Nationwide cutting 5% rate

eskbanker

roddydogs said:

bristolleedsfan said:

roddydogs said:

Yet they cann still keep the £100 refer a friend?

Has been paused.

About time, but what its go to do with CV, is a mystery.

Friends have to socially distance from each other now

badger09

d63 said:

oh good grief! they are reducing their "loyalty" ISA from 1.4% to 0.25%??
and i was planning to transfer my santander e-isa which has just come to an end of its 1.5% rate and is now 0.6% and scheduled to go down again to 0.1% after 22nd may!! 
jeepers creepers! this is getting ridiculous!!

Just spotted that in MDMD's link. 1.4% to 0.25% - some loyalty reward

reefer37

they have decimated the savings account range and i suspect have hit these hard to get alot of people off these old accounts. isa has gone from 1.4% to 0.25% my old loyalty saver has gone from 1.1% to 0.25% so clearly dont want you on these old accounts. its noticeable now that all there current accounts are limited access accounts apart from the £100 a month start to save which is no good if you keep any stock of money and only other instant access account pays 0.05% clearly they want people to tie up their money on notice accounts etc or dont want the money full stop thanks to QE.
will be just holding a token ammount with them now but have already move money a few years ago as not offering what i wanted.

mwarby

so they withdrew from the high LTV mortgage market, then business and now savings. What markets have they got left lol

BigBlueSky

Was going to use this account for a current account switch to another provider.  I can't find any offering incentives though now.  Have they all gone ?

intalex

Wish they could offer an option to "in-place convert" the legacy accounts to the best available equivalent, E.g. an option to convert the 1.4% loyalty single access ISA to a 1% triple access ISA, rather than requiring opening of a new account and then do an internal ISA switch. I'm working abroad and currently non-resident, and may now be stuck with 0.25% until I get a chance to come back...

Anyone know if this particular ISA is flexible (i.e. can I withdraw the funds and replace them by 5th April 2021)?

hgt

intalex said:

 know if this particular ISA is flexible (i.e. can I withdraw the funds and replace them by 5th April 2021)?

Yes it's a flexible ISA so you can do that. Though bear in mind that you only get the 1% rate for 12 months, after that the rate will drop to peanuts.  

intalex

hgt said:Yes it's a flexible ISA so you can do that. Though bear in mind that you only get the 1% rate for 12 months, after that the rate will drop to peanuts.  

Thanks, Nationwide also confirmed the same. The funds will go into a non-Nationwide non-ISA easy(ish) access savings account, so I can get the funds released easily and restored back into the ISA wrapper just before 5th April 2021 (and probably back out again on 6th April). Seems to be the only use left for this supposed "loyalty" savings option!

hanbanan96

I read accounts opened before 1 May would receive 5% for the first year?

badger09

See Ed-1's post on page 2. More discussion here
https://forums.moneysavingexpert.com/discussion/6130498/nationwide-flexdirect/p1

Do you have a question?