Nationwide 1 Year Triple Access Saver

newatc

2010 said:

soulsaver said:

Castle said:

Olinda99 said:

Now paying 1.5%

That's on the new Issue 15; the old Issue 14, (which only came out in June), is only paying 1.0%.

The 'old' issue 15 was paying 1.4 - this is 'automatically applied' to that, the current issue.

I can`t see the point of them keep bringing out new issues.
The way rates are likely to keep changing they should just keep increasing issue 15.
If I have to keep closing each issue to take out a new higher rate issue, the money will be going elsewhere.
NW rates have been so bad, I`ve gave them a miss until issue 15 paying 1.5%.
Any chopping and changing and it`ll be goodbye NW.

They , and many others, have been living off the apathy of their customers for years. It's part of their DNA and clearly works for them.

Bridlington1

2010 said:

soulsaver said:

Castle said:

Olinda99 said:

Now paying 1.5%

That's on the new Issue 15; the old Issue 14, (which only came out in June), is only paying 1.0%.

The 'old' issue 15 was paying 1.4 - this is 'automatically applied' to that, the current issue.

I can`t see the point of them keep bringing out new issues.
The way rates are likely to keep changing they should just keep increasing issue 15.
If I have to keep closing each issue to take out a new higher rate issue, the money will be going elsewhere.
NW rates have been so bad, I`ve gave them a miss until issue 15 paying 1.5%.
Any chopping and changing and it`ll be goodbye NW.

I think the whole reason why they bring out new issues boils down to profitability. Many most people who have these accounts do not keep track of the interest rate on them. Thus when it comes round to increasing the interest rate, most will stay on the old rate without realising the rate for the newer issue has changed.

In many ways it's a plus as since they're bringing out a new issue every 6 weeks or so at the moment, you are not as restricted by the 3 withdrawals/year term as you would be under normal circumstances. Thus you can put more in them than you normally would, expecting to make a couple of withdrawals each month and not lose out on any interest.

Section62

Bridlington1 said:

I think the whole reason why they bring out new issues boils down to profitability. Many most people who have these accounts do not keep track of the interest rate on them. Thus when it comes round to increasing the interest rate, most will stay on the old rate without realising the rate for the newer issue has changed.

Nationwide is supposed to be a mutual though - they should take more care to make sure members are getting a good deal (than the shareholder banks do).

Bridlington1

Section62 said:

Bridlington1 said:

I think the whole reason why they bring out new issues boils down to profitability. Many most people who have these accounts do not keep track of the interest rate on them. Thus when it comes round to increasing the interest rate, most will stay on the old rate without realising the rate for the newer issue has changed.

Nationwide is supposed to be a mutual though - they should take more care to make sure members are getting a good deal (than the shareholder banks do).

I suppose their argument would be that if they keep bringing out new issues, they will have more money to go towards their charitable works. Also if most of their customers are languishing on the old rate, it also becomes affordable to offer higher interest rates on the newer issues than they would otherwise be able to, thereby enabling those who keep an eye on their interest rates to get a better deal than they would if they had to raise everyone's interest rates.

MX5huggy

Section62 said:

Bridlington1 said:

I think the whole reason why they bring out new issues boils down to profitability. Many most people who have these accounts do not keep track of the interest rate on them. Thus when it comes round to increasing the interest rate, most will stay on the old rate without realising the rate for the newer issue has changed.

Nationwide is supposed to be a mutual though - they should take more care to make sure members are getting a good deal (than the shareholder banks do).

Their mortgage holders are also members. But I wish they were paying you the 2.79% I’m paying them, a 3 year old 10 year fix is coming back towards being a good idea. 

[Deleted User]

MX5huggy said:

Section62 said:

Bridlington1 said:

I think the whole reason why they bring out new issues boils down to profitability. Many most people who have these accounts do not keep track of the interest rate on them. Thus when it comes round to increasing the interest rate, most will stay on the old rate without realising the rate for the newer issue has changed.

Nationwide is supposed to be a mutual though - they should take more care to make sure members are getting a good deal (than the shareholder banks do).

Their mortgage holders are also members. But I wish they were paying you the 2.79% I’m paying them, a 3 year old 10 year fix is coming back towards being a good idea. 

They are operating a mutual, not a charity - they couldn't realistically offer an identical borrowing/savings rate. 

Bridlington1

Deleted_User said:

MX5huggy said:

Section62 said:

Bridlington1 said:

I think the whole reason why they bring out new issues boils down to profitability. Many most people who have these accounts do not keep track of the interest rate on them. Thus when it comes round to increasing the interest rate, most will stay on the old rate without realising the rate for the newer issue has changed.

Nationwide is supposed to be a mutual though - they should take more care to make sure members are getting a good deal (than the shareholder banks do).

Their mortgage holders are also members. But I wish they were paying you the 2.79% I’m paying them, a 3 year old 10 year fix is coming back towards being a good idea. 

They are operating a mutual, not a charity - they couldn't realistically offer an identical borrowing/savings rate. 

I don't think even a charity could realistically offer an identical borrowing/savings rate. 

Section62

Bridlington1 said:

I suppose their argument would be that if they keep bringing out new issues, they will have more money to go towards their charitable works.

But charitable works isn't, or rather shouldn't be, their primary focus.  Member's interests should be.

Members were asked to vote in 2007 on Nationwide donating at least 1% of its pre-tax profits to charity, community and environmental activities.  Despite a global financial crash, austerity, a global pandemic, and now a cost of living crisis, Nationwide haven't (to the best of my knowledge) asked members to reaffirm that committment in any of the 15 subsequent years.

Of course many of those events are reasons why charitable giving is more important than ever, however, I suspect the majority of savings members would draw the line at the idea of us having to keep on opening new accounts to get improved savings rates, just so Nationwide can give more to charity.

Maybe it would be better if they created a specific savings product which top-slices the interest paid and diverted that money to charity... and left other members in a position where they can open one issue of an account and be relatively confident it will pay them the best available rate of interest?

Bridlington1 said:

Also if most of their customers are languishing on the old rate, it also becomes affordable to offer higher interest rates on the newer issues than they would otherwise be able to, thereby enabling those who keep an eye on their interest rates to get a better deal than they would if they had to raise everyone's interest rates.

This would diverge significantly from the principles of mutuality - we should all benefit in broadly equal terms, rather than some members profiting from other members suffering losses.