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TheCountOfNowhere

It's The Little Things We Do For Our Savers That Help A Lot

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http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

"It's the little things we do for our savers that help a lot"

Just notified me and the missus that they will be helping us a lot by reducing our interest rate from derisory to pretty much non existent.

As far as I am concerned, they are a total disgrace to their customers and this sort of marketing b.s./lies should be banned immediately.

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Its the little BIG things we have done to ramp up house price increases and trash savings rates.

The nationwide as a mutal, for me, has lost its way.

I think I can see now why they pushed through the "allow us managers to access the money markets" a couple of years ago. They seem to me to have been one of the driving forces behind the london/s.e. mega bubble.

Worst case, if Nationwide becamse the new NR there would be one almighty collapse.

Edited by TheCountOfNowhere

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The nationwide as a mutal, for me, has lost its way.

I think I can see now why they pushed through the "allow us managers to access the money markets" a couple of years ago. They seem to me to have been one of the driving forces behind the london/s.e. mega bubble.

Worst case, if Nationwide becamse the new NR there would be one almighty collapse.

They seem to be going down the same road as B&B

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They seem to be going down the same road as B&B

Time will tell !!!

I just dont think their b.s. marketing should be allowed when they are hammering down savings rates and f**king over their savers to support their borrowers.

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Banks seem to have replaced the church as the most delusional, hypocritical self promoters out there. Every bank ad on TV is like something from the twilight zone. Love and peace man (while we put you in debt servitude for the next 60 years with this funny money we created)

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Banks seem to have replaced the church as the most delusional, hypocritical self promoters out there. Every bank ad on TV is like something from the twilight zone. Love and peace man (while we put you in debt servitude for the next 60 years with this funny money we created)

osborne_2545252b.jpg

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I got the love letter from Nationwide too. Saving rates cut from 1% to 0.5%. At the bottom:-

We don't want to lose you, but if you'd like to close your account you can come into any Nationwide branch and we can help you close it.

If you don't want us anymore, that's fine, because we don't need you. Just pop into the branch and we'll sign a few things and both go our merry ways. Now if you wanted to BORROW money...

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The banks nowadays are the brazen, shameless beggers on the highstreet.

Except they get the government, political class and the central bank to do its dirty work.

An utterly corrupt alliance.

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The banks nowadays are the brazen, shameless beggers on the highstreet.

Except they get the government, political class and the central bank to do its dirty work.

An utterly corrupt alliance.

One that should be banned or closely regulated.....it seems they dont want this though....I wonder why.

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Once bitten twice shy? Doing the "right thing" doesn't work with our Governbankment

2009:

Nationwide said this morning that it expects to be charged £250m over the next three years, which includes the cost of paying interest on the UK government's loans to fund compensation for customers of banks that collapsed in the current crisis. That includes Bradford & Bingley, several Icelandic banks which operated in the UK, and doorstep lender London Scottish.
"The basis of allocation of the levies has a disproportionate and inequitable impact on low risk, predominantly retail funded institutions generally, and building societies in particular, and we have lobbied the tripartite authorities to amend the scheme to reflect a more appropriate basis of allocation," said Nationwide.
.....
Nationwide's complaint, which is echoed by many other building societies, is that basing the FSCS's levy on retail deposits penalises risk-averse institutions. Conversely, a bank which borrowed heavily in the wholesale markets would end up paying much less - even though this led to the downfall of Northern Rock and HBOS.

http://www.theguardian.com/business/2009/mar/20/nationwide-compensation-anger

If you were in charge would you do less lending, generate less profits and then bail out reckless lenders out of your profits? When instead you could join the buffet and then swan off into the sunset with your bag of swag if it all goes pear shaped.

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Yes, I got a letter from Nationwide about my `loyalty` account.

Interest cut from 1.3% to 1%.

I`ll bleed it down from £17,000 over time....including buying a new Kawasaki. After all ` Kawasaki let the good times roll` supposedly.

Brum Brum.

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on a slightly differant note I received a missive from Lloyds about my Easysaver - has about £500 in to top up current account for a big bill) and apparently the last letter they sent me notifying a drop in interest rates included the words that implied the rate would change with the BofE base rate. this was followed swiftly by a letter saying sorry that is not true but 'if you want to close your savings account we will not charge you :o

now of course if I had borrowed money from them and there was an error in the wording I would probably be 'compensated'

Nationwide - I removed all my money from them when they were lending BTL mortgages to all and sundry - even though they are allegedly a 'mutual' and 'on your side'

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Rates are at an all time nadir, that is 100% obvious. Though the lending rate remains unaltered at 0.25% rates have drifted quite drastically, the banks do not need (or want) our money. They can get it for free elsewhere.

As my fixes slowly mature seeing some of your accounts start with a 1% as oppose to a 3%, the case a couple of years back, alters your thinking.

I got quite excited about a Leeds account paying 1.4% fixed for one year (and with penalty free access) a couple of weeks back, the last straw was it was for existing customers only.

Out of frustration I got back into stocks on last week's dip, well about a quarter of my cash anyway, I guess that's exactly what the central banks want.

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I got quite excited about a Leeds account paying 1.4% fixed for one year (and with penalty free access) a couple of weeks back, the last straw was it was for existing customers only.

Out of frustration I got back into stocks on last week's dip, well about a quarter of my cash anyway, I guess that's exactly what the central banks want.

The junk bond market is showing no sign of letting up even after recent set-backs in the energy sector. Creditor protection just hit the 'lowest quality on record'. Thanks to the misguided activities of the central planners, junk is becoming ever junkier.

A Vast Pool of Greater Fools

One of the undeclared (or only occasionally admitted) goals of the enormous monetary pumping by central banks in recent years was to drive investors toward buying riskier assets. After all, if one gets virtually no interest on savings deposits and so-called “high quality debt” – which these days comprises mainly the debt of de facto bankrupt governments – is trading at yields to maturity somewhere between absurdly low and negative, what is one going to do with the flood of money pouring forth from the central planners?

Anything still seems possible, no risk is deemed too large. Thus Bloomberg reports that creditor protections have just hit the “lowest quality on record”. Has anyone noticed how common terms and phrases like “record”, “unprecedented”, “highest/largest in history”, etc. have become in connection with financial markets? These are linguistic bubble markers; even if one were completely unaware of the backdrop, the prevalence of such terminology would have to be seen as a sign that something rather momentous is underway.

http://davidstockmanscontracorner.com/junk-becomes-even-junkier/

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I got quite excited about a Leeds account paying 1.4% fixed for one year (and with penalty free access) a couple of weeks back, the last straw was it was for existing customers only.

Interest paying current accounts and regular savings accounts are one way around it. I'm averaging 2.5% on regular savings and 3% on lump sums shuffling around current accounts.

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Nationwide - The Landlords' Mutual.

Building tomorrow's society today. (with your money)

So true at one time the saver owned the Society, now all the stops are pulled out for the mortgage holder. And winkie's platinum 12.5% is very much a thing of the past. The monster that is Nationwide became all consuming. My evolution was via the Hastings and Thanet, now a history book on amazon.

http://www.amazon.co.uk/Hastings-Thanet-Building-Society-ebook/dp/B00NDI3I28

Hastings and Thanet...Anglia Hastings and Thanet.....Anglia.....Nationwide Anglia......Nationwide.

So far removed from its various routes it's not surprising it is now a Corporate beast.

Edited by crashmonitor

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I had a letter from them saying, "You've been a member for 15 years, so we're reducing your rate from 1.5% to 1.2%."

Yes, I had one like that the other week. Glad to say I had just moved 10k to the Osborne's over 65 4% thingie.

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Yes, I had one like that the other week. Glad to say I had just moved 10k to the Osborne's over 65 4% thingie.

whoa - don't admit to taking advantage of Osbourne's 'boomer bait' - you will be flamed

Edited by olliegog

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