Nationwide cutting 5% rate

Tildaplum

Nationwide are cutting the 5% rate for new FlexDirect accounts to 2% and for existing FlexDirect accounts from 1% to 0.25%

Tildaplum

Nationwide Building Society slicing the interest rate on its FlexDirect current account to 2 per cent from May as part of a mass decimation of its savings rates.

The account currently offers 5 per cent on balances of up to £2,500 for the first 12 months, but will pay 2 per cent on balances of up to £1,500 from next month.

Existing customers outside of this 12-month introductory window will see the rate on their savings cut by three-quarters to 0.25 per cent from July. 

eskbanker

Tildaplum said:

Nationwide are cutting the 5% rate for new FlexDirect accounts to 2% and for existing FlexDirect accounts from 1% to 0.25%

Only a matter of time before they did this, the 5% has been a massive outlier for quite a while now....

Tildaplum

Other rates are going down too- for example the triple access ISA which paid quite a reasonable 1.21% is going down to 0.4%

colsten

Their price draws need funding. So a few lucky ones will do well, and most will get next to nothing.

https://forums.moneysavingexpert.com/discussion/6105019/nationwide-start-to-save-account
https://forums.moneysavingexpert.com/discussion/6125732/nationwide-isa-prize-draw-enter-by-april-30-2020

quirkydeptless

I'm amazed the 5% rate lasted this long!

In the current climate, 2% on instant access for a year is still high end

MDMD

Help to Buy ISA and Junior ISA both down to 1% with a drop 1.5%.  Looks like they are effectively withdrawing from the savings market but with rates this low the net interest margin must be minuscule.  They also cancelled their push into business banking as it was no longer commercially viable.

what is more irritating is the fact that I can’t find any actual detail other than a vague “we’ll contact you personally” message on their website and you have to go to the daily mail website to get the new rates:

https://www.dailymail.co.uk/money/saving/article-8191713/Best-current-accounts-Nationwide-cut-FlexDirect-2-May.html

badger09

Tildaplum said:

Nationwide Building Society slicing the interest rate on its FlexDirect current account to 2 per cent from May as part of a mass decimation of its savings rates.

The account currently offers 5 per cent on balances of up to £2,500 for the first 12 months, but will pay 2 per cent on balances of up to £1,500 from next month.

Existing customers outside of this 12-month introductory window will see the rate on their savings cut by three-quarters to 0.25 per cent from July. 

Do you have a link to the new interest rates information please

MDMD

MDMD said:

Help to Buy ISA and Junior ISA both down to 1% with a drop 1.5%.  Looks like they are effectively withdrawing from the savings market but with rates this low the net interest margin must be minuscule.  They also cancelled their push into business banking as it was no longer commercially viable.

what is more irritating is the fact that I can’t find any actual detail other than a vague “we’ll contact you personally” message on their website and you have to go to the daily mail website to get the new rates:

https://www.dailymail.co.uk/money/saving/article-8191713/Best-current-accounts-Nationwide-cut-FlexDirect-2-May.html

Scrub that, it’s in the press release:

https://www.nationwide.co.uk/about/media-centre-and-specialist-areas/media-centre/press-releases/archive/2020/04/nationwide-announces-changes-to-savings-and-current-account-rates

The “support” page still isn’t very helpful

https://www.nationwide.co.uk/support/support-articles/rates-fees-charges/savings-rates-change

Tildaplum

Makes ns&i rates look generous by comparison..

roddydogs

Cleaned out my a/cs yonks ago, just keep £1  just in case. So much for the "stay mutual"  the 5% was only on 2  1/2 k anyway..
Yet they cann still keep the £100 refer a friend?