Nationwide Building Society Loyalty!

2010

Just open a Marcus at 1.2% for your "slight bit of money", it`s FP both ways so easy to get at.
I notice NW don`t offer a loan or a mortgage at 5 times the base rate.

bowlhead99

2010 said:

I notice NW don`t offer a loan or a mortgage at 5 times the base rate.

Probably because the borrower might not pay them back, so they need to make enough interest to cover the people who don't, as well as all their running costs (including interest paid to depositors etc).

Depositors don't have the risk that the building society won't pay them back, because the FSCS gives them protection, so they only need to earn a risk-free rate, which will be somewhat lower than a consumer loan or mortgage.

reefer37

yes think i will open a marcus and just feed back into my nationwide current account.

Starbrite

alypen said:

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.

Alypen, it sounds like we have the same account, the save to buy ISA

missymouse

Also really frustrating that you cannot talk to anyone at nationwide unless your call is deemed urgent which I can understand due to the virus. However I have a lot of money in the nationwide and I don’t always want to go to the website.

Some of my money is invested in the triple Access 4 online account which was meant to pay 1.21% which is now dropping to a Pathetic rate in May.

My question is If I withdraw the money will I still get some interest on it or do I have to leave it till the account matures next March? Am I better pull in the whole lot out just before May and opening a totally different account in another bank

Rather fed up with Nationwide

D3xt3r5L4b

missymouse said:

Also really frustrating that you cannot talk to anyone at nationwide unless your call is deemed urgent which I can understand due to the virus. However I have a lot of money in the nationwide and I don’t always want to go to the website.

Some of my money is invested in the triple Access 4 online account which was meant to pay 1.21% which is now dropping to a Pathetic rate in May.

My question is If I withdraw the money will I still get some interest on it or do I have to leave it till the account matures next March? Am I better pull in the whole lot out just before May and opening a totally different account in another bank

Rather fed up with Nationwide

TBF all banks are reducing rates...

missymouse

Yes I know but they had only just introduced this account I believe and stopped the regular saver which was a great account 

blue_max_3

missymouse said:

Also really frustrating that you cannot talk to anyone at nationwide unless your call is deemed urgent which I can understand due to the virus. However I have a lot of money in the nationwide and I don’t always want to go to the website.

Some of my money is invested in the triple Access 4 online account which was meant to pay 1.21% which is now dropping to a Pathetic rate in May.

My question is If I withdraw the money will I still get some interest on it or do I have to leave it till the account matures next March? Am I better pull in the whole lot out just before May and opening a totally different account in another bank

Rather fed up with Nationwide

Just leave a £1 in to keep the account open. You should get any interest added if due.
Felt wonderful withdrawing all my cash I must say. I'd love to see how much money has left them over these decisions.

zagfles

missymouse said:

Also really frustrating that you cannot talk to anyone at nationwide unless your call is deemed urgent which I can understand due to the virus. However I have a lot of money in the nationwide and I don’t always want to go to the website.

Some of my money is invested in the triple Access 4 online account which was meant to pay 1.21% which is now dropping to a Pathetic rate in May.

My question is If I withdraw the money will I still get some interest on it or do I have to leave it till the account matures next March? Am I better pull in the whole lot out just before May and opening a totally different account in another bank

Rather fed up with Nationwide

I've not read the terms for the triple access but I've got a single access and the terms for that are the lower rate applies from the day of the second withdrawal, so you can take all the money out, even if you've already made your one allowed withdrawal, and you'll get the higher rate up to the withdrawal date. Afterwards the rate drops but if the balance is 0 it doesn't matter!

Suspect the triple access will be the same but check the terms.

newatc

missymouse said:

Also really frustrating that you cannot talk to anyone at nationwide unless your call is deemed urgent which I can understand due to the virus. However I have a lot of money in the nationwide and I don’t always want to go to the website.

Some of my money is invested in the triple Access 4 online account which was meant to pay 1.21% which is now dropping to a Pathetic rate in May.

My question is If I withdraw the money will I still get some interest on it or do I have to leave it till the account matures next March? Am I better pull in the whole lot out just before May and opening a totally different account in another bank

Rather fed up with Nationwide

I asked them a question on their online messaging system today and surprisingly got a reply within two hours (perhaps they are overdoing the don't contact message) so I would suggest doing that. I think Zagfles is correct but I would suggest taking a screen shot before transferring in case of dispute as once balance is zero the online account is gone.