Why can’t Nationwide offer a decent online savings account?

| October 30, 2012 | 0 Comments

Simon Lambert

12:03 EST, 30 October 2012


12:16 EST, 30 October 2012

Broken: When Britain's biggest building society can't even offer a reasonable catch-free online saver, something is definitely going wrong.

Broken: When Britain’s biggest building society can’t even offer a reasonable catch-free online saver, something is definitely going wrong.

Why is Nationwide incapable of offering a simple catch-free online savings account?

For a building society that claims its ‘only focus is you’, this seems to be something of a glaring omission.

After all, even Nationwide seems wise to the fact that the internet caught on a few years back and that means that any decent bank or building society should offer at least one solid online savings account with no sneaky catches.

As a loyal Nationwide customer of seven years standing, with a current account, a mortgage, an Isa and various savings accounts this drives me absolutely mad.

All I want is a simple instant access online savings account with a half decent rate. Yet among Britain’s biggest building society’s spread of accounts there is nothing that matches that.

I can get a Loyalty Saver, which would pay me 2 per cent as a customer of more than five years but that is branch-only, I can get a regular saver but that is not a proper instant access account, and I can get a Flexclusive Saver, but again that is a passbook branch-based account.

Nationwide also has two Plus accounts, MySave and e-Savings, yet they drastically limit withdrawals and are not proper instant access savers..

So that leaves the best online catch-free instant access savings account from a building society, which let us not forget bangs on about being on your side, as its 0.45 per cent paying E-Savings account.

That is quite frankly pathetic.

No building society claiming to be on the side of savers should be offering such a poor savings rate for its only proper online instant access account.

There is no excuse for not having at least one proper online catch-free savings account paying at least 2 per cent.

Of course, I can move my savings somewhere else and get a much better rate, but the point is I don’t want to. I want the ease of saving online with Nationwide, where my current account banking is, and in return for the convenience I’d accept a middling rate to do so.

But I can’t get one and that doesn’t make Nationwide look like it’s on my side.

It makes it look sneaky because like me there will be thousands of other customers who end up with money sat on an awful 0.45 per cent rate just for ease of access.

As a Nationwide member, I’m calling for a proper online savings account. As a journalist I know lots of This is Money readers who are fellow members want the same thing.

On behalf of all of us, I’ll forward this to Nationwide and let you know what they say.

Filed Under: finance news

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