Nationwide Reducing Rate

eskbanker

Shanker wrote: »

I've just come off the phone to them.

A fat lot of help they are!

First of all I asked why the rate was reducing from an already appalling rate to an even worse rate - they of course off loaded the blame to the Bank of England who control the rates. I replied, "but the Bank of England haven't effectively changed their base rate since the crash in 2008, why have you changed yours?"

The phone went silent.

When he came back, he started with the whole management bingo clich!s such as, "I hear what you say" and "I understand where you are coming from".

I asked why they were offering 3.25% for junior savers but knocking the rates down on the older, long standing loyal customers. The phone went silent again.

I asked is it like casting a fishing line, reeling them in and then when you have them in your keep net, reduce the rates for them too?

The phone went silent again.

I asked why can you offer better rates for a current account, (something that I don't want because the offer again is only short term on a relatively small amount of money that can be held on deposit), or even a oxymoron account called a "Loyalty Saver". The phone went silent yet again.

They have no answers. They are just plebs off the street in a call centre.

Do you moan at supermarket checkout staff about the prices? Whinge at bus drivers about fares? Complain to waiters about the cost of restaurant meals? Does it make you feel big and clever?

Rich2808

I got the same letter today - but as with others the letter was dated 16 April - nearly three weeks ago.

Nationwide are supposed to give 30 days notice of a rate change - they have only given me 25.

Dating a letter 16 April - before the 30 days are up - but sending it out 3 weeks later does not in my view get round the fact they have breached their terms. It's either a major mess up or just plain sneaky as the letter envelope is not postmarked so you have no evidence of the receipt date.

Either those who got letters today or yesterday should get the existing higher rate for 5 days or we are due compo for failure to comply with their terms?!

Any thoughts?!

ScoobyZ

My ISA reducing from 1.6% to 1.2% not too bothered as moved most of the money to Bank Accounts to achieve an average of 3.4%.Also have some reg savings getting 4-5%. No need to stay with Nationwide ISA.

MoneyMate

jimjames wrote: »

They're still paying 5% on my Flexdirect...

Me too with Flex Regular Saver 5% :beer:

Shanker

eskbanker wrote: »

Do you moan at supermarket checkout staff about the prices? Whinge at bus drivers about fares? Complain to waiters about the cost of restaurant meals? Does it make you feel big and clever?

Yes


If nobody complains nothing gets done.


They know if they are there on the end of the line, they have been placed there as the front line of their organisation. If they don't like it, quit or go to their employers and tell them that the customers aren't happy and that they are sick of being placed in the firing line by THEM.


I didn't put them in the firing line.

Yorkshire_Pud

Shanker wrote: »

Yes


If nobody complains nothing gets done.


They know if they are there on the end of the line, they have been placed there as the front line of their organisation. If they don't like it, quit or go to their employers and tell them that the customers aren't happy and that they are sick of being placed in the firing line by THEM.


I didn't put them in the firing line.

Complaining won't make any difference. Withdrawing funds might assuming they need the deposits. They probably don't. Bullying low status customer service staff is pointless and not very nice. Take your money out they don't need you.

Stompa

I note that they say that some rates are increasing:

http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/june-reprice

I bet they're few and far between!

Yorkshire_Pud

Pity that Nationwide are still only showing the current interest rates not those that apply from June 1st, e.g. Flexclusive ISA issue 9 1.6% as of 1st May. Yeah I know that, der.

Makes their linking to interest rates from the FAQ's rather meaningless.

lynxptc

I have an ISA with Nationwide and I'm looking at switching to the Coventry but as mentioned above, they don't accept incoming transfers.

What are the exact rules with ISAs? I haven't paid anything into my Nationwide one this year, can I close it and open one with the Coventry or is that not allowed? I know I'd lose the tax free status of the money but I wondered if you can close an ISA and open one with another bank/building society in the same year if you haven't paid anything into it?

Yorkshire_Pud

lynxptc wrote: »

I have an ISA with Nationwide and I'm looking at switching to the Coventry but as mentioned above, they don't accept incoming transfers.

What are the exact rules with ISAs? I haven't paid anything into my Nationwide one this year, can I close it and open one with the Coventry or is that not allowed? I know I'd lose the tax free status of the money but I wondered if you can close an ISA and open one with another bank/building society in the same year if you haven't paid anything into it?

Yes you can. You can only subscribe to ONE cash ISA in an ISA year. So you can open one with Coventry now without touching Nationwide ISA until you need the funds and withdraw up to £15,240 which would lose its ISA status in transit but so what!

I did that today, Nationwide ISA funds in to FlexAccount therefore no longer protected as ISA funds then straight into Coventry ISA that I already have running.