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Nationwide Building Society ISA

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      20.05.2009 17:53
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      Sneaky dealings from Nationwide mean the 0.5% interest rate is kept very hush hush

      Hmmm, as much as I like the fact I bank with a Building Society and not a bank I am having an issue with this ISA. Yes, Nationwide with their current account that allows travellers to withdraw money with no load fee and has been kind to me since I've been with them have suddenly got very sneaky with their ISAs.

      I hold a Member's ISA Bond and for years they offered a reasonable interest rate, information galore and an easy to use tracker online (as part of their internet banking) yet in the last 9 months or so they've been decreasing and decreasing that interest rate and not having the balls to tell me.

      Yes the world is a financial mess, I know that and yes I expect interest rates not to be the 5/6 percent of a year ago but I feel it is sneaky not to keep their customer in the loop. This is made worse when as of April 09 the rate has dropped to a meagre 0.5%!!!

      Luckily I check rates eagerly with moneysavingexpert.com and have now transferred my ISA to a bank offereing a decent interest rate.

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      07.04.2009 16:36
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      An insult to Nationwide's loyal members

      It is all very different in April 2009. The Nationwide Members' ISA Bond pays one of the WORST rates of any ISA product at the start of the tax year 2009/2010 (a derisory 0.75% "tax free") and I will certainly not be contributing again to mine. Nationwide are often saying how their rates are 'competitive' compared to other savings accounts but the Nationwide Members' ISA Bond is a special account that is supposed to reward the LOYALTY of Nationwide's members of over 3 years standing and in my opinion the Nationwide Board has chosen to deliberately side-line their loyal members in order to finance more attractive offers to new investors. Thankfully the Internet allows us all to shop around when choosing where to put our money and I would certainly recommend shopping around rather than investing in one of these. I would agree with one point made by Nationwide and that is that some other institutions pull customers in with attractive rates that plummet once enough punters have been hooked; however in this case I feel that this is similar to what Nationwide are doing themselves, since they appear to offer better ISA rates on their other ISA products than they do on the Members' Isa Bond. You don't need to go far to find a better and secure rate: At the time of writing, Government backed Northern Rock offers 2% APR on its E-Saver account; once tax is deducted you still end up with more than with the Nationwide "Tax free" version.

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        04.08.2002 23:34
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        If you're a financial dunce like I am, then negotiating the minefield that is advertising for financial products can be a nightmare. Unit trusts, PEPs, bonus gold accounts it's all very confusing. A lot of my saving goals are short term for the moment, as there is no chance of being able to buy a house in the next five years! When I chose my ISA I thought about my financial situation. I don't earn a lot of money, so anything that stipulates a £5,000 minimum deposit to start, is out for me. My savings may be meagre, but it's nice to get some interest on them that hasn't been pillaged by the taxman and that is what is so great about ISA's. ISA stands for Individual Savings Account. These were introduced by the government to encourage people to save, they replaced Tessa's. The big plus is that interest is paid tax free. Also I don't like the idea of having to lock money away in an account for years and not being able to touch it. This is all very well if you can afford to have a couple of different savings accounts, with varying lengths of notice, then I'm sure it's financially beneficial to you. However, you never know what's round the corner, there may be an emergency new car or holiday you need to purchase. With the Nationwide Mini Cash ISA you have easy access to your cash. There is no limit to the amount of withdrawals you can make and you are not penalised for making withdrawals. There is an upper deposit limit of £3,000 during one financial year. Otherwise you'd be able to have tons of tax free savings! This limit applies to the total amount of credits during one year. So if you save £3,000 in a year and withdraw £1,000 you aren't allowed to make up the difference. If you go a year without making a deposit you need to complete a renewal form available from your local branch. There is no limit to the amount of years you can spend saving. I seemed to recall in the
        dim and distant days of Tessas, something about 5 year maturity rates. So theoretically you can save £3,000 a year for 10 years and have £30,000 of tax free savings and interest. Although I think that the Chancellor can pull the plug on it at his own discretion. To open a Nationwide account you need a minimum of £1. Joining forms are available from your local Nationwide branch. You'll need to show two different form of identification one to prove your name (passport,driving license etc) and one to prove your address (a utility bill or a phone bill that isn't for a mobile phone etc). These needs to be 3 months old or less. Don't be like me waiting for ages and then having to come back, because I didn't have enough I.D. When I did get to join up it was quite painless, took about ten minutes and I was able to open the account that day. The only thing I would reccommend is not trying to open one during the lunch hour if you can possibly help it. The counter staff don't do opening new accounts, so you need to go to the enquiries section of the branch, which runs the risk of being stuck behind someone's long drawn out mortgage problems. I've always found the staff in my local Nationwide branch to be friendly and helpful. The account is operated by a passbook ( a very nice navy blue with gold writing and they give you a plastic cover to put it in!) and you can deposit and withdraw money using just this passbook. You don't get a Link card, so you can't money out of a hole in the wall. Not like my old post office account where I'm sure a whole wad of forms were needed to do anything. The passbook keeps a running total of withdrawals, deposits and balance. Unlike a lot of financial products, you don't need to give notice of your intention to withdraw money. Nationwide sends you a statement at the end of each financial year. Interest on your account is calculated on the 31st March. The
        Nationwide interest rate is currently 4.25%, as of December 2001. Interest is paid for each day your money is in there. So although there is no penalty for withdrawals, it does benefit you if you can keep it in there for as long as possible. So if you put your opinion writing cash in there and keep it in there you'll see the rewards in the interest! Unfortunately since I opened my account, the interest rate has decreased with national trends. Good for mortgages, not so good for savings accounts. If you're in to internet banking, Nationwide like most financial organisations has a web site www.nationwide.co.uk and you are able to manage your account via the internet. Although you do need to see a human at a branch to set it up. I've had a quick look at their website and it is comprehensive and well laid out. Another important point is that you are only allowed to have one ISA, I presume there are ways of checking this. Obviously if this weren't the case lots of people would have a collection of different ISA accounts and would all be paying no tax on their savings. There are other kinds of ISA's available from Nationwide, but these involve investing in stocks and shares. In short the Nationwide ISA is a great way to get the best return on a relatively small amount of cash.

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          29.06.2002 17:44
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          I have held a Nationwide Members ISA bond since they were first launched. To qualify you must have been a member for at least 3 years. The rates are almost always the highest available. You won't have seen this bond in the best buys tables in newspapers because they only include products open to everyone. The rates are currently (29 June 2002) 4.7% which is very high. The only drawback is you only receive a statement once a year. You must keep the receipts you get when you pay in, until the annual statement comes. You can also monitor the balance as often as you like on the internet. Also you can only make 1 withdrawal a year ? but that suits long term investors like me. Overall a simple good values product.

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            16.09.2001 22:04
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            I opened a Nationwide instant access account nearly a year ago. When looking for an ISA it can seem a confusing task, so many types of ISA with so many banks. However help can be found with the likes of the money section of many weekend newspapers such as The Times, and internet sites such as MoneyFacts. I am not sure what the situation is now, but for instant access, the Nationwide was among the very best, and also has the reasuurance of being with the biggest building society in Britain. The account pays 6.5% Gross, which in todays climate of low savings rates is excellent. However the rules governing all Cash ISAs mean that you can only deposit £3000 in this tax year, which is set to drop to £1000 in subsequent years. The Nationwide ISA is well worth a look, the only downside if you are used to current accounts is that you get a rather old-fashioned passbook, but it is still possible to set up direct debit payments to it if you want to save regularly. Be warned though, with all the recent flotations of building societies, do not expect this as a way to qualify for a windfall should they ever convert to a bank, upon opening your account you are required to sign any potential windfalls to charity.

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              20.12.2000 12:50

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              Nationwide BS consistently give good cash ISA rates, and this is the one area in which I believe they excel themselves. If you look at the best buy sections of the press for cash ISA's they will usually feature. If they do not feature, you can be sure their rate isn't far behind. However, the one good thing is that they do not offer teaser rates to get new business and then lower the rates a few months later. Many of the banks employ this tactic when they need new funds from savers. The Nationwide is a CAT standard ISA too, which generally means that the rates are good and they allow easy access to the funds. All in all, if you get your cash ISA from these guys you won't go far wrong.

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              13.11.2000 19:55

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              One the best high street ISA. I admit I picked the ISA for the interest rate. A mini cash Isa was the best choice for me. As well as the interest rate that is very good I found opening the account very easy. It took about 10minutes. The reason being is that do not need to credit score it. As you can only take out the amount that is in the account and do not have, an overdraft or card attached to it. As the nationwide is well know on the high street. I find them easy. In addition, the best bit is that for the next 5 yrs after next April you can still save £3000 if you have the money good interest rates and easy access and best of all NO TAX to pay. I recommend an ISA full stop even if it is not Nationwides.

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              24.08.2000 16:48

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              I opened a Nationwide instant access account nearly a year ago. When looking for an ISA it can seem a confusing task, so many types of ISA with so many banks. However help can be found with the likes of the money section of many weekend newspapers such as The Times, and internet sites such as MoneyFacts. I am not sure what the situation is now, but for instant access, the Nationwide was among the very best, and also has the reasuurance of being with the biggest building society in Britain. The account pays 6.5% Gross, which in todays climate of low savings rates is excellent. However the rules governing all Cash ISAs mean that you can only deposit £3000 in this tax year, which is set to drop to £1000 in subsequent years. The Nationwide ISA is well worth a look, the only downside if you are used to current accounts is that you get a rather old-fashioned passbook, but it is still possible to set up direct debit payments to it if you want to save regularly. Be warned though, with all the recent flotations of building societies, do not expect this as a way to qualify for a windfall should they ever convert to a bank, upon opening your account you are required to sign any potential windfalls to charity.

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              05.08.2000 01:44
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              I've had an instant access cash ISA from the Nationwide for about 18 months now, and so far I've no complaints at all. The interest rate, although not the best you can get, is fairly competitive, and in lieu of this you do get the instant access facility which is reassuring - if you need to you can get to your money in a hurry. Being a building society means that, usually, the interest rates offered on the various accounts will be slightly higher than for similar products offered by banks, due to not having any shareholders to please. Check for yourself whether this is, in fact the case - rates can change daily of course. If you do sign up then you will be required to sign a form which waives your rights to any benefits that might come if the society converted into a bank, and assigns them instead to a charitable foundation set up by the society. This is intended to stave off the advances of carpetbaggers, and may put some people off - but in my opinion, the benefits of mutuality in terms of the higher interest rates are worth keeping in the long run. All in all this is a professionally run instant access ISA which offers good rates of interest. If you are looking to buy an ISA, I would definitely consider this one.

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