Best savings account for sale proceeds of home

cricidmuslibale

Another_Saver said:

Have you complained to NS&I, parliamentary ombudsman, MP, Rishi?

Yes, no, yes, no respectively.

jsmith9

Well that well known building society Nationwide aka "It's the little things we do for our savers that help a lot" is actually paying 15x less interest on its instant access account as NS&I (0.01%  v 0.15%) so I don't see why all the complaints....

Alexland

Another_Saver said:

But If he wants to feel super safe, doesn't want the hassle of waiting for the FSCS processa after the bank collapses, and doesn't mind a !!!!!! rate he could stick the lot in NS&I

It might be quicker to raise an FSCS claim against a failed bank than resolve an issue with NS&I customer services...

cricidmuslibale

jsmith9 said:

Well that well known building society Nationwide aka "It's the little things we do for our savers that help a lot" is actually paying 15x less interest on its instant access account as NS&I (0.01%  v 0.15%) so I don't see why all the complaints....

It's all about NS&I's totally unexpected (from all they've done in the past) two-faced approach to savers this year. Holding variable rates that were too high compared to their competitors from spring this year until 24th November on the pretence that they were doing so to 'support their savers at this very difficult time'. (I'm pretty sure that's what they said when they decided not to go ahead with the originally planned, much more modest interest rate cuts that they really should have gone ahead with as scheduled.) Then doing a total U-turn from this from last Tuesday (24 Nov) onwards and slashing interest rates so severely that one account i.e. Income Bonds suffered a rate cut of 99.5%! The Direct Saver itself has had a rate cut of 85% which is still very steep.

I'm not defending Nationwide at all btw. To state "It's the little things we do for our savers that help a lot" whilst paying a rate as low as 0.01% is imho at least very misleading and at worst almost dishonest!

JGB1955

jsmith9 said:

Well that well known building society Nationwide aka "It's the little things we do for our savers that help a lot" is actually paying 15x less interest on its instant access account as NS&I (0.01%  v 0.15%) so I don't see why all the complaints....

It's 0.05 for the £750K the OP was talking about...Instant Access Saver | Nationwide

jsmith9

Agreed, but it only takes approximately 75 milliseconds to transfer the money from income bonds to a direct saver which pays 15 times the interest rate of Britain's favourite Building Society...

jsmith9

I do  agree with you @cricidmuslibale in that NS&I held their interest rates artificially high thus ensuring a a massive inflow of funds only to reduce them to practically zero thus ensuring a massive outflow of funds and incurring the wrath of their customers...

no idea why they did this - file it under 'idiotic things to government have done' ...