Nationwide Loyalty Saver 0.3% rate drop

PeacefulWaters

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 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.

The two months notice only relates to payment accounts.

bristolleedsfan

2010 wrote: »

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

I had same letter re Issue 1

bowlhead99

Their account T&Cs say they can vary the interest for a whole variety of listed reasons and notes that "If we vary the rate for any other reason we will notify you personally at least 30 days in advance".

ctdctd

colsten wrote: »

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

That's only for issue 6.

No letter yet for mine - it's issue 4

ColdIron

If you still have any old Lloyds Vantage or TSB Enhance accounts you could resurrect them for 1.5%

Mr_Prudent

I received a letter telling me they were reducing the rate on my regular saver account to 2% but nothing regarding my issue 4 loyalty account. I will now just drip feed the rest of the loyalty cash into the regular saver to maintain the 2% rate (£500=£1000) which still worth doing and when it runs out it’s goodbye Nationwide to find someone who’s a bit more “on my side” than this shower. Might even have a dabble at the likes of Ratesetter/Zopa.:eek:

talexuser

On the website the rate for loyalty issue 4, 15 year is shown as 1.5 gross.

alanq

talexuser wrote: »

On the website the rate for loyalty issue 4, 15 year is shown as 1.5 gross.

That is the rate now. Future reductions that have already been announced (e.g. Loyalty Saver 15-Year Issue 1 on 1st April) do not appear anywhere that I can find on the web site.
http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/savings-rates

2010

alanq wrote: »

That is the rate now. Future reductions that have already been announced (e.g. Loyalty Saver 15-Year Issue 1 on 1st April) do not appear anywhere that I can find on the web site.
http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/savings-rates

The link gives current and previous rates.
There is nothing anywhere i can find about furture rates.
If my 15yr loyalty goes down on 1st April, then they haven`t given me 30 days notice.
Buy as previously pointed out, they probably don`t have to.

bristolleedsfan

ColdIron wrote: »

If you still have any old Lloyds Vantage or TSB Enhance accounts you could resurrect them for 1.5%

Pretty sure that Lloyds Vantage accounts require Direct Debits going out in order to get 1.5% whereas TSB Enhance Accounts dont.