£100 payment - Nationwide Fairer Share

DS_MSE

Surprise - Nationwide have apparently raised their underlying Mortgage Rates today by up to 0.45%, in response to the BoE Base Rate Inc on 11th May and yet 15 Days later still no announcement regarding their Savings Rates when all but one of all the other mainstream Building Societies have either increased their rates already or announced increases from 1st June.

So much for ‘Member Financial Benefits’ through Better Rates ! … I wonder how much profit Nationwide makes each day whilst they drag this out, or are we going to have to wait another 4½ Months and 2 further BoE Increases, as we did from Nov 22 - April 23, before Nationwide ‘rewards’ its Savers … mind you I guess the longer they wait, the less they will have to pay out, as their disenchanted Savers withdraw their funds and move them elsewhere !

Also seems odd to me how Nationwide’s business model clearly now gives so much more weight and importance to Current Account Holders with only £33 Bn on Deposit compared to its Savers with £154 Bn that surely must be more stable and cost them far less to manage.

In fact, perhaps I have answered my own question and their level of Savings Deposits @ £154 Bn is so great and perhaps comprises of so many longer standing more traditional Building Soc Savers that they believe they are ‘Bomb Proof’ and although they may lose some, this pool is so large, even if they hack off several thousands of savers, they are confident that this will have little to no effect on their Liquidity Ratio. 

inkydolphin

These multiple threads, two with exactly the same subject, need merging. I think we get the message. 

ForumUser7

inkydolphin said:

These multiple threads, two with exactly the same subject, need merging. I think we get the message. 

Yes, I’ve put in a request to get this one merged into mine as OP used the title I used. The other ones I haven’t though, as the titles aren’t the same and I’m not really sure where forum staff draw the line for whether threads should be merged. If someone else wants to put in requests for any similar threads on the budgeting and bank accounts board to be merged into mine though, it’s probably a good idea.

I’ve not requested the one on the S&I board is merged, seeing as it is on a different board and @RG2015 rightly mentioned some people don’t check all the boards

wizzywig27

So I upgraded my account from a FlexBasic to a FlexPlus back in February/March time. They never actually opened me a savings account although I do have a Help to Buy ISA (not cash ISA).

Do you need to request the savings account to be opened or should it open automatically? 

I never actually had an opportunity to deposit anything into a savings account, let alone £100

RG2015

ForumUser7 said:

inkydolphin said:

These multiple threads, two with exactly the same subject, need merging. I think we get the message. 

Yes, I’ve put in a request to get this one merged into mine as OP used the title I used. The other ones I haven’t though, as the titles aren’t the same and I’m not really sure where forum staff draw the line for whether threads should be merged. If someone else wants to put in requests for any similar threads on the budgeting and bank accounts board to be merged into mine though, it’s probably a good idea.

I’ve not requested the one on the S&I board is merged, seeing as it is on a different board and @RG2015 rightly mentioned some people don’t check all the boards

I just got a notification for being mentioned on this thread, and as I haven't read recent updates on the Nationwide £100 threads, I had a look on both Board front pages.

I was amazed to find and 139 unread posts on Nationwide thread on this Board, and 218 unread posts on the one on the Savings & Investments Board.

I am sure also that I had already read several posts on both threads, so the mind boggles at what additional stuff people are saying.

What more can you say other than some will get the £100 and some won't.

EarthBoy

wizzywig27 said:

So I upgraded my account from a FlexBasic to a FlexPlus back in February/March time. They never actually opened me a savings account although I do have a Help to Buy ISA (not cash ISA).

Do you need to request the savings account to be opened or should it open automatically? 

FlexPlus doesn't come with a linked savings account.  If you want a savings account, you have to open one separately. 

MDMD

DS_MSE said:

Surprise - Nationwide have apparently raised their underlying Mortgage Rates today by up to 0.45%, in response to the BoE Base Rate Inc on 11th May and yet 15 Days later still no announcement regarding their Savings Rates when all but one of all the other mainstream Building Societies have either increased their rates already or announced increases from 1st June.

So much for ‘Member Financial Benefits’ through Better Rates ! … I wonder how much profit Nationwide makes each day whilst they drag this out, or are we going to have to wait another 4½ Months and 2 further BoE Increases, as we did from Nov 22 - April 23, before Nationwide ‘rewards’ its Savers … mind you I guess the longer they wait, the less they will have to pay out, as their disenchanted Savers withdraw their funds and move them elsewhere !

Also seems odd to me how Nationwide’s business model clearly now gives so much more weight and importance to Current Account Holders with only £33 Bn on Deposit compared to its Savers with £154 Bn that surely must be more stable and cost them far less to manage.

In fact, perhaps I have answered my own question and their level of Savings Deposits @ £154 Bn is so great and perhaps comprises of so many longer standing more traditional Building Soc Savers that they believe they are ‘Bomb Proof’ and although they may lose some, this pool is so large, even if they hack off several thousands of savers, they are confident that this will have little to no effect on their Liquidity Ratio. 

Nothing to do with the Bank Rate change from before. 

It’s because swap rates have shot up because of the inflation rate being higher than expected leading to the expectation that there will be more increases in the future.

https://www.mortgagesolutions.co.uk/news/2023/05/25/nationwide-ups-mortgage-pricing-as-swap-rates-jump/

DS_MSE

MDMD said:

Nothing to do with the Bank Rate change from before.

It’s because swap rates have shot up because of the inflation rate being higher than expected leading to the expectation that there will be more increases in the future.

https://www.mortgagesolutions.co.uk/news/2023/05/25/nationwide-ups-mortgage-pricing-as-swap-rates-jump/

Thanks for clarifying this but whatever Nationwide give as the reason for their Mortgage Rates rising, this still in my book doesn't explain why some 15 Days after the Base Rate increased on 11/05 they haven't unlike the majority of their mainstream BS Competitors either announced forthcoming or applied any Savings Rate increases and are therefore most certainly NOT delivering that 'Financial Benefit for Members through Better Rates' as they repeatedly claim, which I believe is intentional delaying tactics to profit at the expense of Savers from the differential between Saving and Borrowing Rates as they did throughout the last financial year from Nov22.

ForumUser7

MDMD said:

DS_MSE said:

Surprise - Nationwide have apparently raised their underlying Mortgage Rates today by up to 0.45%, in response to the BoE Base Rate Inc on 11th May and yet 15 Days later still no announcement regarding their Savings Rates when all but one of all the other mainstream Building Societies have either increased their rates already or announced increases from 1st June.

So much for ‘Member Financial Benefits’ through Better Rates ! … I wonder how much profit Nationwide makes each day whilst they drag this out, or are we going to have to wait another 4½ Months and 2 further BoE Increases, as we did from Nov 22 - April 23, before Nationwide ‘rewards’ its Savers … mind you I guess the longer they wait, the less they will have to pay out, as their disenchanted Savers withdraw their funds and move them elsewhere !

Also seems odd to me how Nationwide’s business model clearly now gives so much more weight and importance to Current Account Holders with only £33 Bn on Deposit compared to its Savers with £154 Bn that surely must be more stable and cost them far less to manage.

In fact, perhaps I have answered my own question and their level of Savings Deposits @ £154 Bn is so great and perhaps comprises of so many longer standing more traditional Building Soc Savers that they believe they are ‘Bomb Proof’ and although they may lose some, this pool is so large, even if they hack off several thousands of savers, they are confident that this will have little to no effect on their Liquidity Ratio. 

Nothing to do with the Bank Rate change from before. 

It’s because swap rates have shot up because of the inflation rate being higher than expected leading to the expectation that there will be more increases in the future.

https://www.mortgagesolutions.co.uk/news/2023/05/25/nationwide-ups-mortgage-pricing-as-swap-rates-jump/

I've read things suggesting it could rise to as high as 5.5%, but before traders thought 5% - it's difficult to really gauge with how frequently the predictions change

DS_MSE