Nationwide Building Society Loyalty!

roddydogs

I think most of us have, just leave the odd pence in to keep a/c open, just in case.

blue_max_3

2010 said:

Vote with yoiur feet and do what I did.
Move your money.
That`s the only vote these people will understand. (maybe)

Only a fool would keep their money in at 0.3%. It is really not hard to get much better. It's the fact that someone has made the decision to do this to their loyal savers that really grinds. Oh and they wouldn't give me a mortgage when I needed one either, so the decision wasn't too difficult.

[Deleted User]

I’m sorry I simply don’t share the negativity of some others on here regarding Nationwide. Been with them nearly 20 years and no complaints. Had a mortgage with them (now paid off) at a very low rate for years, credit card and a couple of loans.(again all paid off) Now have with them 2 current accounts (one of which is joint) 4 savings accounts, a cash ISA and a low risk S&S ISA (with partner Aegon). Again no complaints.
Of course interest rates have gone down! BoE rate is one tenth of one per cent for goodness sake! 

Anyway all I have done is change my accounts within Nationwide. Loyalty 15 Year ISA changed to Triple Access ISA at 0.8 instead of 0.25, opened a Triple Access Saver at 0.8 instead of 0.25 for 15 Year Loyalty Saver. I kept loyalty saver open for more regular use as it’s instant access. Also opened a regular saver £100 a month which is paying 1%. All done within an hour within online banking. So not so bad! 

Sure you can get better rates elsewhere but I have better things to do with my time than chase a few extra pounds in interest.There is more to life! I am not wealthy but budget carefully and save monthly.
Use of time and quality of life much more important to me.
Take care everyone. Keep safe and keep perspective!

epm-84

Baron_Dale said:

Of course interest rates have gone down! BoE rate is one tenth of one per cent for goodness sake! 

Anyway all I have done is change my accounts within Nationwide. Loyalty 15 Year ISA changed to Triple Access ISA at 0.8 instead of 0.25, opened a Triple Access Saver at 0.8 instead of 0.25 for 15 Year Loyalty Saver. I kept loyalty saver open for more regular use as it’s instant access. Also opened a regular saver £100 a month which is paying 1%. All done within an hour within online banking. So not so bad! 

The main compliant about Nationwide seems to be they introduced loyalty products with very competitive interest rates presumably in the hope of retaining existing customers and even attracting them to transfer savings they might have with other providers to Nationwide.  Then they drop the loyalty rates so they are lower than the rates their new products have.  It's one thing saying you're withdrawing loyalty products and customers will have their money moved to another account type.  It's another thing retaining loyalty products where customers get inferior rates by sticking with them.

epm-84

Sailtheworld said:

Well Nationwide can count on my loyalty - my mortgage rate is 1.19%.

Obviously that's an excellent interest rate for a mortgage but it's worth remembering that's still more than 11 times the base rate, yet they want to reward their loyal savers by offering 2.5 times the base rate.

[Deleted User]

epm-84 said:

Sailtheworld said:

Well Nationwide can count on my loyalty - my mortgage rate is 1.19%.

Obviously that's an excellent interest rate for a mortgage but it's worth remembering that's still more than 11 times the base rate, yet they want to reward their loyal savers by offering 2.5 times the base rate.

Yes but they also have an ISA, a saver and a regular saver that pay 0.8 to 1.0 per cent! Simply change your accounts! 

epm-84

Baron_Dale said:

epm-84 said:

Sailtheworld said:

Well Nationwide can count on my loyalty - my mortgage rate is 1.19%.

Obviously that's an excellent interest rate for a mortgage but it's worth remembering that's still more than 11 times the base rate, yet they want to reward their loyal savers by offering 2.5 times the base rate.

Yes but they also have an ISA, a saver and a regular saver that pay 0.8 to 1.0 per cent! Simply change your accounts! 

Given I opened an ISA with another provider offering 1.3% (the day before they withdrew it to new customers) I'll pass.  Also like I said in an earlier post I've been informed by Nationwide that the transfer has been delayed due to them being very busy.  They wouldn't have been so busy if they had just given their loyal savers the 1% rate - as more people are going to move to get 5 times their existing rate, than to get 0.3% more than their existing rate.

Sailtheworld

epm-84 said:

Baron_Dale said:

epm-84 said:

Sailtheworld said:

Well Nationwide can count on my loyalty - my mortgage rate is 1.19%.

Obviously that's an excellent interest rate for a mortgage but it's worth remembering that's still more than 11 times the base rate, yet they want to reward their loyal savers by offering 2.5 times the base rate.

Yes but they also have an ISA, a saver and a regular saver that pay 0.8 to 1.0 per cent! Simply change your accounts! 

Given I opened an ISA with another provider offering 1.3% (the day before they withdrew it to new customers) I'll pass.  Also like I said in an earlier post I've been informed by Nationwide that the transfer has been delayed due to them being very busy.  They wouldn't have been so busy if they had just given their loyal savers the 1% rate - as more people are going to move to get 5 times their existing rate, than to get 0.3% more than their existing rate.

Don't you see the irony of calling yourself a loyal saver.

You're not. You're just chasing rates like everyone else which, within reason, is as it should be. Nationwide used the word loyalty as a marketing term - don't be fooled again would be my top tip.

I've been trying to sort out a probate with Nationwide. I thought it was Coronavirus that was making them busy - little did I realise it was their loyal customers abandoning ship for tuppence more in interest.

You did leave a few pennies behind didn't you in case there's £100 floating about in case of a future demutulisation didn't you?

epm-84

Sailtheworld said:

epm-84 said:

[Deleted User] said:

epm-84 said:

Sailtheworld said:

Well Nationwide can count on my loyalty - my mortgage rate is 1.19%.

Obviously that's an excellent interest rate for a mortgage but it's worth remembering that's still more than 11 times the base rate, yet they want to reward their loyal savers by offering 2.5 times the base rate.

Yes but they also have an ISA, a saver and a regular saver that pay 0.8 to 1.0 per cent! Simply change your accounts! 

Given I opened an ISA with another provider offering 1.3% (the day before they withdrew it to new customers) I'll pass.  Also like I said in an earlier post I've been informed by Nationwide that the transfer has been delayed due to them being very busy.  They wouldn't have been so busy if they had just given their loyal savers the 1% rate - as more people are going to move to get 5 times their existing rate, than to get 0.3% more than their existing rate.

Don't you see the irony of calling yourself a loyal saver.

You're not. You're just chasing rates like everyone else which, within reason, is as it should be. Nationwide used the word loyalty as a marketing term - don't be fooled again would be my top tip.

I've been trying to sort out a probate with Nationwide. I thought it was Coronavirus that was making them busy - little did I realise it was their loyal customers abandoning ship for tuppence more in interest.

You did leave a few pennies behind didn't you in case there's £100 floating about in case of a future demutulisation didn't you?

I used the wrong term in my previous post I should have said 'loyal customers' not 'loyal savers'.  This is because I became eligible for the Loyalty ISA because I had held a Nationwide current account for a number of years, as well a Nationwide credit card, not because I had held savings accounts with them.  I still have the Nationwide current account and credit card so I'm still classed as a loyal Nationwide customer.  I'm just one who doesn't think Nationwide still offer competitive savings rates.  

I was a Britannia Building Society member for 20 years.  They offered an annual bonus for their members on top of savings rates before they merged with the Co-op, when is when I stopped being a member.  While Britannia's rates were not always market leading, by the time the loyalty bonus was taken in to consideration as well it was never worth moving savings to another provider if you'd been with them for 10 years+.  The same can't be said of Nationwide.

MDMD

Apparently the delay is “weeks” to transfer - although even 15 working days is three weeks

https://www.dailymail.co.uk/money/saving/article-8289719/Nationwide-savers-forced-wait-weeks-transfer-Isas.html

I’ve just flexibly withdrawn my ISA and put it in Marcus.