Nationwide reducing many Savings rates on 1st September

Yorkshire_Pud

Just found browsing Nationwide's site and under the Support tab on the intro page there's a piece called Bank of England Base Rate Change Savings | Nationwide

Flexclusive Regular Saver is staying the same as are a few others but many variable rate accounts whilst not specified will have their rate cut by 0.25% on 1st Septmber.

They say they give 14 days notice if the account has a balance over £100 otherwise check their savings rates on 1st September.

I don't know how to make a link to the page but I'm sure someone can! Under Support-Product support-Savings and ISAs

Terry98

Nationwide appear to be the good guys so far......

https://www.theguardian.com/money/2016/aug/08/savers-suffer-first-direct-cuts-rates-further-bank-of-england

I see Santander have already reduced their esaver by 2% and are about to reduce the 321 rates

Over62

At least the Nationwide aren't dropping their current account interest.

colsten

Terry98 wrote: »

I see Santander have already reduced their esaver by 2% and are about to reduce the 321 rates

are you sure Santander had an esaver paying more than 2% in the last 3-4 years? When you say they are about to reduce the 321 rates, do you mean their 123 Current Account? If so, they will have to give 2 months notice and I know of nobody who has yet receive such notice. Although speculation is rife that they might be sending out notices soon.

colsten

Yorkshire_Pud wrote: »

I don't know how to make a link to the page but I'm sure someone can! Under Support-Product support-Savings and ISAs

You just copy and paste the URL: http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/bank-of-england-base-interest-rate-announcement-savings#xtab:twistyitem-new-rates

Over62 wrote: »

At least the Nationwide aren't dropping their current account interest.

This would be great news - where have they said this?

Kim_13

Have about £92 in the 15 Year Loyalty Saver so won't get any notice, depending on when the cut off is (will probably be £100 in the next week or so.)

Might just combine VSP and SP with my Emergency Fund and start filling a current account.

Terry98

colsten wrote: »

are you sure Santander had an esaver paying more than 2% in the last 3-4 years? When you say they are about to reduce the 321 rates, do you mean their 123 Current Account? If so, they will have to give 2 months notice and I know of nobody who has yet receive such notice. Although speculation is rife that they might be sending out notices soon.

It is called the Regular esaver and paid 5% http://www.moneywise.co.uk/news/2016-03-22/santander-launches-5-regular-savings-account-it-any-good
Issue 2 paying 3% was launched at the start of August.

My point about the reduction in rates was made because the Guardian article quotes
'Some firms have pledged not to hit savers by more than the quarter point cut, including Santander and Nationwide building society' which is open to interpretation!

Sapphire

It will soon be best to remove any savings from banks, and stick 'em in a safe at home, as is done in Japan and Switzerland, apparently. I'm sure that will help the banks no end…

msallen

Sapphire wrote: »

It will soon be best to remove any savings from banks, and stick 'em in a safe at home, as is done in Japan and Switzerland, apparently. I'm sure that will help the banks no end…

Utter drivel

Kim_13

Sapphire wrote: »

It will soon be best to remove any savings from banks, and stick 'em in a safe at home, as is done in Japan and Switzerland, apparently. I'm sure that will help the banks no end…

If they ever needed our money, they won't do now with the latest BoE package.

Glen_Clark

Kim_13 wrote: »

If they ever needed our money, they won't do now with the latest BoE package.

Yep the £100bn they are throwing at the banks will make more difference than the base rate cut. Yorkshire Building Society have cut my internet saver 0.25% this month and another 0.25% next month. Fortunately it only holds 0.12% of my portfolio, but I feel for all those who have kept all their savings in sterling cash because they can't afford to risk them. They have done the right thing being responsible, going without and saving to support themselves. But they have been right royally shafted for doing so. :mad: