FlexClusive Saver 5 interest rate drop

kidmugsy

Archi_Bald wrote: »

Going from 2% to 1.2% on October 1.

Never mind: by Oct 1st it may be safe to move our cash back to those high interest current accounts at the Scottish banks - Lloyds, Halifax, TSB etc.

Archi_Bald

I've never moved mine out, and hope I will not have a reason to move it. Fingers xed

Milarky

How much notice does Nationwide require in its own account specific or general terms and conditions to give customers of rate changes on these accounts? I ask, because the letter giving notice on the Loyalty Saver was dated '4 September' - meaning it was less than 30 days before the effective date of 1 October. Something about that felt 'off' to me, meaning they may have slipped up in the rush.

Anyone got the relevant notice period that is stipulated?

Archi_Bald

It sounds as if they have an open-ended catalogue of reasons for cutting interest rates whenever they please by "by putting a notice in our branches and/or on our website or an advertisement in the press"

29. Unless the account has a fixed interest rate, we may vary interest rates. We will only vary the rate for one or more of the following reasons:


to reflect changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers of financial services;


to reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator;
to respond to changes in the rates applying to our mortgage business;


to reflect changes to our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds;


to maintain our financial strength for the benefit of our members.


30. If we vary the rate for one of these reasons, we will tell you about it by putting a notice in our branches and/or on our website or an advertisement in the press. If we vary the rate for any other reason we will notify you personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest.

http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/savings-general-terms-and-conditions

Milarky

So I was going by the 'any other reason' clause unconsciously. Thanks for looking that up.

bristolleedsfan

badger09 wrote: »

Glad I decided to hang onto the old Monmouthshire Flexible Saver account now - still paying 1.75%, though that probably won't last much longer. Must dig out the T&C and check whether its still limited to £12k per annum :cool:

Monmouth B.S have had a 3 year Fixed Rate Step Up Bond which they call a Celebration Bond and has been available for the past month, seemingly only advertised offline, new Clevedon Agency posted me application form on Thursday, Second Class which I both received and posted back on Saturday Morning.

Min Inv 5000

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Max Inv 10000 ( 20000 for Joint Accounts)

Year 1 - 2% AER

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Year 2 --- 3% AER

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Year 3

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4% AER

Interest paid on 31 March and on maturity.

No Partial Withdrawals.

Closure subject to 180 days loss of interest


Monmouth also have a 1 Year Fixed Rate Bond 25th Issue again seemingly only advertised offline.

Min 2500, Max 50000 ( 100000 for joint accounts)

90 days loss of interest for early closure

Archi_Bald

I am hoping to move some money to a Newcastle Big Home Issue 2 Reg Saver. 1.55% + 1% bonus each month a deposit and no withdrawal is made, £1,250 max a month.

I also have the issue 1 of this account, so am not entirely sure they will let me keep the issue 2 but for now I managed to open it online. Got all the better Reg Savers already.

badger09

Archi_Bald wrote: »

I am hoping to move some money to a Newcastle Big Home Issue 2 Reg Saver. 1.55% + 1% bonus each month a deposit and no withdrawal is made, £1,250 max a month.

I also have the issue 1 of this account, so am not entirely sure they will let me keep the issue 2 but for now I managed to open it online. Got all the better Reg Savers already.

I've also just applied online. Can't see why they won't allow one of each issue

soulsaver

I've got both NewcyBHS issues from iss2 launch - so unless new rules you'll be OK..