The Nationwide

How many on here are affected by the Nationwide's decision to cut savings accounts and do away with the bonuses on them?

I know the reason why and they're not the only ones but I thought this applied mostly to the Banks, not so much Building Societies?

The Nationwide advised me in November that they were closing the ISA I was putting my savings into and advised their Web ISA - and that's now one of the ones being discontinued!

This is the third time they've changed T & Cs on my ISA and they closed the e-saver plus account too.

I went to the local branch yesterday and I don't have to do anything until November of this year but after that, my interest will be only 1.5% maximum on whatever ISA is available at that time, with no bonuses of course, or a taxed savings account that gives minuscule interest!

To be quite honest, I think that holding the Bank Rate is depressing the economic recovery now.

Savings are the bedrock of future growth. Without them, there will be no substantial investment nor a prolonged, sustainable economic recovery.

I believe that another 'hit' on savings and savers is BAD for the country. stevmk2

Re: The Nationwide

All my money is with Nationwide. TBH, it suits me as I can move money across to current and e-savings account, and also into the ISA, but I've not bothered with the latter this year. Yes, intt rate is dire, almost non existent.

I have probably half the money tied up in bonds. One matures end of this year and I plan on putting the capital into Premium Bonds.

Re: The Nationwide

I had an e-saver Jazzi but I'm almost certain that the article I read yesterday said this was another savings account they were doing away with?

By the way, I may have posted this before but in November last year, I switched my Flexaccount to a FlexDirect account to avail myself of the 4.89% interest on balances until November of this year.

They used to have interest on Flexaccounts but not for some time so this was handy to try to make up for the lousy Instant Access - Cash ISA rates.

I've had just over £17 in interest since last November with February still to be added and what I did was shift a big wodge from my ISA back to the Flexaccount before it changed to FlexDirect so, at this moment, I've got about £2200 in that account, all earning me that interest.

To get that from my ISA I'd have to have about £6500 in there, which of course I haven't got!

The maximum you can have in the FlexDirect account is £2500 to still get the higher interest so I'm keeping it below that until November when I'll be switching my ISA - again - and then I'll whack in most of the extra cash now in my Flexaccount along with the money in my current ISA.

OK, we're not talking big amounts but I'm doing the best I can to maximise my earnings of interest.

I'm still working and the major worry for me is will my 12-year-old car last another 3 years to get me to and from work.
I plan to change cars just before I retire so I'll be spending quite lot more because I'll want something that'll last us!

At the moment our Punto's fine and should last me a while yet but having had my last car fail it's MOT and becoming a virtual write-off I don't want to push my luck!


If I didn't have that worry I'd be in a Shares ISA or perhaps it'd be somewhere where I could get the best interest without taking too big a risk on access. stevmk2

Re: The Nationwide

I'm a bit puzzled by this. I still have e-savings and e-savings plus accounts and to date have not had any notification that these are being closed. Though if you look at the savings accounts they offer they now call them something else (limited access, instant access etc) but they are the same accounts.
What annoys me more is that they offer loyalty saver accounts, but only if you are resident in the UK. Same for Flexdirect. So despite the fact that I would qualify for the top rates if I were in the UK I cannot apply as I live in Ireland.
Mind you, I haven't got much with them these days.

Re: The Nationwide

They are closed to new customers, so don't worry. This always happens. A bank would close their least popular accounts but it doesn't usually matter if you still have one of them. I think there have been cases where customers have been encouraged to switch, but they have ended up paying more in fees.

I'm quite happy with NW accounts, even though they pay a pitiful intt rate.

Re: The Nationwide

I do all of my banking with Nationwide and enjoy the control I have to move money from one account to another, cancel and set up Direct Debits too, I also have their credit card which gives cashback, I received more than £100 in January!