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  • FIRST POST
    • Former MSE Paloma
    • By Former MSE Paloma 3rd Oct 14, 2:04 PM
    • 526Posts
    • 245Thanks
    Former MSE Paloma
    MSE News: Cheshire savers to become Nationwide customers this weekend
    • #1
    • 3rd Oct 14, 2:04 PM
    MSE News: Cheshire savers to become Nationwide customers this weekend 3rd Oct 14 at 2:04 PM
    More than half a million Cheshire Building Society customers will be transferred to Nationwide this weekend

    Read the full story:

    Cheshire savers to become Nationwide customers this weekend




    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • Heng Leng
    • By Heng Leng 3rd Oct 14, 3:07 PM
    • 4,702 Posts
    • 1,533 Thanks
    Heng Leng
    • #2
    • 3rd Oct 14, 3:07 PM
    • #2
    • 3rd Oct 14, 3:07 PM
    They've really been Nationwide savers since the takeover. The Dunfermline BS brand was retired recently and this increased branch network with minimal closure of duplicate branches.

    I wonder when Yorkshire BS will finally integrate the Chelsea, Barnsley and N&P brands? All these are ghost Building Societies left from the financial crisis...
  • MRMX9
    • #3
    • 3rd Oct 14, 3:12 PM
    • #3
    • 3rd Oct 14, 3:12 PM
    Cheshire savers might want to book mark the old Cheshire interest rates to see how they compare with the new Nationwide ones over time

    http://www.thecheshire.co.uk/uploadedFiles/Resources/Documents/Savings-rate-history.pdf

    I have an ISA saver issue 3 account and the guarantee appears to have been extended by the Cheshire by a month from the previous expected date (now 30 November). The Nationwide rate is the same – but I will be interested to see how its reduced once the guarantee ends.
    • Consumerist
    • By Consumerist 6th Oct 14, 12:31 PM
    • 5,203 Posts
    • 2,604 Thanks
    Consumerist
    • #4
    • 6th Oct 14, 12:31 PM
    • #4
    • 6th Oct 14, 12:31 PM
    Well, contrary to my expectation, the migration from Cheshire BS to Nationwide BS, for me anyway, seems to have gone without a hitch. It's quite a relief to now have a proper statement of my ISA account instead of the piecemeal advisory letters sent by Cheshire BS after each transaction.

    It always bemuses me as to why postal accounts could offer better rates than online accounts can offer - wasn't it the cost-savings of the online account which was once the major selling point when the banks wanted us to sign up for them? I can only assume there is a tipping point between the costs associated with operating postal accounts, on the one hand, and the costs of maintaining a web site for online accounts, on the other.

    I am sure we'll miss you Cheshire BS but I, for one, think it was right that you should go.

    R.I.P. Cheshire BS.
    Warning: In the kingdom of the blind, the one-eyed man is king.
  • MRMX9
    • #5
    • 6th Oct 14, 12:57 PM
    • #5
    • 6th Oct 14, 12:57 PM
    Yes – it worked fine for me but they have moved the interest payment dates on my account from 31 December to 30 September. So I only got interest for 9 months – and will have to wait another year to get the interest for the remaining 3.

    Also check your interest rate – I am in the same boat as this couple who have a Cheshire ISA where the 1.8% bonus is due to end next month. Nowhere in the paperwork from Nationwide advising me about my new rate did it say what their plans were – just that the new account would pay 2.3%. So you get this for a month – and then it drops to 0.5%!

    Fine – but just be honest Nationwide – so people like this couple don’t end up feeling ripped off by transferring in thousands for a rate they actually will only get for a month!

    http://www.thisismoney.co.uk/money/saving/article-2775579/We-gave-life-savings-Nationwide-rate-lasted-just-30-days.html
    • Consumerist
    • By Consumerist 6th Oct 14, 1:13 PM
    • 5,203 Posts
    • 2,604 Thanks
    Consumerist
    • #6
    • 6th Oct 14, 1:13 PM
    • #6
    • 6th Oct 14, 1:13 PM
    Yes – it worked fine for me but they have moved the interest payment dates on my account from 31 December to 30 September. So I only got interest for 9 months – and will have to wait another year to get the interest for the remaining 3. . .
    Originally posted by MRMX9
    . . . unless, of course, you transfer it before the next interest payment date whereon you will get your interest credited at the time of transfer.
    Warning: In the kingdom of the blind, the one-eyed man is king.
  • MRMX9
    • #7
    • 6th Oct 14, 1:14 PM
    • #7
    • 6th Oct 14, 1:14 PM
    . . . unless, of course, you transfer it before the next interest payment date whereon you will get your interest credited at the time of transfer.
    Originally posted by Consumerist
    Which I will be at the end of November – cos 0.5% is a poor rate even now.

    Not the point though!
    • G_M
    • By G_M 6th Oct 14, 1:33 PM
    • 48,054 Posts
    • 58,838 Thanks
    G_M
    • #8
    • 6th Oct 14, 1:33 PM
    • #8
    • 6th Oct 14, 1:33 PM
    Well, contrary to my expectation, the migration from Cheshire BS to Nationwide BS, for me anyway, seems to have gone without a hitch..
    Originally posted by Consumerist
    Not for me.

    I have POA registered on my mother's Cheshire acount. Received a letter from them quoting rate for an old issue 1 account which was transferred to issue 6 (for new bonus rate).

    Rang to query, to be told "POA is not transferred. You need to re-register...." What the !!!!

    So much for the FAQs telling me "You do not need to take any action."
    • Rollinghome
    • By Rollinghome 6th Oct 14, 5:55 PM
    • 2,122 Posts
    • 2,311 Thanks
    Rollinghome
    • #9
    • 6th Oct 14, 5:55 PM
    • #9
    • 6th Oct 14, 5:55 PM
    Yes – it worked fine for me but they have moved the interest payment dates on my account from 31 December to 30 September. So I only got interest for 9 months – and will have to wait another year to get the interest for the remaining 3.
    Originally posted by MRMX9
    You got paid your interest after 9 months, i.e. 3 months early, and you will now be able to interest on the interest. So the potenial AER is higher and you are better off.
    Also check your interest rate – I am in the same boat as this couple who have a Cheshire ISA where the 1.8% bonus is due to end next month. Nowhere in the paperwork from Nationwide advising me about my new rate did it say what their plans were – just that the new account would pay 2.3%. So you get this for a month – and then it drops to 0.5%!

    Fine – but just be honest Nationwide – so people like this couple don’t end up feeling ripped off by transferring in thousands for a rate they actually will only get for a month!

    http://www.thisismoney.co.uk/money/saving/article-2775579/We-gave-life-savings-Nationwide-rate-lasted-just-30-days.html
    Originally posted by MRMX9
    How does any institution cater for idiots like them who don't bother to read letters? It was clear enough and Nationwide were entirely honest.

    Those with that account will get the 1.8% bonus for an extra month, until 31 November, instead of to 31 Oct as in the original terms. Did they expect it to be extended indefinitely?

    Nowhere in the paperwork from Nationwide advising me about my new rate did it say what their plans were
    The "paperwork" tells you you'll get the bonus extended until 31 November, a month longer than offered by the original terms. Then you'll get 0.50% as in the original terms unless you transfer. What else is it you want to know?
    Last edited by Rollinghome; 06-10-2014 at 5:58 PM.
  • MRMX9
    You got paid your interest after 9 months, i.e. 3 months early, and you will now be able to interest on the interest. So the potenial AER is higher and you are better off.

    How does any institution cater for idiots like them who don't bother to read letters? It was clear enough and Nationwide were entirely honest.

    Those with that account will get the 1.8% bonus for an extra month, until 31 November, instead of to 31 Oct as in the original terms. Did they expect it to be extended indefinitely?



    The "paperwork" tells you you'll get the bonus extended until 31 November, a month longer than offered by the original terms. Then you'll get 0.50% as in the original terms unless you transfer. What else is it you want to know?
    Originally posted by Rollinghome
    Yes - all very well.

    But small print doesn't cut it with me - what's wrong with being upfront and putting it in the big print in the letter.

    Clearly this couple got confused - and Nationwide get bad publicity.

    So a lesson learned perhaps for them?
    • colsten
    • By colsten 7th Oct 14, 5:48 PM
    • 10,317 Posts
    • 9,490 Thanks
    colsten
    Yes - all very well.

    But small print doesn't cut it with me - what's wrong with being upfront and putting it in the big print in the letter.

    Clearly this couple got confused - and Nationwide get bad publicity.

    So a lesson learned perhaps for them?
    Originally posted by MRMX9

    Interest rates, bonuses and related timescales are hardly smallprint, and are always prominently listed with all accounts by all providers. Nationwide and Cheshire are no exception. People not reading the information available only have got themselves to blame, but it seems to be hip in certain circles to try and lay the blame for their own failures onto someone else. Why don't people who claim to be grown-ups assume responsibility for themselves.
  • MRMX9
    Interest rates, bonuses and related timescales are hardly smallprint, and are always prominently listed with all accounts by all providers. Nationwide and Cheshire are no exception. People not reading the information available only have got themselves to blame, but it seems to be hip in certain circles to try and lay the blame for their own failures onto someone else. Why don't people who claim to be grown-ups assume responsibility for themselves.
    Originally posted by colsten
    Sorry – but after years of bailouts, PPI refunds and now Wonga write offs its a bit rich lecturing savers about taking responsibility.

    As for transparency its very hard to find interest rates for closed issue accounts on the Nationwide site.

    When you do encounter it its quite confusing. For the Direct cash isa issue 4 (the one the Mail article refers to) - it says the AER is 0.5%, the AER including bonus is 0.8% and the Gross rate is 2.3% - and there is a fixed bonus payable but it doesn't say what that is?

    The presentation is confusing to say the least.

    http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/savings-rates
    Last edited by MRMX9; 07-10-2014 at 6:06 PM.
    • planteria
    • By planteria 7th Oct 14, 6:14 PM
    • 5,100 Posts
    • 1,143 Thanks
    planteria
    fwiw i am surprised Nationwide have messed around for so long. they need to concentrate on their own brand, and actually make it mean something...at the moment they are, overall, poor value. and certainly not "on your side"
    • colsten
    • By colsten 7th Oct 14, 7:06 PM
    • 10,317 Posts
    • 9,490 Thanks
    colsten
    Sorry – but after years of bailouts, PPI refunds and now Wonga write offs its a bit rich lecturing savers about taking responsibility.

    As for transparency its very hard to find interest rates for closed issue accounts on the Nationwide site.

    When you do encounter it its quite confusing. For the Direct cash isa issue 4 (the one the Mail article refers to) - it says the AER is 0.5%, the AER including bonus is 0.8% and the Gross rate is 2.3% - and there is a fixed bonus payable but it doesn't say what that is?

    The presentation is confusing to say the least.

    http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/savings-rates
    Originally posted by MRMX9
    We aren't talking about bailouts, PPI and Wonga, we are just talking about simple cash ISAs. I am amazed you would try and boil the financial services ocean just because we are looking for the best cash ISA rate for a given situation.

    I absolutely agree it is confusing how AER can be 0.5%, AER incl bonus 0.95%, and Gross pa. 2.3% - - - but for goodness sake, you then ask Nationwide for an urgent explanation, rather than just put your head into the sand and assume you get 2.3%, and 2.3% forever.May be somebody in Nationwide just made a mistake? Why do so many people expect perfection from an ISA provider when they themselves are seemingly lacking the ability to even attempt to clarify things they do not understand? Funny some of them can run to the tabloid press but not to their nearest Nationwide branch. Or just pick up the phone to Nationwide.

    On the Nationwide site, it also says that after November 30 2014, the Direct Cash ISA4 gets transferred to a Direct Cash ISA 1, which, as it is clearly stated, pays 0.5% AER. Which is, of course, a horrible rate and anyone who cares about how much interest they get would by now have a plan to move their money elsewhere, or have it moved already. I won't hazard a guess whose fault it would be if the money didn't get moved, but I am sure somebody will soon post the answer. Probably together with calls for a single ISA interest rate that must be offered by all ISA providers (akin to the calls for a single electricity and gas tariff) so that everybody could get mediocre cash ISA interest rates.
    • Uplink
    • By Uplink 5th Nov 14, 3:43 PM
    • 240 Posts
    • 106 Thanks
    Uplink
    Sorry to barge in a month later, but I just realised that Nationwide extended the bonus period by a month. And I already initiated a transfer out to a different provider.

    Losing the extra month of interest isn't a big deal for me, as I was ready to lose the bonus at the end of October anyway, and already had plans to transfer out, but reading the "bamboozled" article linked above I went through what Nationwide sent me before the transfer from Cheshire.

    I can confirm what the article says:

    - The front page features the 2.3% p.a. interest rate soon after the salutation.
    - The 30 November bonus expiry date is mentioned on the back of the page after a long bold text paragraph about registering for online banking. Unlike other sections of the letter, the part about the interest rate does not have a section headline of its own, nor does it have any space before it to separate it from the online banking registration text. I definitely skipped over it even today, since I'm also an existing Nationwide customer and I already have all the online stuff they provide.

    Somebody needs to learn the BLUF writing style. That is: Bottom Line Up Front. Or at least how to not mess up paragraph separation.

    If this bonus expiry date is mentioned in previous letters, then I didn't pay much attention to it since it was close to what I was expecting to be the Cheshire bonus expiry date, and it didn't look like it was affecting my plans to transfer out. By the time I received the "get ready to transfer" letter I was already bored with the information to check it again.
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