Nationwide Building Society e-Savings Account - a Warning

[AyG]

I've just discovered that Nationwide has closed its e-Savings account to new applications and (as is the grand tradition with banks) ensured it pays a pitiful rate of interest compared with newer savings accounts. Not exactly sure when this happened - perhaps in 2012. Of course, I received no notification of the change.

So, by switching from e-Savings to a new Loyalty Saver account my interest will go from 0.45% to 1.5% p.a..

So much for a mutual building society being more caring about its members than a bank. They're all greedy, grasping progeny of unwed parents.

[petermik]

Old news sorry............been happening for years

[AyG]

Old news sorry............been happening for years

Yes, been happening for years. However, I'd believed that Nationwide as a mutual Building Society was above that sort of shoddy behaviour.

I'm also surprised since I'd thought there was now a statutory obligation to notify customers if this situation arises. (However, I can't find any evidence of this with a quick Internet search.)

[SheungWan]

So where are you going to deposit your 500 quid now?

[AyG]

So where are you going to deposit your 500 quid now?

Same bank, different account.

It's nigh on impossible to open an account with a different UK bank whilst non-resident. Even to open a new account with the same bank I have to tell porkies.

[colinneil]

I had 3 accounts with Nationwide savings e-savings, current/ credit card.

I closed them all 2 years ago, because of all the sh-- i was getting from them.

[GavinK]

When they dropped the rate on the Loyalty Saver a few months back the notice went out in the post (at least to a UK address)...

[i claudius]

Once that new guy took over the nationwide it stopped being a building society and became a bank in disguise ,mind you he has upped his salery by a massive amount . i cant write here what i think about them.

[VBF]

When they dropped the rate on the Loyalty Saver a few months back the notice went out in the post (at least to a UK address)...

I concur - which is annoying if you've got internet banking - they SHOULD send an email notifying you that something has changed and suggesting you look at the website.

Same as they do with monthly statements.

In fact, I'm enrolled in their "Savings Watch" scheme and still received nothing by email - just a letter - hopeless!!!

[SheungWan]

When they dropped the rate on the Loyalty Saver a few months back the notice went out in the post (at least to a UK address)...

I concur - which is annoying if you've got internet banking - they SHOULD send an email notifying you that something has changed and suggesting you look at the website.

Same as they do with monthly statements.

In fact, I'm enrolled in their "Savings Watch" scheme and still received nothing by email - just a letter - hopeless!!!

No they shouldn't send out an email at all and nor should you expect to receive them if you had bothered to read the terms and conditions when you signed up for the account.

[jacky54]

Their boast was they were proud to be different, now they should be ashamed to be the same as the rest. Used to be free withdrawals via ATM now it's 2% + one pound. Tesco bank are even worse though, at least NW have a good website.

[SheungWan]

Their boast was they were proud to be different, now they should be ashamed to be the same as the rest. Used to be free withdrawals via ATM now it's 2% + one pound. Tesco bank are even worse though, at least NW have a good website.

Since when was NW or Tesco for that matter obliged to provide free banking services until the cows come home?

[chiang mai]

I had 100K in NWI in what I believed was an instant access account but when I went to withdraw the funds they said I had to give 90 days notice. They were adamant about the notice, even when I produced an email from their messaging system, sent at the time the account was opened, confirming my understanding of the account.

They finally agreed to release the funds but only if I changed the account type which resulted in interest dropping from 2.8% to 0.45%, I agreed as I had committed the money on the purchase of a flat. My subsequent complaint letter sent to Graham Beale resulted in them closer my account, an account I'd had for over ten years - my complaint is with the Financial Ombudsman. Shoddy behavior from a once great institution.

[AyG]

Their boast was they were proud to be different, now they should be ashamed to be the same as the rest. Used to be free withdrawals via ATM now it's 2% + one pound. Tesco bank are even worse though, at least NW have a good website.

Since when was NW or Tesco for that matter obliged to provide free banking services until the cows come home?

Nationwide is a building society, not a bank, and should be run for the benefit of its members. In the last reported half year (to September 2014) they made profits of GBP 600 million. That to me suggests that they are overcharging for their services.

[SheungWan]

Their boast was they were proud to be different, now they should be ashamed to be the same as the rest. Used to be free withdrawals via ATM now it's 2% + one pound. Tesco bank are even worse though, at least NW have a good website.

Since when was NW or Tesco for that matter obliged to provide free banking services until the cows come home?

Nationwide is a building society, not a bank, and should be run for the benefit of its members. In the last reported half year (to September 2014) they made profits of GBP 600 million. That to me suggests that they are overcharging for their services.

.....making a profit does not equate to free ATM withdrawals nor does it equate to sending out emails when some members don't even bother to read the terms of service. Making a profit can just as easily be allocated to other strategies and objectives eg holding down mortgage rates. And their costing of ATM services may have been assessed as previously making a loss. Dunno. Anyway, sorry you are stuck but that's what happen when one discards a UK address presumably. I think a number of ex-NW members went over to Halifax. Are they any cheaper? Some people seem to want their cake and eat it ie they want a building society but they also want banking services. Isn't that one of the reasons why so many of them demutualized? (PS I only have a NW CC.)

Edited January 28, 2015 by SheungWan