Nationwide cuts interest rates again

Money, investing, mutuals etc
expressman33
Posts: 12468
Joined: Tue Jun 29 2010 10:36pm
Location: stockport
Has thanked: 3006 times
Been thanked: 10641 times
Contact:

Nationwide cuts interest rates again

Post by expressman33 » Thu Apr 16 2020 4:08pm

Just had a letter from Nationwide saying they are cutting the interest rate on my Single Access ISA from 1.4% to 0.25% ( YES 0.25%) . They blame "unexpected Bank of England base rate changes." :thumbdown: :thumbdown: :thumbdown: :thumbdown:

expressman33
Posts: 12468
Joined: Tue Jun 29 2010 10:36pm
Location: stockport
Has thanked: 3006 times
Been thanked: 10641 times
Contact:

Re: Nationwide cuts interest rates again

Post by expressman33 » Thu Apr 16 2020 5:22pm

This is Nationwides reply to comments on their Facebook page
thanks for commenting.
Because the Bank of England base rate is now so low (at 0.10%), we have had to reduce interest on some of our savings and current accounts. We’ve looked at our entire savings range to ensure that the value of each of our products is fair to all members, while remaining one of the most attractive savings providers in the market for service and reputation.
We are committed to paying our loyal savers competitive interest rates, and Loyalty Saver and ISA continue to be the best instant access rates we offer. Reducing these rates is not a decision that has been taken lightly, but we are confident the new rates will remain competitive versus our high street peers.
If members in these accounts can limit the number of withdrawals, they need to make each year and are happy to manage their account online, then they could earn a higher rate of interest.
We sympathise with savers who have endured more than a decade of low interest rates. But as a mutual, we will not shy away from making tough decisions to protect all our members and preserve our unique business model for the long-term benefit of our membership. Jade
The account I have limits withdrawals to 1 per year

cccashbacklover
Posts: 2078
Joined: Mon Jul 05 2010 9:55pm
Has thanked: 1195 times
Been thanked: 1266 times
Contact:

Re: Nationwide cuts interest rates again

Post by cccashbacklover » Thu Apr 16 2020 5:34pm

expressman33 wrote:
Thu Apr 16 2020 5:22pm

The account I have limits withdrawals to 1 per year
What was Nationwide answer to that :?:

BeautifulSunshine
Posts: 26721
Joined: Tue Sep 14 2010 8:23pm
Location: [The Finest City in the World: London]
Has thanked: 192 times
Been thanked: 3686 times
Contact:

Re: Nationwide cuts interest rates again

Post by BeautifulSunshine » Thu Apr 16 2020 7:02pm

Terrible news but not unexpected given the times we are living in.
[imutual Cashback Investment Club]

planteria
Posts: 6361
Joined: Tue Nov 23 2010 4:52pm
Location: England
Has thanked: 702 times
Been thanked: 1670 times
Contact:

Re: Nationwide cuts interest rates again

Post by planteria » Fri Apr 17 2020 7:39am

is that the case, for the rate to be cut by significantly more than the cut in the base rate?

Sarah
Posts: 5829
Joined: Sat Jun 26 2010 10:01am
Has thanked: 432 times
Been thanked: 4414 times
Contact:

Re: Nationwide cuts interest rates again

Post by Sarah » Fri May 08 2020 11:51pm

This change took effect on 1 May. They've cut the rates on many other accounts to the same 0.25% too, including the Loyalty Saver 15 Year accounts (previously 1.10%).

planteria
Posts: 6361
Joined: Tue Nov 23 2010 4:52pm
Location: England
Has thanked: 702 times
Been thanked: 1670 times
Contact:

Re: Nationwide cuts interest rates again

Post by planteria » Sat May 09 2020 8:20am

that's Loyalty for you.
these are exceptional times, of course, and they're set to continue.. but it's clear that our building societies are not providing good competitive value.

tonyg
Posts: 994
Joined: Sat Mar 03 2012 4:26pm
Has thanked: 661 times
Been thanked: 413 times
Contact:

Re: Nationwide cuts interest rates again

Post by tonyg » Sat May 09 2020 9:10am

expressman33 wrote:
Thu Apr 16 2020 4:08pm
Just had a letter from Nationwide saying they are cutting the interest rate on my Single Access ISA from 1.4% to 0.25% ( YES 0.25%) . They blame "unexpected Bank of England base rate changes." :thumbdown: :thumbdown: :thumbdown: :thumbdown:
I moved my ISA to The Post Office 1 year rate 1.3%. Not great but better than 0.25%.

Took 18 days for the money to move :crazy:

planteria
Posts: 6361
Joined: Tue Nov 23 2010 4:52pm
Location: England
Has thanked: 702 times
Been thanked: 1670 times
Contact:

Re: Nationwide cuts interest rates again

Post by planteria » Sat May 09 2020 11:24am

i agree that it's not great.. only reasoning i can see to do that is if a. you are determined to maintain use of your ISA allowance, and b. you are determined to remain in cash.
Thanked by: tonyg

Post Reply

Who is online

Users browsing this forum: No registered users and 22 guests