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davidg

Nationwide Dropping Rates, Again

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Nationwide dropped savings rates in July, for example the eSavings account went from 2% to 1.7%. They are now hammering savers again with the eSavings account dropping to 1.25% in September. Get yer money out and put it into something more productive fast.

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Nationwide dropped savings rates in July, for example the eSavings account went from 2% to 1.7%. They are now hammering savers again with the eSavings account dropping to 1.25% in September. Get yer money out and put it into something more productive fast.

I just put money with Triodos, they seem to be able to account for many of their loans going into a large number of small community based enterprises, and their rates are OK, and I can`t find any word of them having serious problems? Anybody think this makes sense or otherwise?

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Nationwide dropped savings rates in July, for example the eSavings account went from 2% to 1.7%. They are now hammering savers again with the eSavings account dropping to 1.25% in September. Get yer money out and put it into something more productive fast.

I got my letter last week. The pure f**king check of it. Twice in less than a year it's dropped. I'm tempted just to stick all mine in Preimum bonds as there aren't any decent paying easy access accounts now.

FLS = KMA

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I just put money with Triodos, they seem to be able to account for many of their loans going into a large number of small community based enterprises, and their rates are OK, and I can`t find any word of them having serious problems? Anybody think this makes sense or otherwise?

I don't call 1.35% "ok" by any stretch of the imagination, and only 3 withdrawls per year!

http://www.triodos.co.uk/en/personal/savings-overview/

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Santander 3% for balances between 3 to 20K (suppose you could double that for two in a couple). Has a fee, but also cash back for utility bills, so kind of cancels out. If anyone in a couple is earning below their tax allowance (£9.2k IIRC for this year) then that interest earned is tax free.

Sainsburys offering 1.55% (cr*p I know, but higher than others mentioned on this thread) - online saver with unlimited penalty free withdrawls for balances north of £1k and under £100k.

Peer 2 Peer much higher, but not FSCS protected (neither is BTL tho :P ).

Leeds offering 3.05%, but only through postal / branch - regular savings. Lots of other options re kids accounts and regular savers - always with strings attached, but worth it if you can do it. I've got one such account that required us to redirect our Child Benefit payments to that account, which took all of 30 seconds to arrange online.

Edited by rantnrave

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Nationwide dropped savings rates in July, for example the eSavings account went from 2% to 1.7%. They are now hammering savers again with the eSavings account dropping to 1.25% in September. Get yer money out and put it into something more productive fast.

I have been caught out myself by this and had to suffle money around. However I'd not be too quick to blame the Nationwide for this!

The Nationwide is a mutual building society and so acts in the interests of its members, both savers and borrowers.

NW has (presumably) a large mortgage book but I gather a failry healthy one as they were not offering loans that were too silly at the market peak.

NW is mostly a victim of the wider market and government scheems designed to lower borrowing costs. As borrowing costs dive so NW and other banks an building societies savings rates also decline.

Which brings me back to my main point. Yes move your money around and make it work hard but also remember that you are responsible for your savings (lending) decisions. If you are being offered a hight savings rate WHY? what is the catch? Unfortunatly the government garanteing 100% of your savings upto , what is it 85k, distorts my argument - in my view the guatantee should be 99%. If the guarantee was 99% prople would still feel responsibel for deciding where to put their money.

I've choosen to put a lump of money in my local credit union. Technicaly this is not a deposit but a share account. Last year their dividend was 2% to savers so I am choosing to do some social good with that money.

I'm leaving a lump with the Nationwide too.. as I'd rather help prop up the balance sheet of a mutual than some commercial bank.

I agree savings rates are rubbish at the moment so do shop around... but remember to asses who you are lending your money to and do you want to save with one of the institutions who helped get us into this mess... or with an instutution which actually works in the interests of its members?

Just a thought!

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remember to asses who you are lending your money to and do you want to save with one of the institutions who helped get us into this mess...

Devil's advocate comment - saving with such an institution speeds their return to financial health and brings forward the day their forbearance to the overextended ends.

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Santander 3% for balances between 3 to 20K (suppose you could double that for two in a couple). Has a fee, but also cash back for utility bills, so kind of cancels out. If anyone in a couple is earning below their tax allowance (£9.2k IIRC for this year) then that interest earned is tax free.

Because of the requirement for a minimum of two DDs and the desire to offset the fee by setting up payments for utility bills, the Santander account feels like it would be more of a faff to get out of should they drop the IR to a point where there are better alternatives.

The Lloyds TSB and Bank of Scotland Classic Vantage accounts are a faff to set up, but they don't need any DDs, nor is there a fee. If they drop the IR, I think it'll be easier to move the money to somewhere else, because there's almost nothing else to re-arrange.

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I got my letter last week. The pure f**king check of it. Twice in less than a year it's dropped. I'm tempted just to stick all mine in Preimum bonds as there aren't any decent paying easy access accounts now.

FLS = KMA

That's exactly what the wife and I did a couple of months ago. Savings seem to be going nowhere, and at least premium bonds have a bit of 'fun' value to them.

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Always remember my first isa was with Nationwide and when they brutally cut the interest rate from around 6% to 0.5% it completely put me off them. Sure they followed the crazy base rate cuts but it just seems they didn't want my money (or they wanted me not to notice the derisory rate). I've used Lloyds 2yr fixed isas since which have been competitive and convenient for online banking because my current account is with them too. I'm still on a healthy 3.7% but not sure what I'm going to do next year as the fix runs out and the current rates are so much lower. Guess I've got to hope the banks actually need savers money next year rather than getting all this funny money thrown at them.

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I've just reluctantly opened a Coventry BS 3 year ISA, 2.35% fixed. It's crap but I thought there's a good chance they'll drop further before they improve.

Got a Santander 123 opened too, I've yet to set up my direct debits but I found this list of savings accounts that accept DDs so at least it's your own money shuffling around rather than paying bills: http://forums.moneysavingexpert.com/showthread.php?t=4168667&page=1

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Nah the "funny money" will keep coming to the banks via the back door. The government needs to keep the deposit market slack and rates nailed to the floor to keep the financial repression game on. They don't want you to save!!

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I just put money with Triodos, they seem to be able to account for many of their loans going into a large number of small community based enterprises, and their rates are OK, and I can`t find any word of them having serious problems? Anybody think this makes sense or otherwise?

I just opened a two year fixed ISA with Triodos at 2%, and I'll be transferring in ISA's from Halifax and Nationwide. These are currently paying 2.35% and 3.5%, but the Nationwide deal runs out at the end of October anyway, and would go to 2%. Not much difference then, and I just prefer Triodos as they're not all over UK mortgage lending.

The reason for the 2 year fix choice is my prediction of collapse in 2015.

Q

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I'm leaving a lump with the Nationwide too.. as I'd rather help prop up the balance sheet of a mutual than some commercial bank.

The only thing mutual about Nationwide is all their board members mutually want to ****** savers up the ****.

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Nationwide dropped savings rates in July, for example the eSavings account went from 2% to 1.7%. They are now hammering savers again with the eSavings account dropping to 1.25% in September. Get yer money out and put it into something more productive fast.

Yup 15 year loyalty account now 1.2%, the nationwide is not at loyal to its customers.

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