Nationwide Reducing Rate

someone

roddydogs wrote: »

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.

I believe that account will also drop to 1.2%

roddydogs

someone wrote: »

I believe that account will also drop to 1.2%

But NW will not confirm that, they just say "Its a variable rate" do you have any proof it will drop?

roddydogs

Yorkshire_Pud wrote: »

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:

Where is this stated? NW refuse to tell me this, they just say "All rates are variable" dont they have to give a months notice?

le_loup

They have.
About a month ago.
The reductions take place on 6th June.

roddydogs

So why didnt NW just tell me this?

le_loup

Ask them, not me!
I got letters. Did you?

roddydogs

le_loup wrote: »

Ask them, not me!
I got letters. Did you?

Ill explain, im on 1.6% which is going down to 1.2, yes I had the letter.
They are still advertising the 1.3% which "Newer" customers are on, so I used the internal communication to ask weather that, too was going down, there is obviously no point in switching if that is the case. They refuse to say weather it was or not, just claiming "All rates are variable", my gripe is why cant they just say?

roddydogs

roddydogs wrote: »

Ill explain, im on 1.6% which is going down to 1.2, yes I had the letter.
They are still advertising the 1.3% which "Newer" customers are on, so I used the internal communication to ask weather that, too was going down, there is obviously no point in switching if that is the case. They refuse to say weather it was or not, just claiming "All rates are variable", my gripe is why cant they just say? As some on here on the 1.3% have presumably had the letter.

Yorkshire_Pud

From 1st June Nationwide will offer the Flexclusive ISA at 1.2%.

On that date all previous issues including issue 9 at 1.6% and the current offering issue 12 at 1.3% will all be lumped together with one interest rate 1.2% and be called the FLEXCLUSIVE ISA.

Look at the link from #28, last FAQ:)

I am 'guessing' the rate will not be 1.3% because Nationwide won't explicitly say this is going down to 1.2% because they are no longer IMO a fair and straightforward organisation and not worthy of any preference as to savings provider in the future, they are just like any bank even if they are a BS. They should not be actively promoting a product that is due an interest rate reduction in a few days time, that is disingenuous and very poor marketing.

Personally I'm not too worried that the £1 I now have left after cleaning out my Flexclusive ISA will only get 1.2% now.

JarkayColt

Like others in this thread, I received my letter a number of weeks ago stating the interest on my easy access ISA will be dropping to 1% down from 1.4%. It's a little annoying considering this is lower than their current ISA rate on the equivalent product, but as I've been searching for an account with other providers that offer a much more attractive rate, it doesn't really bother me. At least, it wouldn't. The problem, however, is the fact that I took advantage of their joint ISA "loophole" (as I expect plenty of others did) to also open a Help to Buy ISA and pay into both concurrently. I've essentially allowed them to take a stranglehold over my savings considering how difficult it would be to transplant these accounts elsewhere considering the usual rules about having only one active ISA at a time. Does anyone know of any other providers that offer something similar or will I just have to kill one of the ISAs off? I have a decent lump sum in the cash ISA so it would probably would be better of in a different product anyway, but it's finding the right workaround that's the real headscratcher! I never expected to encounter this predicament so soon.