Nationwide changed the bond rate..

jfox22

Hi, this is my first post after being a lurker for quite some time.

I opened up an E-Bond with Nationwide yday at 6.40% and then log online today to find out that they've increased the rate to 6.60%.

Do you think i have any rights to complain and see if i can get the higher rate?

Rafter

Companies can change their offers at any time and you will probably find this is a new issue that is not available for existing e-bond customers.

It would be like going into Tesco and finding a product cheaper a week after you bought it and demanding a refund of the difference.

It is annoying, but just one of those things.

If you only requested an application pack yesterday and haven't sent your money in, then don't see why you can't apply again for the new product though?

R.

bristolleedsfan

jfox22 wrote: »

I opened up an E-Bond with Nationwide yday at 6.40% and then log online today to find out that they've increased the rate to 6.60%.

Do you think i have any rights to complain and see if i can get the higher rate?

If Nationwide had reduced its rate to 6.20% today would u have believed that u should have received the lower rate. :huh:

Some organisations allow a 14 day period to change minds. ( If Nationwide were to allow such a option then u could cancel within such a period and then reinvest, although in theory the rate could drop as quickly as it went up)

Before someone slaughters me I have no idea if Nationwide allow a 14 day change of mind period.

Speculator

bristolleedsfan wrote: »

Before someone slaughters me I have no idea if Nationwide allow a 14 day change of mind period.

I've already checked. There's no mention of the 14day cooling off period on their website so it looks like the op is stuck with the lower rate.

Speculator

Just found this..

3. If after opening the account with a new deposit you are not happy with your choice of account, you may transfer the balance to another account with us or have your money returned without loss of interest, provided that you tell us of your intention within two weeks from the date the account was opened. If your original deposit was by cheque, you cannot transfer or close the account until your cheque has cleared through the banking system, which might take up to three to five working days. (This does not apply to Fixed Rate Bonds or Loyalty Fixed Rate Bond).

free4440273

Seven per cent fixed-rate bond(s) soon? C'mon you B Societies: you know you want to:j:j:j

Baldur

free4440273 wrote: »

Seven per cent fixed-rate bond(s) soon?

7% Fixed Rate has been available since 22nd April.

baby_boomer

Do these 7% bonds go hand in hand with an 8% mortgage rate?

free4440273

^perhaps: savings take precedence over mortgage rates (for myself and many others on this forum

PBA

I thought the banking code dictated they have to have a cooling off period for any fixed account, though I'm obviously not at work at this time so don't have a copy here. Remember you'd only get an extra 2 quid interest for every 1k you've invested, so whether it's worth your while to cancel and reapply is up to you.

Speculator

here's a copy of the code.

http://www.bankingcode.org.uk/pdfdocs/PERSONAL_CODE_2008.PDF

Part 7 indicates the 14 day cooling off period does not apply to Fixed Rate Bonds.

If you are not happy about your choice of current
account, savings account or Cash ISA, you may
cancel it within 14 days of:
• the day you enter into the contract; or
• the day on which you receive the contract terms
and conditions and other information on paper or
electronically; whichever is later.
We will help you switch to another of our accounts or
we will give all your money back with any interest it has
earned. We will ignore any notice period and any extra
charges.
This does not apply to:
• a fixed-rate account (except a Cash ISA);
• an account or contract for financial services where
the price depends on rises and falls in financial
markets outside our control that may happen during
the cancellation period; or
• a branch-based Child Trust Fund cash deposit

account (in other words, not sold at a distance).