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Nationwide Building Society rewards its members...

stevensfo
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Nationwide Building Society rewards its members...

#345392

Postby stevensfo » October 5th, 2020, 4:06 pm

.....with sweet FA.

'As a Building Society we're always looking for ways to give a little something back to our members.'

A kick in the teeth springs to mind.

https://www.nationwide.co.uk/products/s ... 2359183402

Even Monzo Bank are offering 0.96%, and that's 'after' taking their cut from the bank offering those rates!

https://monzo.com/features/savings/

I like the picture of the woman in the ad. That forced smile and slight hint of the violence about to erupt when she realises that she will be charged for the teeth they made her wear. :-)


Steve

AleisterCrowley
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Re: Nationwide Building Society rewards its members...

#345400

Postby AleisterCrowley » October 5th, 2020, 4:33 pm

I've moved everything out of Nationwide apart from £100 in my FlexAccount

Not sure if it's worth remaining a 'member' on the 0.0001% chance they demutualise -my membership predates the windfall signaway clause

richlist
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Re: Nationwide Building Society rewards its members...

#345403

Postby richlist » October 5th, 2020, 4:52 pm

Well in the current low interest environment I don't think 0.5% with the chance of a win in the draw is such a bad deal.

0.5% on £10K = £50pa.......you might get 0.8% from another bank......so you are gambling the loss of £30 for the chance of a win in the draw.

swill453
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Re: Nationwide Building Society rewards its members...

#345407

Postby swill453 » October 5th, 2020, 5:05 pm

stevensfo wrote:.....with sweet FA.

'As a Building Society we're always looking for ways to give a little something back to our members.'

A kick in the teeth springs to mind.

https://www.nationwide.co.uk/products/s ... 2359183402

You get 0.5% p.a., plus 0.5% of your deposit is put in the prize pot - but you have to be in it for 18 months so the average annual return would be 2/3 of 0.5% + 0.5% = 0.83%.

Of course most people will only get the 0.5%.

Scott.

stevensfo
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Re: Nationwide Building Society rewards its members...

#345411

Postby stevensfo » October 5th, 2020, 5:18 pm

richlist wrote:Well in the current low interest environment I don't think 0.5% with the chance of a win in the draw is such a bad deal.

0.5% on £10K = £50pa.......you might get 0.8% from another bank......so you are gambling the loss of £30 for the chance of a win in the draw.



Crikey, that reminds my of those old Readers Digest ads! 'I may lose the chance of a win in the draw?' :lol:

As someone who was educated, steep learning curve, etc, by TMF, I couldn't give a monkey's about the interest rates. Yes, they're important, but the overall aim is to at least keep up with the RPI inflation rate.

So if RPI is 2%, with Nationwide's 0.5%, you are losing 1.5% of your money per year.

With Monzo's 0.96 (or better if you go direct to Charter Bank), you lose 1.04% of your money per year.

If this had all occurred 50 years ago, people would have just shrugged and kept their money in their UK P.O. account. Apart from NS&I, there is nothing similar any more. Your best bet is to keep all your cash in a well-hidden safe.

Steve

didds
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Re: Nationwide Building Society rewards its members...

#345530

Postby didds » October 6th, 2020, 9:08 am

stevensfo wrote:With Monzo's 0.96 (or better if you go direct to Charter Bank), you lose 1.04% of your money per year.



I can only see 0.5% at CB Steve?

https://www.chartersavingsbank.co.uk/AtAGlance


cheers

didds

stevensfo
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Re: Nationwide Building Society rewards its members...

#345549

Postby stevensfo » October 6th, 2020, 9:48 am

didds wrote:
stevensfo wrote:With Monzo's 0.96 (or better if you go direct to Charter Bank), you lose 1.04% of your money per year.



I can only see 0.5% at CB Steve?

https://www.chartersavingsbank.co.uk/AtAGlance


cheers

didds


If you go here:
https://monzo.com/features/savings/

Scroll down to the Fixed rates. Charter is offering 0.96% for 1 year.

I understand that Monzo take their cut so you should get more direct with Charter, but I like the convenience of doing everything via one bank.

Be quick though. That 0.96% was 1.02% last week! :(

Steve

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Re: Nationwide Building Society rewards its members...

#345615

Postby staffordian » October 6th, 2020, 1:00 pm

But they do reward members (and the rest of us poor souls) with some toe curlingly "right on" poetry in their TV adverts.

More than enough to make me avoid them like the plague.

Unless they paid good interest, of course :D

richlist
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Re: Nationwide Building Society rewards its members...

#345634

Postby richlist » October 6th, 2020, 1:58 pm

They also offer very useful travel insurance that's included with their Nationwide Flex Plus A/C which includes cover for CV19.

mutantpoodle
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Re: Nationwide Building Society rewards its members...

#345825

Postby mutantpoodle » October 7th, 2020, 8:49 am

richlist wrote:They also offer very useful travel insurance that's included with their Nationwide Flex Plus A/C which includes cover for CV19.


yes includes covid.............but read T and Cs...its not a complete cover
plus max trip is 30 days
plus extra cost for even simple medical issue..ie high blood pressure....well established and entirely under control by doc...but extra premium
plus extra if over 69

and dont forget £13 a month


but its probably a good deal if you young , no mediacl issues and dont go abroad for extended stays
you would probably have a smartphone as well...so 'free' insurance...(big XS)

didds
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Re: Nationwide Building Society rewards its members...

#345834

Postby didds » October 7th, 2020, 9:10 am

People are still travelling abroad, to need travel insurance? (rhetorical)

Or does said insurance also cover airbnb trips within the UK?

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Re: Nationwide Building Society rewards its members...

#345865

Postby beseeinyou » October 7th, 2020, 11:16 am

Covers any trip of 2 nights or more, doesn't cover 1 night stay.

Beseeinyou


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