Nationwide Loyalty Saver 0.3% rate drop

2010

SallySunshine wrote: »

Just applied for a Challenger account 1.75% with 95 day notice.
If the variable rate drops, they have to give 2 weeks notice and you can withdraw your money without any penalty.

Thanks for that, well worth a look.
As you say the 95 days notice pays 1.75%, and they also do an Easy access account paying 1.25% with no 15 years loyalty needed.

Which further shows how Nationwide`s derisory new Loyalty rate of 1.2% is a complete insult.

I`ve already opened a Virgin Defined at 1.35% (no 15 years loyalty needed)

Vote with your feet.

http://www.chartersavingsbank.co.uk/Products/EasyAccess

boo-hoo

Just thought I'd update. After complaining last week I finally have a letter from Nationwide saying they are looking into my complaint and should have a decision by 2nd April. The day after the drop, suspect or what. Money will be withdrawn by then to another account anyway. I notice a lot of you like myself are unhappy about the way Nationwide are treating their customers. Every time I see their ad I want to scream at the TV, you don't give a stuff about your members/ customers especially the loyal ones.
So glad I complained as in my opinion they didn't give enough notice regarding the rate drop in the hope we would do nothing.

2010

Just got the letter this morning, hardly 30 days notice.
Letter dated 24th Feb.
Money going to Virgin defined account 1.35% on 1st April (no 15 years loyalty needed there)

Mr_Prudent

Good for you Boo-Hoo.I too have made my feelings known to Nationwide regarding the way it treats its loyal members and pointed out to them that I can get a non loyalty account with a better rate from other providers and that is what I intend to do. I was told they have had many similar complaints, whilst trying to tell me their rates are still very competitive (a laughed at this point)
Although some say stop moaning and just find a better rate elsewhere, I think it’s good to tell them what you think of their cynical attitude and the more people that “moan” to them directly the better as far as I’m concerned! Makes me feel better anyway.;)

2010

Mr_Prudent wrote: »

Although some say stop moaning and just find a better rate elsewhere, I think it’s good to tell them what you think of their cynical attitude and the more people that “moan” to them directly the better as far as I’m concerned! Makes me feel better anyway.;)

Was this by letter or over the phone?

Hope everyone knows their freefone number

0800 302010

Mr_Prudent

2010 wrote: »

Was this by letter or over the phone?

Hope everyone knows their freefone number

0800 302010

In branch, via e mail and I am composing my letter as we speak, just to let them know beyond all doubt that I’m not very happy!

Castle

Letter received today dated 24th February 2015 confirming that my Loyalty Saver Issue 4 rate is dropping from 1.5% to 1.2% as from 1st April.

According to my maths that's just 20 days notice; thanks Nationwide!

planteria

got it today too... from 1.75% down to 1.2% over time.
disappointing reward for 'Loyalty'.

2010

Make a complaint to NW

https://portal.nationet.com/nationwide/forms/making-a-complaint.asp

bowlhead99

It is always good to accurately articulate the complaint and ensure you refer to the grounds for your complaint in no uncertain terms. I'd suggest something along the following lines:

"I hereby complain that you intend to vary the rate of the variable rate account I hold with you after giving me greater than the minimum notice period that we agreed. I note that the rate you are offering is greater than what you offer to customers with fewer years of custom with the Society but would prefer that you pay me a higher rate instead.

Kthnxbai"

Good luck with it.