Nationwide Reducing Rate

xylophone

If Banking / Building-Society-ing is/would be about emotions

Hm....if it's all about reality, perhaps Nationwide could ditch the schmaltzy ad campaign...
https://www.youtube.com/watch?v=hWimDK4tpg0

Stompa

Well my letter (dated 30 Apr) finally arrived, informing me that the rate on my Direct Cash ISA 3 will drop from 1.50% to 1.00%.

Oddly, they also say:

To help you start exploring your options, here are details of some of our other accounts, which could earn you a higher rate of interest than on your existing account. For example:

* Our Instant ISA Saver gives you instant access to your money, and has an interest rate of 1.10% AER/tax free (variable). Interest is paid annually.

etc...

Well that's all very well, but it pays 1.10% now, presumably it will fall after 1 June, probably to even lower than 1.00%.

Yorkshire_Pud

I like the way Nationwide are still promoting their Flexclusive ISA with a 1.3% interest rate without mentioning it will reduce to 1.2% in 12 days time:cool:

Nourse79

Yorkshire_Pud wrote: »

Just about cleared out my Flexclusive ISA now.

I will keep it open with £1 so that at ISA year end I can if I wish replace withdrawn funds as it is a Flexible ISA, thereby taking the funds into the next ISA year as ISA funds with the flexibility to move the money around in non ISA products if better rates available and then repeat at next ISA year end ad infinitum

That is exactly what I am going to do on 31.05.16 : withdraw this year's allowance I have already put in less £1.00 (£15239.00), put it into my RCI savings account @1.45 % (gross for me as I am a non taxpayer) and replace it/put it back into Nationwide Flexclusive in 2017 near end of tax year. Move the money around to suit YOU and don't stick to the awful bank/BS ISA rates. That is the beauty of the new flexible ISA rules !

colsten

Nourse79 wrote: »

That is exactly what I am going to do on 31.05.16 : withdraw this year's allowance I have already put in less £1.00 (£15239.00), put it into my RCI savings account @1.45 % (gross for me as I am a non taxpayer) and replace it/put it back into Nationwide Flexclusive in 2017 near end of tax year. Move the money around to suit YOU and don't stick to the awful bank/BS ISA rates. That is the beauty of the new flexible ISA rules !

You can get lots more than 1.45%, and proper FScs protection, in current accounts and also some instant access regular savers

Stompa

Nationwide profits rise to £1.3bn

http://www.bbc.co.uk/news/business-36366471

The society's new chief executive, Joe Garner, who took over last month, said the results showed strong mortgage lending and strong savings inflows.

HUMBUG

Will soon be a strong savings outflow if some of the newer banks start offering better cash ISA rates.

roddydogs

"IF" being the operative word, do you see any sign of this?

roddydogs

Dont know what NW are up to, but their now offering an ISA @ 1.3% having just reduced mine to 1.2%, with transfers in allowed.

2010

Nation-on your side-Wide are doing what they do best with no shareholders to pay

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cutting interest rates for their loyal members.