Nationwide Building Society Loyalty!

eskbanker

YellowStarling said:

RBS's Vantage and Lloyd's Bank's Club (both offering an effective 1.20% on £5,000)

Alexland said:

dahj said:

What is RBS Vantage? A new account to launched?

It's an add on for their current accounts:
https://www.bankofscotland.co.uk/bankaccounts/vantage.html

Royal Bank of Scotland (RBS) and Bank of Scotland are of course two separate and unrelated banks, and it's only the latter that has a product called Vantage that enables £5K to earn an effective 1.2%....

YellowStarling

Sorry, yes, right you are. RBS is part of the RBS Group (with NatWest and Ulster Bank), which is later this year changing its name to NatWest Group. 

Bank of Scotland is entirely separate and headquartered elsewhere and is the one offering Vantage, as linked by Alexland. Apologies for any confusion.

Alexland

Yes good point eskbanker sorry I should have cleared up the confusion in my post if my brain was in full gear.

blue_max_3

I have £100,000 in this account and it's all going elsewhere. How do they think this will be a good economic decision?
I can get 1% in NS&I. There well may be a run on the bank!!!

badger09

blue_max_3 said:

I have £100,000 in this account and it's all going elsewhere. How do they think this will be a good economic decision?
I can get 1% in NS&I. There well may be a run on the bank!!!

I hope your £100k is in a joint account. With respect, I very much doubt that your withdrawal of £100k, and/or their recent interest rate cuts will cause 'a run on the bank'

ratechaser

badger09 said:

blue_max_3 said:

I have £100,000 in this account and it's all going elsewhere. How do they think this will be a good economic decision?
I can get 1% in NS&I. There well may be a run on the bank!!!

I hope your £100k is in a joint account. With respect, I very much doubt that your withdrawal of £100k, and/or their recent interest rate cuts will cause 'a run on the bank'

In and of itself it won't, but Nationwide's cuts across the board seem so disproportionate and out of step with the rest of the market that you've got to assume there will be some very heavy cash outflows over the next month. Across my immediate family's accounts, we'll have about another 150k coming out very soon as well...

d63

ratechaser said:

badger09 said:

blue_max_3 said:

I have £100,000 in this account and it's all going elsewhere. How do they think this will be a good economic decision?
I can get 1% in NS&I. There well may be a run on the bank!!!

I hope your £100k is in a joint account. With respect, I very much doubt that your withdrawal of £100k, and/or their recent interest rate cuts will cause 'a run on the bank'

In and of itself it won't, but Nationwide's cuts across the board seem so disproportionate and out of step with the rest of the market that you've got to assume there will be some very heavy cash outflows over the next month...

The approx £40k in my ‘loyalty’ isa is on its way out heading for pastures new, a mere drop in the ocean of the Nationwide’s coffers no doubt, but enough drops can turn into a flood. I see they have now introduced a new issue triple access saver at 1%, did they have a change of mind perhaps on comparing the cuts they made with most everyone else? Nationwide, grrr! 

badger09

d63 said:

ratechaser said:

badger09 said:

blue_max_3 said:

I have £100,000 in this account and it's all going elsewhere. How do they think this will be a good economic decision?
I can get 1% in NS&I. There well may be a run on the bank!!!

I hope your £100k is in a joint account. With respect, I very much doubt that your withdrawal of £100k, and/or their recent interest rate cuts will cause 'a run on the bank'

In and of itself it won't, but Nationwide's cuts across the board seem so disproportionate and out of step with the rest of the market that you've got to assume there will be some very heavy cash outflows over the next month...

The approx £40k in my ‘loyalty’ isa is on its way out heading for pastures new, a mere drop in the ocean of the Nationwide’s coffers no doubt, but enough drops can turn into a flood. I see they have now introduced a new issue triple access saver at 1%, did they have a change of mind perhaps on comparing the cuts they made with most everyone else? Nationwide, grrr! 

PasturesNew (forum user) will be very pleased

Thrugelmir

ratechaser said:

badger09 said:

blue_max_3 said:

I have £100,000 in this account and it's all going elsewhere. How do they think this will be a good economic decision?
I can get 1% in NS&I. There well may be a run on the bank!!!

I hope your £100k is in a joint account. With respect, I very much doubt that your withdrawal of £100k, and/or their recent interest rate cuts will cause 'a run on the bank'

In and of itself it won't, but Nationwide's cuts across the board seem so disproportionate and out of step with the rest of the market that you've got to assume there will be some very heavy cash outflows over the next month. Across my immediate family's accounts, we'll have about another 150k coming out very soon as well...

The rest of the market isn't going to pay higher rates to borrow than it needs to. 

d63

badger09 said:

d63 said:

ratechaser said:

badger09 said:

blue_max_3 said:

I have £100,000 in this account and it's all going elsewhere. How do they think this will be a good economic decision?
I can get 1% in NS&I. There well may be a run on the bank!!!

I hope your £100k is in a joint account. With respect, I very much doubt that your withdrawal of £100k, and/or their recent interest rate cuts will cause 'a run on the bank'

In and of itself it won't, but Nationwide's cuts across the board seem so disproportionate and out of step with the rest of the market that you've got to assume there will be some very heavy cash outflows over the next month...

The approx £40k in my ‘loyalty’ isa is on its way out heading for pastures new, a mere drop in the ocean of the Nationwide’s coffers no doubt, but enough drops can turn into a flood. I see they have now introduced a new issue triple access saver at 1%, did they have a change of mind perhaps on comparing the cuts they made with most everyone else? Nationwide, grrr! 

PasturesNew (forum user) will be very pleased

oh dear!  i fear the good folk at PasturesNew are going to be sadly disappointed when nothing does head their way!
(the actual new pastures involved was aldermore who i've never had an account with before, but are presently offering a 30-day notice isa at 1.30%,  tho i dare say not for much longer)