Nationwide campaign "PayDay = SaveDay

bowlhead99

Poor_Leno wrote: »

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...

So what you're saying is that it's fine to criticize them and call them hypocrites for dropping rates more than most other financial institutions, when the only reason they can drop them that far while still ending up mid-table or better is that they have been feeding you market-leading or otherwise attractive products for years and they are not really "the bad guys" at all. You just have a bit of a grudge against them because you are somewhat greedy (chasing every bean of interest as you mention), and annoyed you now have to look further afield

xylophone

I have a Flexdirect account, a Loyalty (ha ha) account and a regular saver - I have been a customer for a long time.

However, it does seem to me that Nationwide have little to offer me now - I shall probably close the current account when the RS ends.

I shall keep the Loyalty account (and set up a SO to make regular transfers to keep it alive) just in case NW come up with more appealing offers in the future.

Poor_Leno

bowlhead99 wrote: »

They have been feeding you market-leading or otherwise attractive products for years and they are not really "the bad guys" at all. You just have a bit of a grudge against them because you are somewhat greedy (chasing every bean of interest as you mention), and annoyed you now have to look further afield

lol, pretty true that I am about to trade said Nationwide RS for the M+S one tho so I'm not too bothered, its just annoying to have to go through the minor inconvenience of switching over my Flex account for an M+S one in the process just to get their savings account. I wouldn't say it was greedy tho, just sensible money management to get the best return out of zero risk products. Maybe its opportunistic at a push

xylophone

M+S one in the process just to get their savings account.

First Direct and HSBC have dropped the RS rate to 2.75%.......M&S may follow suit?

bristolleedsfan

Poor_Leno wrote: »

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.

Letter received today they scrapping Save To Buy account during March 2020, this has been long standing account closed to new applications, maximum balance 25000, 1 withdrawal a year, 2%, luckily I have just moved all bar 50.00 out to 2.4% 3 year term, was however planning to put some maturing regular saver accounts in the account for a good rate with emergency withdrawal availability.

Poor_Leno

xylophone wrote: »

First Direct and HSBC have dropped the RS rate to 2.75%.......M&S may follow suit?

Yeah....seen the news over the last 24 hours....I might have to open some kind of current account quickly that is switchable to M+S (along with 2 direct debits ported over) and see if I can get the monthly saver open ASAP. This whole process would take a month or so though...I reckon M+S will cut its rate before Halloween so I've probably missed the boat. Doesn't help that all indications are that interest rates are dropping back down very soon. Ah well, nowt we can do about it. All else fails I'll just have to open another Virgin Money saver I guess since that's the best return going since it pays out 13 months of interest and is easy access.

YorkshireBoy

Poor_Leno wrote: »

I might have to open some kind of current account quickly that is switchable to M+S (along with 2 direct debits ported over) and see if I can get the monthly saver open ASAP.

Unless you've had a switching incentive from them previously, doing only 2 would cost you £180-£220 in gift card value. Unless you're not interested in that?

C_Mababejive

Nationwide are parasites. They offer carp rates to their savings customers then launch this cynical campaign to reap even more from them ! At the same time they bleat about profitability being the reason for continually nibbling down rates and paying their greedy CEO big fat remuneration packages.

They are far from the institution they used to be.

davidr1964

Apart from the rather crappy interest rates, I've always found them very good and efficient.

grnglide

Nationwide are parasites.

Nationwide are a financial institution doing what financial institutions do.


The days of the old style Building Societies being friendly, local and helpful and paying savers above market rates while charging borrowers below market rates are long gone, assuming they ever existed in the first place.