Nationwide dragging their heels

flaneurs_lobster

I fail to see why you are getting so exercised over a bit of marketing speak. 

If Nationwide's rates can be bettered elsewhere then just move your money. When they've finished "working out what it means" and increase their rates, move your money back. If they don't then don't. 

happybagger

You're missing the point. If they felt the need to state "they're working it out" then they should say what they have decided when they have "worked it out".

Marketing speak in your view, but the indication is that it is an ongoing process that has not yet concluded (basic English grammar).

In my case I only have the Start to Save at 5% so won't be moving cash out, but I certainly wouldn't be with them for other accounts.

inkydolphin

flaneurs_lobster said:

I fail to see why you are getting so exercised over a bit of marketing speak. 

If Nationwide's rates can be bettered elsewhere then just move your money. When they've finished "working out what it means" and increase their rates, move your money back. If they don't then don't. 

It's just annoying. Don't worry I'm not losing sleep over it

Stargunner

happybagger said:

You're missing the point. If they felt the need to state "they're working it out" then they should say what they have decided when they have "worked it out".

Marketing speak in your view, but the indication is that it is an ongoing process that has not yet concluded (basic English grammar).

In my case I only have the Start to Save at 5% so won't be moving cash out, but I certainly wouldn't be with them for other accounts.

Maybe they still haven’t decided, which is why there is no update on their website.

happybagger

Nationwide - On your side - We can't decide

Maybe they never will.

flaneurs_lobster

happybagger said:

You're missing the point. If they felt the need to state "they're working it out" then they should say what they have decided when they have "worked it out".

Marketing speak in your view, but the indication is that it is an ongoing process that has not yet concluded (basic English grammar).

In my case I only have the Start to Save at 5% so won't be moving cash out, but I certainly wouldn't be with them for other accounts.

I'm not missing the point. Every single savings institution have a function whose job it is to examine the marketplace in which they work, their current deposits portfolio, their performance objectives and other factors, and to make decisions about rates they offer, for how long and to whom.

It doesn't just start up when the BoE changes base rate and then stop. It's continuous, it's a fundamental part of how the market works. If they choose to give updates on their website then so be it. 

Interesting that their decision to leave this work-in-progress message on their site has generated more interest/hits/discussion on this site than if they had said nothing. Clever marketing?

Stargunner

happybagger said:

Nationwide - On your side - We can't decide

Maybe they never will.

Even if they did increase the start to save rate by 0.5%, as you can only save a max of £50 a month, the extra interest that you would get in a year wouldn’t even buy you a pint of beer.

Sarahspangles

We have a budget next Wednesday and the BoE meet the following Thursday, and the new financial year starts two weeks later.  Rather than making a small change, maybe they’re launching new products then?

If so, let’s hope they have enough staff on their help desks/systems to cope 🙄

happybagger

Doubt it. They'll need months to "work out what it means"