Nationwide Building Society Loyalty!

waveydavey48

I'm always baffled when people expect financial institutions to reward loyalty. They have amply demonstrated over the last few decades that the only reward for loyalty is being exploited. Financial institutions rely on customer apathy. For example insurers encourage automatic renewal of policies hoping customers don't shop around.

newatc

waveydavey48 said:

I'm always baffled when people expect financial institutions to reward loyalty. They have amply demonstrated over the last few decades that the only reward for loyalty is being exploited. Financial institutions rely on customer apathy. For example insurers encourage automatic renewal of policies hoping customers don't shop around.

I agree with that  but Nationwide is a mutual that "puts members first" and over last few years have promoted their extra paying "Loyalty Accounts" so it annoys a bit more. 

2010

There`s no such thing as loyalty anywhere.
Shop around and move is the only way.
When I found out about the NW cut from 1.4% to .25% I opened a new 2yr fixed ISA with Shawbrook at 1.45% and transferred the lot.
NW loss Shawbrook gain and I keep the same rate.

d63

newatc said:

waveydavey48 said:

I'm always baffled when people expect financial institutions to reward loyalty. They have amply demonstrated over the last few decades that the only reward for loyalty is being exploited. Financial institutions rely on customer apathy. For example insurers encourage automatic renewal of policies hoping customers don't shop around.

I agree with that  but Nationwide is a mutual that "puts members first" and over last few years have promoted their extra paying "Loyalty Accounts" so it annoys a bit more. 

at least they have abandoned that intensely annoying "we're on your side" slogan. ugh! who thinks these things up? surely they know that no-one believes such nonsense for so much as one second? or is it just my cynical nature?

badger09

waveydavey48 said:

I'm always baffled when people expect financial institutions to reward loyalty. ...............

Erm... it doesn't seem unreasonable to expect some reward for loyalty from an account which has the word 'Loyalty' in its name  

roddydogs

d63 said:

newatc said:

waveydavey48 said:

I'm always baffled when people expect financial institutions to reward loyalty. They have amply demonstrated over the last few decades that the only reward for loyalty is being exploited. Financial institutions rely on customer apathy. For example insurers encourage automatic renewal of policies hoping customers don't shop around.

I agree with that  but Nationwide is a mutual that "puts members first" and over last few years have promoted their extra paying "Loyalty Accounts" so it annoys a bit more. 

at least they have abandoned that intensely annoying "we're on your side" slogan. ugh! who thinks these things up? surely they know that no-one believes such nonsense for so much as one second? or is it just my cynical nature?

A lot of old dears think exactly that, which is why loads voted to stay mutual when they could of had a nice payout.

thor

roddydogs said:

d63 said:

newatc said:

waveydavey48 said:

I'm always baffled when people expect financial institutions to reward loyalty. They have amply demonstrated over the last few decades that the only reward for loyalty is being exploited. Financial institutions rely on customer apathy. For example insurers encourage automatic renewal of policies hoping customers don't shop around.

I agree with that  but Nationwide is a mutual that "puts members first" and over last few years have promoted their extra paying "Loyalty Accounts" so it annoys a bit more. 

at least they have abandoned that intensely annoying "we're on your side" slogan. ugh! who thinks these things up? surely they know that no-one believes such nonsense for so much as one second? or is it just my cynical nature?

A lot of old dears think exactly that, which is why loads voted to stay mutual when they could of had a nice payout.

Exactly - For savers the only benefit they could have got out of Nationwide was if they had demutualised all those years ago.

Albermarle

For savers the only benefit they could have got out of Nationwide was if they had demutualised all those years ago.

For many years , NW always had quite good interest rates , that always stayed reasonably competitive , if never 'top of the table'.

So you could avoid having to keep changing providers and still have a good enough savings rate . Plus they always had a good modern internet banking model, well before many competitors. Plus a good chance of their being a branch nearby,

Unfortunately this has changed in recent times and this latest move means I now only have my current account and a few grand in an easy access account , having moved my cash isa to Aldermore last week. 

Vortigern

Received my letter from Nationwide this morning. They don't use the word "Loyalty" now, preferring to abbreviate it to LTY in the hope that we'll forget what it means. I'm surprised that they don't suggest any alternative accounts. 

Thrugelmir

In order to treat customers fairly this is an opportune time for finance houses to ditch lots of defunct accounts.