Nationwide cutting 5% rate

soulsaver

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!!

♫ Jeepers, creepers, this is getting ridiculous..
Jeepers, creepers, where did you get those ISAs..♫

d63

soulsaver said:

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!!

♫ Jeepers, creepers, this is getting ridiculous..
Jeepers, creepers, where did you get those ISAs..♫

♫ ISAs come, ISAs go, 
a year of good rates they show,
then over the sands of time,
the silent sands of time, they go. ♫

♫ IFAs come, IFAs go,
ever promising the best investments they know,
then over the sands of time, they go
IFAs go ♫

(with my apologies to the lyricists of kismet)

eddie7612

Not sure if I should open one of these or not. It's likely I will be applying for a mortgage once normality resumes, so not the best time to apply for a new account, especially as I already have quite a "magic money tree" of accounts, regular savers etc. There again it's unlikely we'll see rates like 5% again for a long time. Or maybe in the future there will be an incentive and it's best to remain not a Nationwide customer. Any thoughts?

General_Grant

eddie7612 said:

Not sure if I should open one of these or not. It's likely I will be applying for a mortgage once normality resumes, so not the best time to apply for a new account, especially as I already have quite a "magic money tree" of accounts, regular savers etc. There again it's unlikely we'll see rates like 5% again for a long time. Or maybe in the future there will be an incentive and it's best to remain not a Nationwide customer. Any thoughts?

If you don't already have a relationship with Nationwide I doubt you will have one open by Thursday.  But others may have better view.

colsten

General_Grant said:

If you don't already have a relationship with Nationwide I doubt you will have one open by Thursday.  But others may have better view.

It's the date of application that counts. To quote the Nationwide website:

If you started your application before 1 May 2020, the current rate of 5% AER (4.89% gross) will apply for the first 12 months........................

General_Grant

Sorry.  Forgot that!

YorkshireBoy

eddie7612 said:

Not sure if I should open one of these or not. It's likely I will be applying for a mortgage once normality resumes, so not the best time to apply for a new account, especially as I already have quite a "magic money tree" of accounts, regular savers etc. There again it's unlikely we'll see rates like 5% again for a long time. Or maybe in the future there will be an incentive and it's best to remain not a Nationwide customer. Any thoughts?

Regular savers, and indeed any savings accounts, are of no relevance to your mortgage plans, being as they don't appear on your CRA credit file, which the lender will search.

General_Grant

YorkshireBoy said:

eddie7612 said:

Not sure if I should open one of these or not. It's likely I will be applying for a mortgage once normality resumes, so not the best time to apply for a new account, especially as I already have quite a "magic money tree" of accounts, regular savers etc. There again it's unlikely we'll see rates like 5% again for a long time. Or maybe in the future there will be an incentive and it's best to remain not a Nationwide customer. Any thoughts?

Regular savers, and indeed any savings accounts, are of no relevance to your mortgage plans, being as they don't appear on your CRA credit file, which the lender will search.

The Nationwide account to which he was referring is a current account.

YorkshireBoy

General_Grant said:

YorkshireBoy said:

eddie7612 said:

Not sure if I should open one of these or not. It's likely I will be applying for a mortgage once normality resumes, so not the best time to apply for a new account, especially as I already have quite a "magic money tree" of accounts, regular savers etc. There again it's unlikely we'll see rates like 5% again for a long time. Or maybe in the future there will be an incentive and it's best to remain not a Nationwide customer. Any thoughts?

Regular savers, and indeed any savings accounts, are of no relevance to your mortgage plans, being as they don't appear on your CRA credit file, which the lender will search.

The Nationwide account to which he was referring is a current account.

I'm well aware of that. Start reading from "I already have..." for some context as to why I made the statement.

brummierebel

I was hoping to take advantage of the 5% interest rate as a Nationwide customer, and started the application process last week only to find it was bringing up my old address (my parents house before I took out my Nationwide mortgage which I still have). When I phoned up to change it, they told me it was because it was missing an end date and it would take three working days to resolve. It was still not resolved today, so phoned up again and apparently, because of the current pandemic, they are still working on address changes from the 24th March, which means its unlikely they will be able to update my application before they pull the offer.

Really annoyed with the board for pulling the offer at this time. I appreciate interest rates have been cut again, but they did not need this increased activity under lockdown. I was hoping to have the current account to keep my twenty year membership with the Building Society when my mortgage ends, hopefully in the next couple of years, but it looks like my relationship with the society will be ending with that instead. Originally joined to help prevent the carpetbaggers demutualising it but it has become a shadow of itself over the last few years and neither its savings or mortgages are that competitive any more. I will definitely be using my vote this year...