Nationwide campaign "PayDay = SaveDay

Poor_Leno

Nationwide make me laugh. Of all banks/bs they've been dropping rates at a canter, then they launch this campaign without anything to actually support the promotion. I'm not sure what the point of it is other than raise awareness to people who don't even save a jot.

If you're going to launch a campaign like this, surely it would be a good idea to have some kind of headline grabbing rate to go with it. It just makes me laugh that they start a campaign like this 8 or 9 months after binning its regular saver and rates of other accounts also. How about focus instead on exactly why many people choose to not save, e.g when banks chop rates to either completely undesirable levels or withdraw products completely. Perhaps if they dealt with that, or at least looked like they were offering something, they might give people reason to even raise a proverbial eyebrow, instead of trying to look like they're on a mission with something yet actually making life more difficult for savers over the last 12 months - that's the reality!

/rant

YorkshireBoy

Saving capital is far more important than the interest rate received on it...or should be!

roddydogs

Its a loc............

KeepOnKnitting

I don't think people save because of the interest rate. I think they save because they perceive that they have sufficient money to meet their immediate needs and can afford to put some by.

I don't disagree that pulling their regular saver is frustrating, but I think encouraging positive saving behaviour with this campaign is positive. One could argue that by promoting saving without even having a good business offering to go with it, that their action is more altruistic than if it was accompanied by a "save in this account of ours" message.

Afraid_of_Kittens

The idea is before you pay any bills - stick something away in savings. I'm paid weekly. Before my bills go out I pay a sum into my Earn to Save account and £50 into my Stocks and Shares ISA and a small amount extra into my NEST pension fund. There is a large percentage of people who live for each payday with no savings to fall back on. Putting something to one side - even £10 a week - will help for future rainy days.

Sea_Shell

We've always paid ourselves first, for over 25 years. Now reaping the rewards!!

cloud_dog

Poor_Leno wrote: »

Nationwide make me laugh. Of all banks/bs they've been dropping rates at a canter, then they launch this campaign without anything to actually support the promotion. I'm not sure what the point of it is other than raise awareness to people who don't even save a jot.

If you're going to launch a campaign like this, surely it would be a good idea to have some kind of headline grabbing rate to go with it. It just makes me laugh that they start a campaign like this 8 or 9 months after binning its regular saver and rates of other accounts also. How about focus instead on exactly why many people choose to not save, e.g when banks chop rates to either completely undesirable levels or withdraw products completely. Perhaps if they dealt with that, or at least looked like they were offering something, they might give people reason to even raise a proverbial eyebrow, instead of trying to look like they're on a mission with something yet actually making life more difficult for savers over the last 12 months - that's the reality!

/rant

NW, have it right.

Savings / investing is a psychological consideration; those who save / invest based on what they have left at the end of the month will never achieve their savings / investing goals, although I doubt people who save / invest based on 'What's left over at the end of the month' will actually have set goals (other than 'whatever I can do').

bsms1147

YorkshireBoy wrote: »

Saving capital is far more important than the interest rate received on it...or should be!

Yep. I’d rather £50 earning 0% than £0 earning 50%.

MovingForwards

Since turning a corner I have my bills written down, I know how much my income is and the difference between them.

For several years it's been income in, money to savings, bills, payments and the pennies (99p and under) get moved to savings; done by monitoring my current account after shopping etc.

Having any interest is nice, but not all my accounts do.

Flobberchops

Paying yourself first is sensible advice, although yes, it is ironic that the best course of action for a Nationwide customer would be to promptly move their cash savings OUT of Nationwide.

Poor_Leno

Flobberchops wrote: »

Paying yourself first is sensible advice, although yes, it is ironic that the best course of action for a Nationwide customer would be to promptly move their cash savings OUT of Nationwide.

Yeah this is precisely the point.

I don't disagree with the well made points of others in highlighting that having £50 to one side earning 0% is better than having £0 earning 5%, but the fact of the matter really is that Nationwide has, over the past 12 months, chopped its savings products more drastically than most other banks/bs. To me it seems somewhat hypocritical for them to now embrace having a savings habit when they've pretty much been doing there darnedest to give its customers every reason to close their accounts and move their money elsewhere. Which is precisely how its been for me since I joined with them when they had attractive products to now having not a single product with them now that my regular saver came to an end.

I guess I'm looking at it purely from the perspective of a saver who chases every decent bean of interest they can get from cash saving products, rather than the average householder who might well have a hard time in simply how to be smarter with putting something to one side, without realising they might well have the available capital to do so by doing something as simple as giving up their daily coffee fix. In that regard it is of course a good idea to encourage people to put something aside first, and then buy their costa coffee's and other petty expenses afterwards...its amazing how petty expenses like that can mount up.