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  • FIRST POST
    • bellalloyd
    • By bellalloyd 13th Oct 18, 9:08 PM
    • 3Posts
    • 2Thanks
    bellalloyd
    Thoughts on Nationwide?
    • #1
    • 13th Oct 18, 9:08 PM
    Thoughts on Nationwide? 13th Oct 18 at 9:08 PM
    Thereís a lot of fanfare around Nationwide and a lot of people singing itís praises and how itís better because itís a building society not a bank, and how all their offerings are excellent.

    Whatís everyone elseís thoughts? Is it a real challenger ?
Page 1
    • Zero Sum
    • By Zero Sum 13th Oct 18, 9:39 PM
    • 536 Posts
    • 429 Thanks
    Zero Sum
    • #2
    • 13th Oct 18, 9:39 PM
    • #2
    • 13th Oct 18, 9:39 PM
    They pay 5% on balances upto £2,500 (only for a year) but does have a linked regular saver also paying 5% whats not to like?

    The rest is a bit meh, savings rates used to be decent but have dropped off in recent years. Mind i do have an instant access ISA paying 1.4% but they didnt make that available for that long.

    I do have my mortgage with them. Couldve got slightly better elsewhere but wouldve lost my overpayment benifit & also they paid a retention bonus which effectively brought the rate down a bit.
    • Thrugelmir
    • By Thrugelmir 13th Oct 18, 9:41 PM
    • 60,056 Posts
    • 53,404 Thanks
    Thrugelmir
    • #3
    • 13th Oct 18, 9:41 PM
    • #3
    • 13th Oct 18, 9:41 PM
    What services are you expecting your bank to provide?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • C_Mababejive
    • By C_Mababejive 13th Oct 18, 9:51 PM
    • 10,607 Posts
    • 9,514 Thanks
    C_Mababejive
    • #4
    • 13th Oct 18, 9:51 PM
    • #4
    • 13th Oct 18, 9:51 PM
    Their rates are as paltry as any others. It isnt their fault. They were recently whining about not making enough profit and so they cut interest rates. Why would anyone save with anyone now? its lunacy. Get some (manageable) debt .
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
    • RichyRich
    • By RichyRich 14th Oct 18, 7:35 AM
    • 1,829 Posts
    • 2,239 Thanks
    RichyRich
    • #5
    • 14th Oct 18, 7:35 AM
    • #5
    • 14th Oct 18, 7:35 AM
    I have my joint current account and my mortgage with Nationwide. They're OK and existing members get a slightly better deal on mortgage rates than those offered to the public. In my case this made my latest 2 year fix 0.1% less than the market's lowest. Happy days.

    The only real gripe I've had with them is that a few years ago I needed to make a payment and rang them up and they said they don't do phone payments. This was before I had the app, and I don't carry the calculator thing for online banking around with me. The app pretty much resolves this issue, though.

    Online banking is good although you can't pick your own user name which is a minor irritation.

    They have a good regular saver too.
    #145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
    #060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30
    This is the secret message.
    • Malchester
    • By Malchester 14th Oct 18, 7:49 AM
    • 132 Posts
    • 88 Thanks
    Malchester
    • #6
    • 14th Oct 18, 7:49 AM
    • #6
    • 14th Oct 18, 7:49 AM
    Been with Nationwide for 30 years. Some products are ok - current account, online banking, app etc. However their claims to offer loyal members special rates leaves a lot to be desired. Their special loyalty rates are a lot lower than standard rates with many other institutions. Only occasionally do they have something worth having - that is why I keep my current account going just in case.
    • EachPenny
    • By EachPenny 14th Oct 18, 11:13 AM
    • 7,281 Posts
    • 19,738 Thanks
    EachPenny
    • #7
    • 14th Oct 18, 11:13 AM
    • #7
    • 14th Oct 18, 11:13 AM
    Thereís a lot of fanfare around Nationwide and a lot of people singing itís praises and how itís better because itís a building society not a bank, and how all their offerings are excellent.

    Whatís everyone elseís thoughts? Is it a real challenger ?
    Originally posted by bellalloyd
    It is a bank which calls itself a Building Society. (legally it is a BS, but there is more to being a mutual than how you are legally constituted).

    It offers some very attractive deals to new customers, but don't fall for the 'Loyalty' spin - after 15 years membership you get 1.1% on an instant access account, Tesco will give a brand new customer 1.4%.

    Their advertising budget must be phenomenal - every pound spent on advertising is a pound less to share with members in the form of more competitive interest rates (savings/ loans/mortgages).

    They are slowly withdrawing 'perks' which were available for existing customers. For example the FlexAccount used to come with free travel insurance. This is not available for new customers, and existing customers will lose the benefit if they forget to pay at least £750 into their account each month. Their Regular Saver account used to allow a monthly deposit of £500, this was cut to £250 with very little notice. They also cut the cashback on their credit card to 0.25%.

    Even on 'paid for' accounts the benefits are being cut back - https://forums.moneysavingexpert.com/showthread.php?t=5904374

    If you are attracted by the "building society not a bank" (mutuality) you might want to consider that the CEO has a salary, bonus and pension package worth £2,100,000 per year - and gets additional perks (car allowance, medical cover) of £595 per day. This generous level of remuneration does not trickle down to staff at lower levels... i.e. the ones who really make a mutual what it is.

    So in summary, if you want to make a quick buck (and don't fancy your chances becoming the next CEO) then you can make an easy £100 (each) being recommended by a friend, you can earn 5% on £2500 for the first year in a FlexDirect account, and 5% on £250/mth in a regular saver. They also do a good 1st year deal on their Select credit card, and some mortgage rates are preferential. Be very wary of their insurance products (I've never found them to be the cheapest) and don't use them if you are looking for a bank paying a decent interest rate on a larger amount of savings.

    Other than that they are brilliant. Or at least they will be when the senior management finally remember what 'mutual' actually means.
    "In the future, everyone will be rich for 15 minutes"
    • longleggedhair
    • By longleggedhair 14th Oct 18, 12:34 PM
    • 333 Posts
    • 404 Thanks
    longleggedhair
    • #8
    • 14th Oct 18, 12:34 PM
    • #8
    • 14th Oct 18, 12:34 PM
    I ended up as a member some years ago after they paid us former members of Portman Building Society off. I was shocked at how awful the service was compared to Portman.

    I still have that old account with them and find them terribly slow and backwards. Massive queues, having to fill in a paper slip accounting down to the last penny every time you pay in....poor interest rates, not to mention the huge sums the executives are being paid. I would advise anyone to avoid them.
    • colsten
    • By colsten 14th Oct 18, 2:00 PM
    • 9,316 Posts
    • 8,216 Thanks
    colsten
    • #9
    • 14th Oct 18, 2:00 PM
    • #9
    • 14th Oct 18, 2:00 PM
    Six in one and half a dozen in the other. All of them have some good offers as some stages, and all of them have carp offers most of the time. As they should have, all of them have a business relationship with you, and that's how you should treat them, too. Purely a business arrangement, not some sort of an emotional bond. Don't ever rely on any of them as your sole source of banking facilities as all of them might get into trouble and you could end up with no money for a period of time. If you have savings, move them regularly to wherever you can get the best interest rates.

    I have been a Nationwide account holder for many years. I also have accounts with Santander, Lloyds, FD, HSBC, Natwest, BoS, YB, YBS, KRBS, Ford Money, Virgin Money and a few others. I use whichever gives me the best deal for whatever it is I need at the time.
    • pmduk
    • By pmduk 14th Oct 18, 6:55 PM
    • 9,162 Posts
    • 6,862 Thanks
    pmduk
    If things go wrong their customer services an complaints service is just appalling, they'll regularly lose files, tell contradictory stories to the FOS. I'll never go near them again.
    • newatc
    • By newatc 14th Oct 18, 8:01 PM
    • 294 Posts
    • 339 Thanks
    newatc
    I've been with them for over 40 years and regard them as my main bank but also have accounts witjh several others. When asked about them my response is that they are the best of a bad lot.
    Agree with what's been said about poor "loyalty" rates and over remunerated executives.
    • SMCG
    • By SMCG 14th Oct 18, 8:08 PM
    • 33 Posts
    • 15 Thanks
    SMCG
    Hi. I think they are good. I use the cheque account a lot less but keep it as I get free travel insurance.
    • Jlawson118
    • By Jlawson118 15th Oct 18, 2:13 PM
    • 973 Posts
    • 131 Thanks
    Jlawson118
    I tried them back in 2015 I think (so anything I might say here might be a little outdated)

    They do offer great accounts with good interest rates, but back when I joined them, I wasn't keen on their internet banking. They were using the card readers to log into it and it just seemed like a complete and utter farce. Not sure if they still use them, but apart from that they seemed fairly good
    • flushingmeadows1
    • By flushingmeadows1 15th Oct 18, 2:27 PM
    • 2 Posts
    • 0 Thanks
    flushingmeadows1
    Hey,

    I initially thought the same as you - building society = better for me as a customer
    However, when it came to remortgage at the end of my fixed rate they were a nightmare, they would not allow us to borrow additional funds against the value of our property which we needed to do, to extend the lease on our flat... they did not have a product to suit this so we went elsewhere

    Regards
    • swindiff
    • By swindiff 15th Oct 18, 3:20 PM
    • 348 Posts
    • 146 Thanks
    swindiff
    The Flexplus account is pretty good. It's a packaged account which costs £13/month and gives you travel insurance, mobile insurance and breakdown cover. Will also earn 3% on £2.5k, so if kept topped up you get all that cover for around £6/month if you take the interest into account. This also allows you to open a Flex regular online saver which you can save £250/month at 5%. It's particularly a good deal if you open the Flexplus account as a joint account with your partner, you then both get the cover for the same price and you can both open a savings account paying 5%
    • pollypenny
    • By pollypenny 15th Oct 18, 5:09 PM
    • 24,901 Posts
    • 65,049 Thanks
    pollypenny
    The Flexplus account is pretty good. It's a packaged account which costs £13/month and gives you travel insurance, mobile insurance and breakdown cover. Will also earn 3% on £2.5k, so if kept topped up you get all that cover for around £6/month if you take the interest into account. This also allows you to open a Flex regular online saver which you can save £250/month at 5%. It's particularly a good deal if you open the Flexplus account as a joint account with your partner, you then both get the cover for the same price and you can both open a savings account paying 5%
    Originally posted by swindiff


    Ditto for us.

    It's our main account, so we keep balance above £2500 meaning the benefits cost us less than £7 pm.
    We also benefit from breakdown cover and mobile phone insurance.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
    • Joyce7199
    • By Joyce7199 15th Oct 18, 8:10 PM
    • 9 Posts
    • 0 Thanks
    Joyce7199
    I love Nationwide, been with them nearly 3 years, two accounts with them, a FlexPlus which is the hardest to get but I did have to upgrade my FlexOne to get it and I’ve got a personal loan and an overdraft with them. Need to build up my credit more to get a credit card from them although I do have Vanquis and Capital One already.
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