Nationwide Loyalty Saver

alanq

New branch-based account paying an interest rate that depends on ones length of membership of the society - 5, 10, 15 years 2.0%, 2.3% and 2.6% respectively (includes membership of other societies that have recently merged with Nationwide).

This is not a Flexclusive account that requires one to use Nationwide for a main current account.

Instant no-penalty access. Open in branch. Minimum £1000.

http://www.nationwide.co.uk/savings/instant_access/loyaltysaver/introduction.htm

Typical! I just persuaded my mother who has been a member since the year dot to close her last Nationwide account as there was nothing on offer paying a half-way decent rate. (OK the rates aren't that great but for a branch account not bad.)

gwyn1_2

I personally do not believe that nationwide rewards people for the loyalty. If they did why end the free use of their debit card abroad, and (I think) reintroduce it under different terms. The interest rates relating to this offer do not appear to be anything special nor very rewarding. OK I am biased.

alanq

Indeed the objective seems solely to raise funds as cheaply as possible to offer cheapest mortgages to borrowers. A mutual society should operate for the benefit of all of its members. With no shareholders to pay dividends to Nationwide should be able to offer among the better rates to savers. Instead it offers worse rates than many of its non-mutual competitors. Also its best rates are only available under the brands of its recent acquisitions which is a slap in the face to those who have been long time members under the Nationwide brand. Perhaps if it spent less on TV and newspaper ads it could offer better rates and gain customers that way.

The reward for 15 years of loyal saving with Nationwide is 2.60% on a minimum of £1000. One can get a similar account also paying 2.60% by walking into Northern Rock/Virgin Money with £1.

gwyn1_2

Fully agree, I have been with Nationwide for well over thirty years, and while I still have a Flex Account with them haven't used it since the free debit card use was stopped. If I am correct a spokesperson for Nationwide at that time stated it was stopped to reward loyal customers by preventing people just opening an account solely for the free card use. Well what they could/should have done, if they wanted to truly reward loyal customers, was to allow customers who were already with them to continue to benefit from the free use, and to stop it for new customers. It is my view that the only rewards went to the business, more like a bank every day.

alanq

Nationwide set to send jobs to India

If the Nationwide is seeking to differentiate itself from the big banks it's going a funny way about it!


http://www.swindonadvertiser.co.uk/news/9961409.Nationwide_set_to_send_jobs_to_India/

Gromitt

alanq wrote: »

Nationwide set to send jobs to India

Its ok, it has only been done in the interest of better customer service. Honest.

alanq wrote: »

The reward for 15 years of loyal saving with Nationwide is 2.60% on a minimum of £1000. One can get a similar account also paying 2.60% by walking into Northern Rock/Virgin Money with £1.

Or you can open a Halifax account, get £5/month free and then as many 2.8% instant access savings accounts as you wish.

Some of the Flexclusives are ok for the simple "Transfer in £750/month", but the instant access range is pretty crap. However, don't forget that Nationwide have other brands as well, like the Derbyshire, which typically offer better interest rates than Nationwide itself. People forget its the exact same BS.

chris1

alanq wrote: »

Instant no-penalty access. Open in branch. Minimum £1000.

In case anyone needs to know, you can also open this on the phone, and operate it online as well as in branch.
HTH

alanq

chris1 wrote: »

In case anyone needs to know, you can also open this on the phone, and operate it online as well as in branch.
HTH

Where did you get that information?

That's not on the web site nor in the email that Nationwide's Savings Watch sent me.

"
•
the account has to be opened in branch and you manage it with a passbook
•
you can pay money in and transfer it out from a Nationwide card account using our online bank (if you're registered)
"
So not saying that the account can be opened by phone. As for online operation I interpret the above to mean that one can make a deposit in branch or use online banking to transfer funds from another Nationwide account NOT that one can use online banking to make withdrawals from the Loyalty Saver - though perhaps the second paragraph could have been worded more clearly. I suppose that it could possibly mean "pay money in from and transfer out to a Nationwide card account". As the rate is not competitive with other online accounts that I have I will not be ringing up to find out.

chris1

alanq wrote: »

Where did you get that information?

From Nationwide. Once open you can move money in and out to your Flexaccount or other Nationwide card account in the same way as you can with all the other Nationwide accounts shown online. The key facts confirm it can be operated online.

To open, you can go into a branch or just phone. I know people who have done this.

HTH

MoneySaverLog

They could not open one on the phone, said I had to visit the branch. Will sort out Monday.

Account apparently can be accessed online, as planning to use the account to weekend snooze

chris1

MoneySaverLog wrote: »

They could not open one on the phone, said I had to visit the branch.

It must depend on who you get, or which number you call. Suggest you try again, perhaps when the regular weekday staff are in?