Nationwide Loyalty Saver 0.3% rate drop

boo-hoo

In my case my complaint was by letter.Which i sent to them in one of their pre-paid envelopes. As a result I received a telephone call. After listening to the excuse given I told the Nationwide employee I wished to terminate the conversation and would like it in writing. The letter today made no mention of the content of the call just they were looking into my complaint. Whilst I agree we are free to shop around my grievance, and it appears the same for a lot of you is the fact we were not given the appropriate notice.

le_loup

bowlhead99 wrote: »

Kthnxbai"

Are you announcing your intention to change your user name?

glider3560

Castle wrote: »

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!

Same here, received today. A great way of rewarding my loyalty and a member of 17+ years.

2010

Some people on this thread and other NW threads really don`t "get it".
NW beats the mutuality drum and advertise "we don`t have shareholders to pay" and "we`re on your side".
They say they want to reward long term members and offer a so-called Loyalty account, paying a rate marginally better than their usual crap rates.
The vast profits they are making are not being returned to their members for which the whole idea of mutuality was originally about.
If they really did want to thank people for supporting them for years, they should be paying out a yearly members bonus, based on profits earned.
But that`s too much like real mutuality.
Instead of pretending to reward long term members, it would be better if they real did it and stop over rewarding themselves.
Share the profits with your members NW.

xylophone

http://www.nationwide.co.uk/about/why-choose-nationwide/the-nationwide-difference

"We listen to what our members have to say
Our members told us that they wanted a greater choice of current accounts with a range of features, such as commission free cash withdrawals abroad and in-credit interest. So we launched FlexPlus and FlexDirect."

Clearly none of the members wanted decent savings rates...or perhaps Nationwide wasn't listening hard enough...:rotfl:

Mr_Prudent

Bowlhead, are Nationwide paying you as their PR executive.



[FONT=&quot]To completely misquote Edmond Burke: The only thing necessary for the triumph of evil banks is that good men (and women) do nothing.[/FONT]

bristolleedsfan

@ bowlhead99

It is a reasonable expectation that a "loyalty" savings account launched by any Building Society where a continuous membership length of 5,10,15 years is stipulated as a requirement to be eligible for the account remains a higher paying savings account than all other savings accounts subsequently launched by that B.S ( And current live Savings Products) even if it means making it a closed issue to new investors.

For many months, Issue 1 which could only be opened at a branch paid higher rates than subsequent Issues, now all Issues pay the same mediocre rate.

Before you say re it being Instant Access in comparison to other Savings Accounts Nationwide subsequently launched, Nationwide could have launched it ( Issue 1) as limited access, requiring notice etc etc etc.

Yes, I have been moving funds out over the past months to 2.26% and 2.55% ongoing regular savers, ( have utilised all other higher paying accounts that appeal to me ) that isnt the point though.;)

http://www.thisismoney.co.uk/money/saving/article-2212757/Nationwide-new-Loyalty-Saver-account-pays-oldest-customers-2-6.html

http://www.mirror.co.uk/money/city-news/nationwide-punishes-thousands-loyal-customers-3025785

Castle

Just received a call from "Hannah" at Nationwide explaining that their letter of 24th February 2015 was actually sent out on the same day and that the 16 day delay in reaching me is not their fault.

SpanishBlue

glider3560 wrote: »

Same here, received today. A great way of rewarding my loyalty and a member of 17+ years.

Same here. My letter dated 24th Feb arrived today.

evenasus

Received my letter this moning - Loyalty Saver issue 4 dropping to 1.20% as of 1st April.

Roll on a base rate rise.