Nationwide rebranding

Section62

Albermarle said:

[Deleted User] said:

If the membership backed a rule change then it would go - end of story as it's owned by it's members. There is also a lingering question mark over the enforceability of the clause anyway given that it has effectively created two classes of membership since the 1990s - with post 1990s members facing the forced deprivation of their 'share' by the society.

Look at the Nationwide today, it's virtually indistinguishable from a retail bank. So it you're not getting better products, better rates (or even dividends that a bank would produce) the only people who appear to benefit from it's mutual status now appear be the staff...

It is distinguishable in our small town, as it is the only bank with a branch still open.

In my town Nationwide were the first to go.  Which I found a really odd decision, given the demographic.

Section62

WillPS said:

[Deleted User] said:

Look at the Nationwide today, it's virtually indistinguishable from a retail bank. So it you're not getting better products, better rates (or even dividends that a bank would produce) the only people who appear to benefit from it's mutual status now appear be the staff...

Please point me in the direction of a higher interest regular saver....

Several of them here -

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list#latest

For a long time Nationwide stopped offering a sensible RS account - the reason being they had attracted the wrong kind of customer.  Belatedly Nationwide have reintroduced an 8% RS, but haven't explained what has changed and whether they are now Ok with attracting wrong customers.  The replacement for the RS account was the Start-to-Save account, with an interest rate which was below the market rate and only worth bothering with if you felt you were likely to win one of the prize draws.

That reflects the approach Nationwide have adopted over the last 3 years or so - abandoning decent straightforward rates of interest and replacing it with lotteries. (But I'm sensing that particular aberration might be coming to an end.)

WillPS said:

....or a better value packaged bank account which includes full-family mobile phone insurance and AA cover with onward travel.

One product. And that's a current account.

One of the most common complaints on Connect is about the reduction in product benefits and the poor value of the products offered.  Cashback on credit cards was scrapped.  Free travel insurance on FlexAccounts was scrapped.  The monthly fee for FlexPlus was increased at the same time the extended warranty perk was scrapped.  FlexPlus in-credit interest was then scrapped.  A decent in-credit interest rate on FlexDirect was limited to a once-in-a-lifetime 12m period.  The Loyalty Saver was scrapped for new accounts, and the 'loyalty' differentiation removed from existing accounts.

^There's a long list of similar issues.

WillPS said:

Nationwide are far from perfect but it's a total mischaracterisation to suggest they are behind the market in terms of their product offer.

FredTrump said Nationwide were "indistinguishable from a retail bank".  I completely agree in terms of their product lineup.  (Notwithstanding their single current account offer which is great for families with expensive mobile phones).

The point I think many of us might make is that Nationwide's offer is like that of a retail bank, and banks are what Nationwide opts to measure itself against.

But Nationwide is a mutual, the members own it, and there aren't [greedy] shareholders to pay.  Nationwide is also by far the largest mutual building society in the UK so should benefit from economies of scale.

So Nationwide's offer should be better than banks, and should (overall) be better than the average building society.  But it isn't.  And the question members should be asking at the AGM is "why not?".

xylophone

So Nationwide's offer should be better than banks, and should (overall) be better than the average building society.  But it isn't.  And the question members should be asking at the AGM is "why not?".

I think I would agree with this.

I've had accounts of various kinds with Nationwide for over thirty years, similarly YBS and I suppose I've been with Coventry for around fifteen and Leeds longer than that.

Skipton and Saffron have been more recent acquisitions.

Leeds has not been a star player but other than that, it seems to me that Nationwide has offered rather less to members than any of the above.

Rob5342

It makes no practical difference to me whether somewhere  is a mutual, a bank, or another arrangement. I just look at the app and interest rate and change as soon as I find somewhere better.

WillPS

Section62 said:

WillPS said:

[Deleted User] said:

Look at the Nationwide today, it's virtually indistinguishable from a retail bank. So it you're not getting better products, better rates (or even dividends that a bank would produce) the only people who appear to benefit from it's mutual status now appear be the staff...

Please point me in the direction of a higher interest regular saver....

Several of them here -

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list#latest

Which of those pays more than 8% please? As I read it, the nearest is 7.49%, and the nearest which anybody in the UK can get is 7%. That's significantly ahead.

Section62 said:

WillPS said:

....or a better value packaged bank account which includes full-family mobile phone insurance and AA cover with onward travel.

One product. And that's a current account.

One of the most common complaints on Connect is about the reduction in product benefits and the poor value of the products offered.  Cashback on credit cards was scrapped.  Free travel insurance on FlexAccounts was scrapped.  The monthly fee for FlexPlus was increased at the same time the extended warranty perk was scrapped.  FlexPlus in-credit interest was then scrapped.  A decent in-credit interest rate on FlexDirect was limited to a once-in-a-lifetime 12m period.  The Loyalty Saver was scrapped for new accounts, and the 'loyalty' differentiation removed from existing accounts.

^There's a long list of similar issues.

You're talking a lot now about stuff Nationwide used to do but don't any more, which is an entirely different argument to whether or not they're better. On the packaged account, they are better more often than not.

How many fee-free accounts offer travel insurance please? The only one I'm aware of is the 'strings attached' HSBC Premier.

How many accounts offer better in-credit interest than FlexDirect? They are way ahead of the field which is mostly at 0, and behind only Starling/Kroo. It's very clear that they never intended this to be a 'have forever' rate, otherwise why limit it in that way at all? They closed off a workaround, making it fairer for members who manage their account in the way intended.

Section62 said:

WillPS said:

Nationwide are far from perfect but it's a total mischaracterisation to suggest they are behind the market in terms of their product offer.

FredTrump said Nationwide were "indistinguishable from a retail bank".  I completely agree in terms of their product lineup.  (Notwithstanding their single current account offer which is great for families with expensive mobile phones).

The point I think many of us might make is that Nationwide's offer is like that of a retail bank, and banks are what Nationwide opts to measure itself against.

But Nationwide is a mutual, the members own it, and there aren't [greedy] shareholders to pay.  Nationwide is also by far the largest mutual building society in the UK so should benefit from economies of scale.

So Nationwide's offer should be better than banks, and should (overall) be better than the average building society.  But it isn't.  And the question members should be asking at the AGM is "why not?".

And what about the other side of the equation? What about all the speculative stuff banks can do to make money which building societies cannot?

It's not as simple as 'copy paste retail bank, remove shareholders and reinvest the arbitrage'.

If running current accounts was so straight-forward and bound to make money, why have so many players, including other building societies, pulled out?

2010

Had a letter today with a return address on the back that I didn`t recognise.
Googled it and discovered about 22 companies using this address, none of which I knew.
In the fight against fraud,companies do use obscure addresses when sending mail.
I thought this was a good idea for added security.
I had not opened the letter yet, as I glanced towards the bottom of the envelope looking at the recycling icon where it boldly said.
Nationwide cares about the environment ----------------------- etc.

artyboy

That cringeworthy advert from them that I saw last night... making out what a cuddly mutual they are versus the big bad banks that openly sneer at widows and orphans losing money. 

The icing on the cake was the punchline about not closing branches. Erm well, how about the fact that our local one has just decided to be closed for 2 days a week (as in, weekdays)

Sophistry at its finest 🙄

flaneurs_lobster

2010 said:

Had a letter today with a return address on the back that I didn`t recognise.
Googled it and discovered about 22 companies using this address, none of which I knew.
In the fight against fraud,companies do use obscure addresses when sending mail.
I thought this was a good idea for added security.
I had not opened the letter yet, as I glanced towards the bottom of the envelope looking at the recycling icon where it boldly said.
Nationwide cares about the environment ----------------------- etc.

The return address may not be the source of the mail.

Lots of banks, utilities etc outsource printing, envelope-stuffing & mailing to specialist companies. Probably why that address is shared, it will be a mail processing centre.

Can't really see that checking the return address is of much use in determining if a letter is genuine.

Have you chosen to turn on all possible paperless options on your Nationwide account?

2010

flaneurs_lobster said:

2010 said:

Had a letter today with a return address on the back that I didn`t recognise.
Googled it and discovered about 22 companies using this address, none of which I knew.
In the fight against fraud,companies do use obscure addresses when sending mail.
I thought this was a good idea for added security.
I had not opened the letter yet, as I glanced towards the bottom of the envelope looking at the recycling icon where it boldly said.
Nationwide cares about the environment ----------------------- etc.

The return address may not be the source of the mail.

Lots of banks, utilities etc outsource printing, envelope-stuffing & mailing to specialist companies. Probably why that address is shared, it will be a mail processing centre.

Can't really see that checking the return address is of much use in determining if a letter is genuine.

Have you chosen to turn on all possible paperless options on your Nationwide account?

I think you`ve missed the point of my post.
If a company wants to hide it`s name by using an obscure addres, it sort of loses it by then printing it`s name further down the envelope.

The post was nothing to do with paperless or if genuine.
Usually when I get letters from NW all it says as the return address is Swindon. (where their HQ is).
That`s why I was curious about a return address I had never seen before.

WillPS

2010 said:

flaneurs_lobster said:

2010 said:

Had a letter today with a return address on the back that I didn`t recognise.
Googled it and discovered about 22 companies using this address, none of which I knew.
In the fight against fraud,companies do use obscure addresses when sending mail.
I thought this was a good idea for added security.
I had not opened the letter yet, as I glanced towards the bottom of the envelope looking at the recycling icon where it boldly said.
Nationwide cares about the environment ----------------------- etc.

The return address may not be the source of the mail.

Lots of banks, utilities etc outsource printing, envelope-stuffing & mailing to specialist companies. Probably why that address is shared, it will be a mail processing centre.

Can't really see that checking the return address is of much use in determining if a letter is genuine.

Have you chosen to turn on all possible paperless options on your Nationwide account?

I think you`ve missed the point of my post.
If a company wants to hide it`s name by using an obscure addres, it sort of loses it by then printing it`s name further down the envelope.

The post was nothing to do with paperless or if genuine.
Usually when I get letters from NW all it says as the return address is Swindon. (where their HQ is).
That`s why I was curious about a return address I had never seen before.

I think the point you're missing is that Nationwide aren't trying to obscure their address at all, that's a bad assumption on your part.