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Nationwide - rotten rates. Why?

Pelagonium
Posts: 6 Forumite
Does anyone know why Nationwide Building Society are offering such poor rates? They used to be the place to go for a decent rate, but nowadays practically everyone else is beating them. Are they just taking their customers for granted?
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Well, considering their 'customer' is also a 'shareholder' I doubt they are taking anyone for granted.
Other banks have actual saleable shares/stakeholders to raise funds.Mortgage started 2020, aiming to clear 31/12/2029.0 -
Perhaps not all of their customers are savers.0
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Pelagonium wrote: »Does anyone know why Nationwide Building Society are offering such poor rates? They used to be the place to go for a decent rate, but nowadays practically everyone else is beating them. Are they just taking their customers for granted?
Or a better referral deal than their long-running Recommend a Friend offer, that rewards both referrer and referee £100 each?
Granted their ISA rates are largely nothing to write home about, except the Help To Buy one, which is close to the top of the market and allows splitting with other cash ISAs, handy flexibility for some....
But if you want better rates than those offered by Nationwide, nobody's stopping you from going elsewhere!
Edit: coincidentally I've just had an email from them about their forthcoming AGM, which is a more direct platform for anyone disaffected to make their views heard:You only have until 11am on 15 July 2019 to make your AGM vote count.
Dear [],
We’re a building society, owned by our members, so you get a say in how we’re run.
And now is your opportunity to have that say and vote on the Society’s performance, the appointment of new auditors and for the people who sit on your Society's Board, people who make a real difference to your Society’s success and direction.
But you’ve only got until 11am on Monday 15 July 2019, so if you want to make your vote count, please vote now.0 -
Pelagonium wrote: »Does anyone know why Nationwide Building Society are offering such poor rates? They used to be the place to go for a decent rate, but nowadays practically everyone else is beating them. Are they just taking their customers for granted?
They're offering fantastic rates. I only pay 2% for my mortgage and get 3% on my current account and 5% on my regular saver. How's that not a good deal?Remember the saying: if it looks too good to be true it almost certainly is.0 -
Yes - some big interest rate cuts coming from Nationwide on 1 August. Some savings rates are being halved - including for smaller balances on their flexclusive isa.
The Nationwide doesn't exist to serve its members - but its board of directors who are never voted out as individual members lack the power and info to do so. Last year their CEO earned nearly £2.3 million including bonuses and perks - and members need to suffer interest rate cuts to keep him in the grandeur to which he has become accustomed!0 -
Yes - some big interest rate cuts coming from Nationwide on 1 August. Some savings rates are being halved - including for smaller balances on their flexclusive isa.
I can’t find this on their website - is there a link? I can see the changes to the child’s accounts but nothing for adult ones0 -
Its cause of all the money theit spiffing on refer a friend.0
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