How does anyone get £25,000 plus into a Toisa?
As shown in the press release.

Kilty_2

5.05% is as good as anything else I can find if not better so the ease of use alongside my FlexAccount makes it perfect.

(Can't apply for any of the top paying accounts like ICICI since I'm under 18)

Milarky

KTF wrote:

+0.25% on all savings products with +0.30% on the child Trust Fund. e-savings is now 5.05% as a result.

Details here:

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=917

Only 0.20% increase on ISAs, Members reward Bond and no increase at all on the Flexaccount. You must scan the table more carefully.

Nationwide has left it to the last again to 'sneak' out the announcement. They are still not passing on the same increases to all accounts - the one thing they bray about in defence of their 'mutuality'. They have set this pattern in the past increases and presumably hope to be able to get away with continuing it.

Here's what they say:

All Nationwide savers with variable rate accounts will see an increase in their savings rates. Nationwide’s Cash Child Trust Fund will increase by 0.30% and most other accounts will increase by 0.25% including e-Savings, Monthly Income 65+, Smart and Loyalty Tracker Bond.

So presumably they justify no increase in the rate to Flexaccount customers on the basis that a current account isn't a 'savings' account. [bloody cheek!]

Stuart Bernau, executive director, said: “Nationwide is committed to providing long-term good value to savers through accounts which are simple, straightforward and easy to understand. Nationwide’s savers continue to benefit from some of the best rates available on the high street, by post and through the internet and we are pleased to be able to pass on the full base rate increase of 0.25% to the vast majority of our savings customers.”

So it's a matter of 'definition':since they have 3 million or so Flexaccounts - which is at least 25% of all customers - a large number of whom will either not have another savings account or at least not one covered by a 0.25% increase.

Stonk

Savers are being stuffed by Nationwide. Scanning through the table, I wouldn't call the number of rates that increased by 0.25% "most" of them. In most cases the shortfall is just a small chip (0.05%), but NW are in the habit of chipping away each and every time the base rate changes (either direction), and these chips are adding up to a big hole.

I voted with my feet recently. Not long ago I had £50,000 with Nationwide, and now I have £210.

Milarky

Stonk wrote:

Savers are being stuffed by Nationwide. Scanning through the table, I wouldn't call the number of rates that increased by 0.25% "most" of them. In most cases the shortfall is just a small chip (0.05%), but NW are in the habit of chipping away each and every time the base rate changes (either direction), and these chips are adding up to a big hole.

I voted with my feet recently. Not long ago I had £50,000 with Nationwide, and now I have £210.

Always keep £100 with them - never close all your accounts!

Stonk

Milarky wrote:

Always keep £100 with them - never close all your accounts!

Absolutely - actually, I keep a bit more because it's my emergency cash pot, for budgetary foul-ups.

The chance of a takeover is remote these days - as recent events show, it's more likely to be NW that do the taking over - but you never know ... (I have had my fingers crossed for NW for about 12 years now!)