Wednesday, Nov 25, 2009

National Savings & Investments Withdraws Its Leading Savings Deals

E1 News: National Savings & Investments Withdraws Its Leading Savings Deals

Yesterday, on November 24th, the chief executive of Nationwide Building Society, Mr. Beale, confirmed that he was one of many others, who complained about the new savings products launched recently by Government-backed savings provider – National Savings & Investments.
The complaints of Nationwide and other rival banks and building societies resulted in withdrawal of 2 extremely attractive savings deals after less than a month of their introduction onto the British market.

Posted by uch1405 @ 11:26 AM (1044 views)
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1. nomad said...

I'm intrigued to know if NS&I are independent or are decisions taken in consultation with BoE and the treasury?

Were the good savings rates offered because our leaders convenced themselves that the cat was about to escape from the bag and interest rates were to be forced up by international circumstances?

If that was the case then the lid must have now slammed down tight on that possibility.

Maybe it was a short foray to discover just how much money was floating around looking for the best home.

Wednesday, November 25, 2009 01:49PM Report Comment

2. icarus said...

The gov't needed the money, so it attracted it away from the banks. Then, oops, realised that didn't help the recapitalisation of the banks that another bit of the gov't was trying to achieve.

Wednesday, November 25, 2009 02:01PM Report Comment

3. a saver said...

Well they really couldn't have savers getting a less than ripoff IR could they?
Thank goodness some of us managed to nab these deals before they disappeared.

Wednesday, November 25, 2009 02:46PM Report Comment

4. mr g said...

Looking at Nationwide's savings IR's I would have thought there was plenty of margin for them to offer a competitive rate.

Whilst I continue to have faith in building societies generally, Nationwide has gone from offering market leading rates to some of the lowest, in a very short time.

Wednesday, November 25, 2009 07:09PM Report Comment

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