MSE News: Cheshire savers to become Nationwide customers this weekend

Former_MSE_Paloma

More than half a million Cheshire Building Society customers will be transferred to Nationwide this weekend

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Cheshire savers to become Nationwide customers this weekend




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System

They've really been Nationwide savers since the takeover. The Dunfermline BS brand was retired recently and this increased branch network with minimal closure of duplicate branches.

I wonder when Yorkshire BS will finally integrate the Chelsea, Barnsley and N&P brands? All these are ghost Building Societies left from the financial crisis...

MRMX9

Cheshire savers might want to book mark the old Cheshire interest rates to see how they compare with the new Nationwide ones over time

http://www.thecheshire.co.uk/uploadedFiles/Resources/Documents/Savings-rate-history.pdf

I have an ISA saver issue 3 account and the guarantee appears to have been extended by the Cheshire by a month from the previous expected date (now 30 November). The Nationwide rate is the same – but I will be interested to see how its reduced once the guarantee ends.

Consumerist

Well, contrary to my expectation, the migration from Cheshire BS to Nationwide BS, for me anyway, seems to have gone without a hitch. It's quite a relief to now have a proper statement of my ISA account instead of the piecemeal advisory letters sent by Cheshire BS after each transaction.

It always bemuses me as to why postal accounts could offer better rates than online accounts can offer - wasn't it the cost-savings of the online account which was once the major selling point when the banks wanted us to sign up for them? I can only assume there is a tipping point between the costs associated with operating postal accounts, on the one hand, and the costs of maintaining a web site for online accounts, on the other.

I am sure we'll miss you Cheshire BS but I, for one, think it was right that you should go.

R.I.P. Cheshire BS.

MRMX9

Yes – it worked fine for me but they have moved the interest payment dates on my account from 31 December to 30 September. So I only got interest for 9 months – and will have to wait another year to get the interest for the remaining 3.

Also check your interest rate – I am in the same boat as this couple who have a Cheshire ISA where the 1.8% bonus is due to end next month. Nowhere in the paperwork from Nationwide advising me about my new rate did it say what their plans were – just that the new account would pay 2.3%. So you get this for a month – and then it drops to 0.5%!

Fine – but just be honest Nationwide – so people like this couple don’t end up feeling ripped off by transferring in thousands for a rate they actually will only get for a month!

http://www.thisismoney.co.uk/money/saving/article-2775579/We-gave-life-savings-Nationwide-rate-lasted-just-30-days.html

Consumerist

MRMX9 wrote: »

Yes – it worked fine for me but they have moved the interest payment dates on my account from 31 December to 30 September. So I only got interest for 9 months – and will have to wait another year to get the interest for the remaining 3. . .

. . . unless, of course, you transfer it before the next interest payment date whereon you will get your interest credited at the time of transfer.

MRMX9

Consumerist wrote: »

. . . unless, of course, you transfer it before the next interest payment date whereon you will get your interest credited at the time of transfer.

Which I will be at the end of November – cos 0.5% is a poor rate even now.

Not the point though!

G_M

Consumerist wrote: »

Well, contrary to my expectation, the migration from Cheshire BS to Nationwide BS, for me anyway, seems to have gone without a hitch..

Not for me.

I have POA registered on my mother's Cheshire acount. Received a letter from them quoting rate for an old issue 1 account which was transferred to issue 6 (for new bonus rate).

Rang to query, to be told "POA is not transferred. You need to re-register...." What the !!!!

So much for the FAQs telling me "You do not need to take any action."

Rollinghome

MRMX9 wrote: »

Yes – it worked fine for me but they have moved the interest payment dates on my account from 31 December to 30 September. So I only got interest for 9 months – and will have to wait another year to get the interest for the remaining 3.

You got paid your interest after 9 months, i.e. 3 months early, and you will now be able to interest on the interest. So the potenial AER is higher and you are better off.

MRMX9 wrote: »

Also check your interest rate – I am in the same boat as this couple who have a Cheshire ISA where the 1.8% bonus is due to end next month. Nowhere in the paperwork from Nationwide advising me about my new rate did it say what their plans were – just that the new account would pay 2.3%. So you get this for a month – and then it drops to 0.5%!

Fine – but just be honest Nationwide – so people like this couple don’t end up feeling ripped off by transferring in thousands for a rate they actually will only get for a month!

http://www.thisismoney.co.uk/money/saving/article-2775579/We-gave-life-savings-Nationwide-rate-lasted-just-30-days.html

How does any institution cater for idiots like them who don't bother to read letters? It was clear enough and Nationwide were entirely honest.

Those with that account will get the 1.8% bonus for an extra month, until 31 November, instead of to 31 Oct as in the original terms. Did they expect it to be extended indefinitely?

Nowhere in the paperwork from Nationwide advising me about my new rate did it say what their plans were

The "paperwork" tells you you'll get the bonus extended until 31 November, a month longer than offered by the original terms. Then you'll get 0.50% as in the original terms unless you transfer. What else is it you want to know?

MRMX9

Rollinghome wrote: »

You got paid your interest after 9 months, i.e. 3 months early, and you will now be able to interest on the interest. So the potenial AER is higher and you are better off.

How does any institution cater for idiots like them who don't bother to read letters? It was clear enough and Nationwide were entirely honest.

Those with that account will get the 1.8% bonus for an extra month, until 31 November, instead of to 31 Oct as in the original terms. Did they expect it to be extended indefinitely?



The "paperwork" tells you you'll get the bonus extended until 31 November, a month longer than offered by the original terms. Then you'll get 0.50% as in the original terms unless you transfer. What else is it you want to know?

Yes - all very well.

But small print doesn't cut it with me - what's wrong with being upfront and putting it in the big print in the letter.

Clearly this couple got confused - and Nationwide get bad publicity.

So a lesson learned perhaps for them?

colsten

MRMX9 wrote: »

Yes - all very well.

But small print doesn't cut it with me - what's wrong with being upfront and putting it in the big print in the letter.

Clearly this couple got confused - and Nationwide get bad publicity.

So a lesson learned perhaps for them?

Interest rates, bonuses and related timescales are hardly smallprint, and are always prominently listed with all accounts by all providers. Nationwide and Cheshire are no exception. People not reading the information available only have got themselves to blame, but it seems to be hip in certain circles to try and lay the blame for their own failures onto someone else. Why don't people who claim to be grown-ups assume responsibility for themselves.