Nationwide Building Society Loyalty!

Starbrite

eskbanker said:

Starbrite said:

I am probably about to ask the most silly question ever.... a fixed ISA that is just the interest rate that is fixed? you can still pay into the ISA?

The interest rate is fixed but the flipside is usually that you can only pay in during a short initial window of 14 or 28 or 30 days.

Starbrite said:

And what are Jr ISA's offering higher interest rates! 

Junior ISAs are, as the full name suggests, only available to children.

Well that totally sucks, how is one meant to save to buy a home? (am over 40)

And I meant WHY are Jr ISA's offering higher intrest rates....

Is it possible to invent a child so I can get those higher rates!... am joking and aware of money laundering etc saving is just so frustrating when the interest rates are dire

blue_max_3

epm-84 said:

worldtraveller said:

newatc said:

Nationwide are massively cutting their savings rates from May. Account such as Loyalty Saver (currently 1.1%) and Loyalty Single Access (currently 1.4%) reduced to a measly 0.25%. So much for loyalty! 

The BOE base rate is now 0.1%, so why do you believe that 0.25% is still not rewarding loyalty?

Their Triple Access ISA for new customers offers 1% interest, their single access Loyalty ISA will offer 0.25% interest, so they are focusing on an account used as bait for new ISA customers, opposed to rewarding existing customers who hold one of their so-called loyalty products.

Hadn't appreciated it was for new customers only! That's the final nail in their coffin for me. Have a current account with them and to be fair, it's been fine. But that loyalty account leaves a bad taste.

d63

blue_max_3 said:

epm-84 said:

worldtraveller said:

newatc said:

Nationwide are massively cutting their savings rates from May. Account such as Loyalty Saver (currently 1.1%) and Loyalty Single Access (currently 1.4%) reduced to a measly 0.25%. So much for loyalty! 

The BOE base rate is now 0.1%, so why do you believe that 0.25% is still not rewarding loyalty?

Their Triple Access ISA for new customers offers 1% interest, their single access Loyalty ISA will offer 0.25% interest, so they are focusing on an account used as bait for new ISA customers, opposed to rewarding existing customers who hold one of their so-called loyalty products.

Hadn't appreciated it was for new customers only! That's the final nail in their coffin for me. Have a current account with them and to be fair, it's been fine. But that loyalty account leaves a bad taste.

is that quite right about being for new customers only? on their webpage at
 https://www.nationwide.co.uk/products/savings/triple-access-online-isa/features-and-benefits
amongst other things it says:
.... If you have existing ISAs with us or with another provider, you can transfer them into this account by going to nationwide.co.uk/isas

zagfles

blue_max_3 said:

epm-84 said:

worldtraveller said:

newatc said:

Nationwide are massively cutting their savings rates from May. Account such as Loyalty Saver (currently 1.1%) and Loyalty Single Access (currently 1.4%) reduced to a measly 0.25%. So much for loyalty! 

The BOE base rate is now 0.1%, so why do you believe that 0.25% is still not rewarding loyalty?

Their Triple Access ISA for new customers offers 1% interest, their single access Loyalty ISA will offer 0.25% interest, so they are focusing on an account used as bait for new ISA customers, opposed to rewarding existing customers who hold one of their so-called loyalty products.

Hadn't appreciated it was for new customers only! That's the final nail in their coffin for me. Have a current account with them and to be fair, it's been fine. But that loyalty account leaves a bad taste.

It's not for new customers only as far as I can see, existing customers can open one, provided you haven't already used up this year's ISA allowance. Unless someone has spotted something I've missed?

kuratowski

It's not for new customers only, and you don't need to use any of this year's ISA allowance.  I transferred all my funds from the Loyalty Single Access ISA into the 1Y Triple Access Online ISA on the day the cuts were announced; less of a faff than opening an account with a new bank (which I would have needed to do to maximise), and it means my interest rate cut from 1.40% to 1% was actually less than the BoE Base Rate cut 0.65%.

cosh25

Just had my email from Coventry. Every account I hold with then is going down by 0.65% pretty much. I notice they have put updated details online now also

Albermarle

kuratowski said:

It's not for new customers only, and you don't need to use any of this year's ISA allowance.  I transferred all my funds from the Loyalty Single Access ISA into the 1Y Triple Access Online ISA on the day the cuts were announced; less of a faff than opening an account with a new bank (which I would have needed to do to maximise), and it means my interest rate cut from 1.40% to 1% was actually less than the BoE Base Rate cut 0.65%.

This 1% is not fixed though, so I guess could down again? Their fixed rate isa offering was very uncompetitive, so I did open an account with anew bank ( Aldermore )  , with slightly surpisingly  minimal fuss/effort .

kuratowski

Albermarle said:
This 1% is not fixed though, so I guess could down again?

Indeed.  Transferring out remains an option.  And I do get why everybody is annoyed (this is not what people expected for "loyalty" accounts).  Just saying that, for me, the 1% rate at the present time was adequate to stop me from transferring; whereas 0.25% would not have been.

epm-84

blue_max_3 said:

epm-84 said:

worldtraveller said:

newatc said:

Nationwide are massively cutting their savings rates from May. Account such as Loyalty Saver (currently 1.1%) and Loyalty Single Access (currently 1.4%) reduced to a measly 0.25%. So much for loyalty! 

The BOE base rate is now 0.1%, so why do you believe that 0.25% is still not rewarding loyalty?

Their Triple Access ISA for new customers offers 1% interest, their single access Loyalty ISA will offer 0.25% interest, so they are focusing on an account used as bait for new ISA customers, opposed to rewarding existing customers who hold one of their so-called loyalty products.

Hadn't appreciated it was for new customers only! That's the final nail in their coffin for me. Have a current account with them and to be fair, it's been fine. But that loyalty account leaves a bad taste.

I didn't say new customers only, just that new customers can get a better offer than existing customers who hold what's called a 'loyalty ISA.'

2010

Except for my current account, all other accounts with NW have now been closed or moved elsewhere.
Shawbrook two year fix for the ISA, 1.48%.
"Loyalty" 15yr flexsaver (.25%) to Marcus  1.2%