Nationwide Regular Savings - Ending? - What's happened?

leboof

Both my partner and I have just received a letter from Nationwide stating that as per their last letter (which neither of us received) the Regular Saving account is due to become an Instant Access Saver. Not only that, but they said the interest rate will drop from 1.75% to 0.25%. Our last correspondence states the interest rate is still 2.00% on the regular saver account, so we were not notified of the interest rate drop from 2.00% to 1.75%.

Looking through the paperwork, as we keep it all, there was no mention of a fixed term for the saving account which we opened in early 2014 (yes we know they have the right to stop it, yes we know in this climate we are lucky to get 1.75% etc. etc. etc.), but has anyone received the correspondence that we did not get and any further information would be welcome. Obviously we will be calling them next week. Thank you in advance for your replies.

[Deleted User]

Is it a Regular Saver you have or a Regular Savings? Confusing that they have 2 accounts with similar names. The Regular Saver is an ongoing account with a 2% interest rate at the moment. The Regular Savings is an old account, not currently available to new account holders. The current interest rate on that (for existing account holders) is 1.75%. It seems likely that it is the latter they are closing. You would be best to start a Regular Saver. Not good that you will lose the 1.75% you currently get on your Regular Savings account but it clearly wasn't going to go indefinitely at that rate.

ColdIron

I've had the Regular Savings account since 07/13 and received all the communications regarding rate reductions from 2.5% to 2.0% to 1.75% and latterly to its conversion to an Instant Access Saver at 0.25% on 01/12/16

You might like to know that the interest is due to be paid this Monday 31/10/16 but will continue to attract interest at 1.75% until its conversion in December. Interest on the Instant Access Saver is itself paid on 31/12/16

It's been an excellent account paying 1.75% to 2.5% easy access. You might want to look at the Flexclusive Regular Saver which pays 5% on £500 a month, though unlike the Regular Savings account, only for 1 year

dawn1980

According to the webiste, Regular saver is 2% and fixed at one year then it will be changed to an instant. I have a flexclusive reular saver and I know that after one year it will be swapped to equivalent instant.
Perhaps a misunderstanding of terms? If not do contact them. I have always found them very helpful. Good luck.

[Deleted User]

ColdIron wrote: »

I've had the Regular Savings account since 07/13 and received all the communications regarding rate reductions from 2.5% to 2.0% to 1.75% and latterly to its conversion to an Instant Access Saver at 0.25% on 01/12/16

You might like to know that the interest is due to be paid this Monday 31/10/16 but will continue to attract interest at 1.75% until its conversion in December. Interest on the Instant Access Saver is itself paid on 31/12/16

It's been an excellent account paying 1.75% to 2.5% easy access. You might want to look at the Flexclusive Regular Saver which pays 5% on £500 a month, though unlike the Regular Savings account, only for 1 year

A Flexclusive RS at 5% would be a good idea, if the OP qualifies by meeting the NW current account criteria for that. Which failing, a basic NW RS would pay 2% on up to £500 saved per month for a year. It's bad news, though, that the OP will lose the 1.75% on accummulated savings in the Regular Savings. Just wondering if maybe NW doesn't have the up to date address for the OP?

System

It disappoints me that loyalty is punished even in mutuals. I know rates on cash are low but you would expect mutuals to beat the market if they really were sharing profits

le_loup

Loyalty is punished in the mutual.
Have you even looked at Nationwide's loyalty rates compared to their other rates?

leboof

MatthewAinsworth wrote: »

It disappoints me that loyalty is punished even in mutuals. I know rates on cash are low but you would expect mutuals to beat the market if they really were sharing profits

Too right, I've been with them for around 25years. Let's face it, it's the same with Insurance, Telephones, Broadband etc.etc, this is how they pay their existing customers.

jimjames

le_loup wrote: »

Loyalty is punished in the mutual.
Have you even looked at Nationwide's loyalty rates compared to their other rates?

Nationwide are great for long standing customers, really can't fault them.

leboof

Deleted_User wrote: »

Is it a Regular Saver you have or a Regular Savings?

It is the Regular Savings account, the old one it seems. There was no defined period of saving until now. Thanks, I see the new one is fixed for 12 months as you say, so a little effort is needed to open and on maturity but 2% isn't bad in the scheme of things.

leboof

Deleted_User wrote: »

A Flexclusive RS at 5% would be a good idea, if the OP qualifies by meeting the NW current account criteria for that. Which failing, a basic NW RS would pay 2% on up to £500 saved per month for a year. It's bad news, though, that the OP will lose the 1.75% on accummulated savings in the Regular Savings. Just wondering if maybe NW doesn't have the up to date address for the OP?

Thanks for the reply, I don't have a current account with them I'm afraid.
Yeah, they have my current address, I received the 2nd letter, but not the first, neither did my partner so although I understand a misplaced letter by the post office is possible... two letters? Hmmm.