Nationwide Building Society Loyalty!

Tildaplum

There are currently two versions of the triple access ISA

- issue number 4 pays 1.21% and that was available last tax year

- the one that's been available since the 6th of April is issue 5 and that pays 1%

Both of these are going down to 0.4% on 1st of May

kuratowski

That's not correct, although the news articles did not make this clear.

Popular Triple Access Online ISA and Saver accounts remain on-sale, offering 1.00%

https://www.nationwide.co.uk/about/media-centre-and-specialist-areas/media-centre/press-releases/archive/2020/04/nationwide-announces-changes-to-savings-and-current-account-rates

Tildaplum

yes it is correct i have a letter and i have just called them to confirm

kuratowski

Was this an account you opened on or after 6th April?

Is it a 1 Year Triple Access Online ISA?  The products being cut to 0.40% do not have 1 Year in the name.

Tildaplum

issue 4 was before april 5th issue 5 after april 6th

Tildaplum

The news article does seem to imply it is staying at 1% however the adviser I have just called said it was going down to 0.4% so who knows

 perhaps someone else could call all I got through straight away by saying savings account

Tildaplum

The issue 4 at 1.21 % is definitely going down to 0.4% as the letter says that - I am not sure how to put a photo on here if someone can tell me I will photograph the letter

kuratowski

I don't doubt your letter!  That is consistent with my understanding anyway, the account at 1.21% is being cut to 0.40%.  However my belief is that on 6th April they launched a new 1Y triple access online (saver/ISA) and those are staying at 1%.  But if I'm wrong I guess I'll get a letter in the next day or so...

Pretty poor from Nationwide having so many accounts with almost identical names.

Tildaplum

yes it was the same product but issue 5 not 4.

Doesn't make a lot of sense that issue 5 should stay at 1% because don't you then just try and transfer from issue 4 to issue 5. 

zagfles

Nationwide have caused such utter confusion by having so many very similarly named accounts with various issue numbers that they can't even get their own press release right. Link above states "In terms of the Society’s on-sale accounts, Triple Access Online Saver and ISA will continue to offer a competitive rate of 1.00%." then further down in the rate tables it shows "Triple Access Online Saver/ ISA   old rate 0.90%-1.21%, new rate 0.40%" with a footnote saying "Includes different variations/issues of the same type of product."