Nationwide BS New Issues Of Accounts

2010

Even before FLS Nationwide was renown for crap rates.
The only one worse

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Halifax.

jimjames

2010 wrote: »

Even before FLS Nationwide was renown for crap rates.
The only one worse

---

Halifax.

On the contrary I'd say nationwide have fantastic rates, been with them 10 years and paying 2.29% for last 6. You can't please both savers and borrowers at the same time.

When 70% of people have under £2000 they're pleasing a big section with their 5% and 3% accounts.

someone

What can they spend the profit on? They seem only to want to be 'market beating' when it suites and if you fit their target lifestyle.

Could I dare say a special members dividend be issued?

2010

jimjames wrote: »

On the contrary I'd say nationwide have fantastic rates, been with them 10 years and paying 2.29% for last 6. You can't please both savers and borrowers at the same time.

When 70% of people have under £2000 they're pleasing a big section with their 5% and 3% accounts.

Until last year the only account I had with them for the last ten years was a fiver in a "capital builder account", just for the sake of saving me the hassle of rejoining if they ever did give a rate worth having.(they hadn`t for at least ten years)

Last October, I opened a Loyalty saver at 1.7%, this was chopped almost immediately to 1.5% and from the 1st April it`s chopped again to 1.2%.

So they have proved within six months what I always thought.
Despite no shareholders to pay (they keep telling us this) their rates are still crap.
I can get 1.2% and above (1,4% at coventry) elsewhere and I don`t have to have 15 years "loyalty" either.
I`ll be moving my money on 1st April because it could be another ten years before they come out with a leading rate.

franchise11

jimjames wrote: »

On the contrary I'd say nationwide have fantastic rates, been with them 10 years and paying 2.29% for last 6. You can't please both savers and borrowers at the same time.

When 70% of people have under £2000 they're pleasing a big section with their 5% and 3% accounts.

I have been with them for 15 years and they have never offered accounts with these interest rates. Let us know which account this is
Would help a little.

bowlhead99

2010 wrote: »

Until last year the only account I had with them for the last ten years was a fiver in a "capital builder account", just for the sake of saving me the hassle of rejoining if they ever did give a rate worth having.(they hadn`t for at least ten years)

If you want the top top savings accounts for large balances, you generally have to move around. But Nationwide have had a bunch of market leading features over the last five to ten years.

For example, they were one of the very few places that offered no currency loading on their debit and credit cards, which hardly any banks offered. I had one, it was great. They removed that feature in 2010, but brought in free travel insurance and had some leading ISA rates for their "flexclusive" customers. I had one, it was great. Then they had the flexclusive regular saver accounts offering 6%, a great rate for people building savings. Only HSBC/FD and Halifax across the whole country could match the rates and neither allowed withdrawals. I had one, it was great. In 2013 they offered a top rate for FTB mortgages at a good salary multiple without an arbitrary low lending cap. I got one, it was great.

So, as a surf back through some of the forums and MSE best buy tables will show, Nationwide have continued to offer things to their customers over the last decade, even before their current, current account deals. The fact they haven't appealed to you means you probably don't want current account services, don't like regular savers, don't need a mortgage, have had your cash elsewhere when their ISAs were ahead of the other big high street names, and so on. If all you want to do is park a large amount of cash, maybe they weren't competitive. Still, you can't please all the people all the time.

colsten

franchise11 wrote: »

I have been with them for 15 years and they have never offered accounts with these interest rates. Let us know which account this is
Would help a little.

3%: FlexPlus
5%: FlexDirect

colsten

bowlhead99 wrote: »

For example, they were one of the very few places that offered no currency loading on their debit and credit cards, which hardly any banks offered. I had one, it was great. They removed that feature in 2010, but brought in free travel insurance and had some leading ISA rates for their "flexclusive" customers. I had one, it was great. Then they had the flexclusive regular saver accounts offering 6%, a great rate for people building savings. Only HSBC/FD and Halifax across the whole country could match the rates and neither allowed withdrawals. I had one, it was great. In 2013 they offered a top rate for FTB mortgages at a good salary multiple without an arbitrary low lending cap. I got one, it was great.

I fondly remember all these as well. Plus my 5 FlexDirects for which I only got a stern look but 5% interest on all of them before they clamped down on the number of accounts you can have.

apt

Archi_Bald wrote: »

You can get 4% in Regular Savers if you live in the 'right' area. E.g. at KRBS.

True, but that has a maximum balance of £6,000, whereas the Coventry RS has no maximum balance.

jimjames

franchise11 wrote: »

I have been with them for 15 years and they have never offered accounts with these interest rates. Let us know which account this is
Would help a little.

They've offered them for at least the last couple of years! Maybe you need to check their offerings more regularly....

To claim they've never offered such accounts when they are still available now to anyone is a bit misleading.

Account names as per Colsten's post above. The Flexdirect is a fantastic value account with some really valuable benefits that would otherwise cost far more than the fee.

Quite sad to see some of the posts knocking Nationwide when they do offer some excellent products. Just because they don't offer massive rates on massive balances doesn't mean their board is on the take.