Nationwide - rotten rates. Why?

Pelagonium

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?

MovingForwards

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.

masonic

Perhaps not all of their customers are savers.

eskbanker

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?

Where can you get a better interest rate than the 5% they offer on their FlexDirect account?

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.

jimjames

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?

Rich2808

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!

MDMD

Rich2808 wrote: »

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 ones

roddydogs

Its cause of all the money theit spiffing on refer a friend.