Nationwide Loyalty Saver 0.3% rate drop

boo-hoo

Has anyone else received a letter from Nationwide with a 0.3% interest rate drop on its Loyalty Saver. I received a letter on 4th March saying they were yet again reducing the rate on this account on 1st April, dated 19th February.
I wrote a complaint and received a call yesterday.( My letter only took 1 day to get to them) I was told that they had to give 30 days notice not the 2 months on the FCA website and they were not responsible for the letter once it left Nationwide. They wouldn't tell me when it was posted but suggested it was the 19th Feb.I can't believe that Royal Mail held on to the letter for 2 weeks.
This keeps happening and Nationwide are the only mail that it appears to affect.

planteria

what has their top rate dropped to now?

masonic

No doubt they are relying on this account falling into the 'other savings accounts' category for which only "reasonable notice" is required.

FWIW, I routinely receive mail 7-14 days after it was apparently sent. This only applies to letters sent via third party carriers. Anything with Royal Mail stamps or franking seems to arrive much faster.

talexuser

The 15 year rate has dropped from 1.5 gross to 1.2 - time to ditch. This was effective on 13th Feb and I never received a letter!

Totton

Dropping 0.3% on the flexclusive saver also, in addition our 5% flex direct ended this month so overall a bad month from Nationwide for us.

talexuser

My flexdirect has dropped too after a year, but I use it to feed 2 x Santanders, so I'm keeping it with just a grand in to cover.

Spidernick

So if you've been with Nationwide for 15 years the loyalty account will now actually pay you less than a first-time customer Tesco instant access account now (previously you got a whopping 0.1% more)! What is the point of that?

We closed my wife's loyalty account a few weeks back and have put the money into current accounts paying a much better rate of interest. I suppose we should have kept an account open, just in case they ever demutualise, but it just didn't seem worth it.

alanq

boo-hoo wrote: »

Has anyone else received a letter from Nationwide with a 0.3% interest rate drop on its Loyalty Saver. I received a letter on 4th March saying they were yet again reducing the rate on this account on 1st April, dated 19th February.

I received mine on 3rd March.

Discussed from post #8 onwards in this thread.
https://forums.moneysavingexpert.com/discussion/5176613

2010

I haven`t received any letter about any account.
I have a Loyalty issue 4 paying 1.5% for being a member for 15 years.
In the link posted above alanq stated it was a reduction for the first issue.

DAK if it`s all Loyalty and Flexsavers that are affected or just certain issues?

regular_saver

We received the letter on 7 March, dated 24 February, informing us about 0.3% drop in rate for Loyalty Saver Issue 4, 15 years or more membership.

colsten

Check their website for new rates: http://www.nationwide.co.uk/products/savings/loyalty-saver/rates-and-information