Nationwide Building Society Loyalty!

SeeMe

So more confusion, is the triple access ISA @ 1% going down from may 1st, if so not worth my bother

kuratowski

I wish I knew!

Tildaplum

Ok I have just called them for the second time and spoke to a different advisor

he says that the 1% version is not going down on 1 May but also to keep an eye out for new ISA accounts coming out before the 1st of May

They also said if you have the issue 4 @ 1.21% version which is going down to 0.4% you can transfer it to the issue 5 which will give you 1% not 0.4%

Confusion Reigns

apologies for the wrong post above unless it isn't wrong who knows

kuratowski

Thanks for that!  Think they've made this harder than it needed to be...

Contador38

Just received Email from Nationwide that for Flex Direct A/c the interest rate will drop to 0.25% on £1,500 on 1st of May.
It Is currently 1% on £2.5 K. People have been constantly 'moaning' about how Nationwide is no longer what it used to be,
May be next time when we receive their communication about AGM, re-appointing the Directors and most important approving their massive salaries, we should make an effort and vote NO against all their propositions.
It may not do much, but that will be the 1st grain of sand that will eventually break the machine.
Eventually, there will be enough sand to damage their plans.

molerat

Contador38 said:

May be next time when we receive their communication about AGM, re-appointing the Directors and most important approving their massive salaries, we should make an effort and vote NO against all their propositions.

I generally do anyway.

alypen

Starbrite said:

I hate Nationwide with a passion, first they reduce my save to buy ISA fro 2.5% to 2% to be inline with the goverment ones, then they did away with it altogether.... bye bye the £1,000 bonus and now they have slashed the interest from 2% to 0.25%!

Mine was the savings account not the ISA, but otherwise the same - 2.5% - 2% - 0.25%.  Ouch!  I wonder whether I'll ever be able to buy a home   And the £500 interest was useful, too.

And what's this about offering better rates to new customers?  Weren't NW always the people who claimed they'd never do that?

I'm going to wait for a bit in case all the other building societies do anything similar.  My impression thus far is that they haven't slashed rates to quite the same extent, so if that turns out to be true I'll be doing some moving-around of money.

notbritishgas

Albermarle said:

kuratowski said:

It's not for new customers only, and you don't need to use any of this year's ISA allowance.  I transferred all my funds from the Loyalty Single Access ISA into the 1Y Triple Access Online ISA on the day the cuts were announced; less of a faff than opening an account with a new bank (which I would have needed to do to maximise), and it means my interest rate cut from 1.40% to 1% was actually less than the BoE Base Rate cut 0.65%.

This 1% is not fixed though, so I guess could down again? Their fixed rate isa offering was very uncompetitive, so I did open an account with anew bank ( Aldermore )  , with slightly surpisingly  minimal fuss/effort .

Hi again. Have you heard anything from Aldermore or Nationwide.
i have had nothing from either Charter or Nationwide about my transfer.

Edit: Just received a text from Nationwide to say money has been transferred to Charter. 

Sailtheworld

Hopefully nobody was hurt in the stampede to secure an extra 0.3% interest as they, without any sense of irony, complain about Nationwide's lack of loyalty and issuance of free money.

This site has been around for ages - surely everyone knows it generally costs money to be loyal to a brand. It's vaguely amusing that this has come as a surprise to anyone and downright hilarious how angry people are getting about it.

2010

Tildaplum said:

Ok I have just called them for the second time and spoke to a different advisor

he says that the 1% version is not going down on 1 May but also to keep an eye out for new ISA accounts coming out before the 1st of May

They also said if you have the issue 4 @ 1.21% version which is going down to 0.4% you can transfer it to the issue 5 which will give you 1% not 0.4%

Confusion Reigns

apologies for the wrong post above unless it isn't wrong who knows

"Keep an eye for new ISA `s coming out".
A bit stupid bringing new ones out after people have already moved their money because of the massive cut on the so-called "loyalty" ISA from 1.4% to .25%
If they are bringing any new ones out, they should have done so before they announced the cuts.
The thing about the 1.4% account is, you had to be a member for at leeast 15 years to get it and it was only open for a limited period. ( wonder how many actually qualified?)
This makes the cut even more miserly.
I wouldn`t hold your breathe on thew new rates anyway.
They can`t look after loyalty customers, but are trying to attract new ones.