Nationwide Building Society Loyalty!

TemporaryUsernameMay2020

zagfles said:

kuratowski said:

talexuser said:
Today they sent me a letter, the interest rate is going from 0.1% to 0.01%. I couldn't help but laugh out load, wow... if I had a £1000 in there what would I buy each year with my windfall of  10 pence.

Best to leave it in the account to earn compound interest.  In a mere 7000 years you'll have doubled your money 

I make it 6932 years. log 2/log 1.0001

But that's wrong anyway as you won't get any compounding for the first 500 years as the interest on the interest will be less than half a penny, so zero rounded to nearest penny.

Yes I'm bored.

Some deposit takers (not sure about Nationwide) only pay interest on whole pounds, not on odd pence in the account. Which makes it even worse

talexuser

Well that puts the kibosh on the leaving it for the grandkids plan 

Tildaplum

I think the 1yr triple access isa is now showing at 0.8% not 1% is that right?

kuratowski

Well spotted!  Maybe they didn't drive away enough customers yet?!

zagfles

Tildaplum said:

I think the 1yr triple access isa is now showing at 0.8% not 1% is that right?

Looks like it - they now have 6 versions of the "1 year triple access ISA" with different rates, latest one from today has a rate of 0.8%. Looks like if you opened the account yesterday you'll keep the 1% rate.

Tildaplum

… and if you have the 1.21% version and you keep it then it falls to 0.4% in a week or so.

I thought their press release said they were keeping new ones at 1%?

MDMD

Tildaplum said:

… and if you have the 1.21% version and you keep it then it falls to 0.4% in a week or so.

I thought their press release said they were keeping new ones at 1%?

The exact wording was “Popular Triple Access Online ISA and Saver accounts remain on-sale, offering 1.00%”

”remain on sale” was obviously limited to 16 days or so

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

Alexland

kuratowski said:

Maybe they didn't drive away enough customers yet?!

I heard Nationwide were experimenting with sharp edges on their debit cards to drive away their less rate sensitive customers.

reefer37

well that did not last long at 1% clearly too many people took out the account already switching there money to it.
if you were waiting till the old rates dropped missed out still other accounts out in the market. 
will expect more backlash now onto nationwide
wish they just had a half decent easy access account to hold slight bit of money

bowlhead99

reefer37 said:

wish they just had a half decent easy access account to hold slight bit of money

If they had an easy access account paying five times the base rate, but you're only holding a 'slight bit of money' in the account, after an entire year you would have only earned half a percent of a slight bit of money. I don't know how much that is, but it doesn't sound like a lot of money. And you don't want the money there for a whole year anyway because you want easy access.

So, it doesn't sound like you're missing out on much.