Nationwide Save to Buy ISA

Starbrite
Starbrite Posts: 947 Forumite
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in ISAs & tax-free savings
Fuming... just noticed Nationwide Help to Buy Isa has 2.5% interest



When I took out the Save to buy Isa in 2012 It came with 2.5% happy days... then 2016 arrived and the 0.5% was removed to be inline witht he new Help to Buy isa's



Just asked Nationwide if the 0.5% will be put back on the Save to buy Isa...


This was is there response...


We consider each interest rate very carefully and are always mindful of the effect that this will have on our members. We need to ensure that we balance the needs of the business to ensure that we can offer sustainable rates that will give our members long term good value. We do try to ensure we continue to provide excellent value to all our members, whilst managing the business in a responsible manner.


Choosing to remain a mutual society does not mean that we guarantee to offer the best rate of interest in all sectors of the market all the time, as this would be impossible for any organisation. However, it does mean that we are committed to providing long term good value to all members in the form of competitive rates, both now and in the future.






Absolute jokes.... :(
Aspiring to be financially independent.... from my parents!
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Comments

  • masonic
    masonic Posts: 23,245 Forumite
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    Welcome to MSE. If you take a look around the main site and the forum, you'll see that financial institutions cannot be relied upon to offer loyal customers the best rates and you need to be prepared to check and switch as necessary. That's pretty much the prime message of MSE, whether it's applied to savings accounts, energy tariffs, insurance, etc etc. Oh, wait, you've been around since 2011.
  • Starbrite
    Starbrite Posts: 947 Forumite
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    masonic wrote: »
    Welcome to MSE. If you take a look around the main site and the forum, you'll see that financial institutions cannot be relied upon to offer loyal customers the best rates and you need to be prepared to check and switch as necessary. That's pretty much the prime message of MSE, whether it's applied to savings accounts, energy tariffs, insurance, etc etc. Oh, wait, you've been around since 2011.


    :rotfl:



    I was having a rant... :p


    Fully aware you need to swith, alas cannot do a Isa transfer into the Help to buy Isa and there is no other saving for a deposit type isa paying 2% or more... I could be mistaken
    Aspiring to be financially independent.... from my parents!
  • masonic
    masonic Posts: 23,245 Forumite
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    Starbrite wrote: »
    Fully aware you need to swith, alas cannot do a Isa transfer into the Help to buy Isa and there is no other saving for a deposit type isa paying 2% or more... I could be mistaken
    There are a few longer term fixed rate ISAs paying more than 2%, but in general there are better rates on non-ISA accounts, notably current accounts and regular saver accounts. It's worth considering whether you'd actually pay any tax on interest received (i.e. would any interest be above your Personal Savings Allowance).
  • Starbrite
    Starbrite Posts: 947 Forumite
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    masonic wrote: »
    There are a few longer term fixed rate ISAs paying more than 2%, but in general there are better rates on non-ISA accounts, notably current accounts and regular saver accounts. It's worth considering whether you'd actually pay any tax on interest received (i.e. would any interest be above your Personal Savings Allowance).




    I'm not putting 16k into a current account I will end up spending it! I like the no access option...
    Aspiring to be financially independent.... from my parents!
  • masonic
    masonic Posts: 23,245 Forumite
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    Starbrite wrote: »
    I'm not putting 16k into a current account I will end up spending it! I like the no access option...
    I guess you can deal with those spending impulses as a future step towards financial independence ;)
  • Starbrite
    Starbrite Posts: 947 Forumite
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    masonic wrote: »
    I guess you can deal with those spending impulses as a future step towards financial independence ;)


    Sorry I do not fully understand your statement
    Aspiring to be financially independent.... from my parents!
  • masonic
    masonic Posts: 23,245 Forumite
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    Starbrite wrote: »
    Sorry I do not fully understand your statement
    I was referring to your signature "Aspiring to be financially independent" appearing immediately below a statement that you'd spend the money if you had access to it.
  • Rich2808
    Rich2808 Posts: 1,331 Forumite
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    2% for an instant access isa is still a pretty good rate - and you could have invested up to £25k in the Nationwide save to buy isa - which also gives you up to £1k cashback when you take out a mortgage with NW.

    You can only invest a maximum of £12k in a help to buy isa - and it would take five years to reach that balance as you can pay in only £200 a month.

    So maybe not too much to complain about really!
  • Starbrite
    Starbrite Posts: 947 Forumite
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    masonic wrote: »
    I was referring to your signature "Aspiring to be financially independent" appearing immediately below a statement that you'd spend the money if you had access to it.




    Yes and the meaning of Aspiring is....


    directing one's hopes or ambitions towards becoming a specified type of person.



    which fits in perfectly with my predicament of spending money if I have easy access....
    Aspiring to be financially independent.... from my parents!
  • Starbrite
    Starbrite Posts: 947 Forumite
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    Rich2808 wrote: »
    2% for an instant access isa is still a pretty good rate - and you could have invested up to £25k in the Nationwide save to buy isa - which also gives you up to £1k cashback when you take out a mortgage with NW.

    You can only invest a maximum of £12k in a help to buy isa - and it would take five years to reach that balance as you can pay in only £200 a month.

    So maybe not too much to complain about really!


    Just annoyed they reduced the 2.5% to be inline with the Help to Buy but don't seem to keep the Save to buy in line anymore.... out for themselves as per usual
    Aspiring to be financially independent.... from my parents!
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