Nationwide Building Society Loyalty!

Albermarle

Across my immediate family's accounts, we'll have about another 150k coming out very soon as well...

Better be quick as the better deals are becoming more scarce. One week ago there were five or six banks offering a two year fixed ISA at 1.45%. Now there is only one I think and a couple that were at this level are now at 1.25% .

ratechaser

Albermarle said:

Across my immediate family's accounts, we'll have about another 150k coming out very soon as well...

Better be quick as the better deals are becoming more scarce. One week ago there were five or six banks offering a two year fixed ISA at 1.45%. Now there is only one I think and a couple that were at this level are now at 1.25% .

Indeed.... I got mine in with OakNorth at 1.51% for 2 years and Mrs RC is doing the 1.45% Kent Reliance one, it was a bit of a scramble. 

The rest is kids money, in trust - thats more of a challenge as it can't be put into JISAs (already maxed), and anything beyond a 2 year fix is impractical as they are getting close to 18. Plus a number of children's accounts have an age limit of 16. So right now, the Family Building Society looks like the best option at 2.25% instant access, but who knows if that's going to get chopped soon as well...

Albermarle

Mrs RC is doing the 1.45% Kent Reliance one,

Good that she was quick as this has now gone down to 1.25%

blue_max_3

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'

It wasn't, but I know it was a risk. Had to spread some cash around after selling my flat due to divorce and an inheritance. That was over six months ago, so that wouldn't have helped. Nationwide were considered a good risk though.
Now NS&I are continuing to offer 1%, I can mop up all the lesser paying accounts into one account, to make managing them easier.
That 100k may be several peoples mortgage. There are 15m members, so if 10% move their savings out, I think it will weigh heavily at least. That triple access is too little, too late. Why should I limit my withdrawals? 

Starbrite

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%!

How, why? Variable means go up as well as down.... Never going to be able to afford to buy a home....

May as well stash the money under the mattress, is being an adult a constant struggle? is that what being an adult actual means?

kuratowski

Starbrite said:

May as well stash the money under the mattress

First place burglars look.  Really unwise.

is being an adult a constant struggle? is that what being an adult actual means? 

For most people, yes.  Unwise to expect otherwise.  Not many people are able to buy their own home without years of saving and years of hard work.

Alexland

Starbrite said:

May as well stash the money under the mattress

Nationwide would sneak in at night and you would wake up a bit nearer the floor.

Starbrite

kuratowski said:

Starbrite said:

May as well stash the money under the mattress

First place burglars look.  Really unwise.

is being an adult a constant struggle? is that what being an adult actual means? 

For most people, yes.  Unwise to expect otherwise.  Not many people are able to buy their own home without years of saving and years of hard work.

Hmm might have to put some boobie traps under the bed! Or leave a note saying I have corona virus and have coughed spluttered all over it... that might keep them away... (I am joking trying to make light of a horrific situation)

Glad that is established, being an adult is a constant struggle.... struggle to get a job, struggle to pay bills, struggle to save.... When do I get my refund? fed up with my 20 year trail

Alexland said:

Starbrite said:

May as well stash the money under the mattress

Nationwide would sneak in at night and you would wake up a bit nearer the floor.

That they would, robbing B£@%&*(£$s

[Deleted User]

Not a big Nationwide fan here but they clearly don't need to pay about the base rate for funds.

They might be a mutual but are still a commercially driven organisation. 

davidsoper

keep hearing the word loyalty. works both ways, yes enjoyed 1.4% they are a business and would not have offered that rate as a gift! Im now £1000 a year down Im also not a charity!