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    • kezzygirl
    • By kezzygirl 2nd Oct 17, 7:14 PM
    • 599Posts
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    kezzygirl
    interest on balances up to...
    • #1
    • 2nd Oct 17, 7:14 PM
    interest on balances up to... 2nd Oct 17 at 7:14 PM
    Hello all,

    I have money in various accounts, currently my nationwide flexdirect pays 5% on balances up to £2500. I have put £2440 in to make way for the accumulated interest, this is probably a silly question but if I top it up and put over £2500 in, will I not earn interest on the amount over the £2500?

    So, 5% up to £2500, but 0% from £2501 onwards? Will I continue to receive the 5%?

    thanks, kez
Page 1
    • YorkshireBoy
    • By YorkshireBoy 2nd Oct 17, 7:23 PM
    • 29,612 Posts
    • 17,464 Thanks
    YorkshireBoy
    • #2
    • 2nd Oct 17, 7:23 PM
    • #2
    • 2nd Oct 17, 7:23 PM
    I have money in various accounts, currently my nationwide flexdirect pays 5% on balances up to £2500. I have put £2440 in to make way for the accumulated interest
    Originally posted by kezzygirl
    Presumably you're making 4.89% gross p.a. on the other £60 somewhere else? If you're not then get it in the FlexDirect!
    this is probably a silly question but if I top it up and put over £2500 in, will I not earn interest on the amount over the £2500?
    This question is answered on their website isn't it?...
    In plain English this means, you'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500.


    http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts
    Their emboldening, not mine.
    So, 5% up to £2500, but 0% from £2501 onwards?
    £2,500.01
    Will I continue to receive the 5%?
    See above.
    • jscol
    • By jscol 2nd Oct 17, 7:29 PM
    • 19 Posts
    • 3 Thanks
    jscol
    • #3
    • 2nd Oct 17, 7:29 PM
    • #3
    • 2nd Oct 17, 7:29 PM
    Every month I make just over ten pounds interest on each of the flexdirect accounts we have. We have the full £2500 in each of them. We take the £10 out and transfer to our current account as we would get no interest on that £10 if we left it there.
    • kezzygirl
    • By kezzygirl 2nd Oct 17, 7:30 PM
    • 599 Posts
    • 656 Thanks
    kezzygirl
    • #4
    • 2nd Oct 17, 7:30 PM
    • #4
    • 2nd Oct 17, 7:30 PM
    thankyou...thought it was a stupid question lol but just wanted to check
    • kezzygirl
    • By kezzygirl 2nd Oct 17, 7:31 PM
    • 599 Posts
    • 656 Thanks
    kezzygirl
    • #5
    • 2nd Oct 17, 7:31 PM
    • #5
    • 2nd Oct 17, 7:31 PM
    Every month I make just over ten pounds interest on each of the flexdirect accounts we have. We have the full £2500 in each of them. We take the £10 out and transfer to our current account as we would get no interest on that £10 if we left it there.
    Originally posted by jscol
    good idea, thanks. I will top them up to the £2500 now! I could always do a standing order for the date the interest is paid.
    • Eco Miser
    • By Eco Miser 3rd Oct 17, 3:16 AM
    • 3,223 Posts
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    Eco Miser
    • #6
    • 3rd Oct 17, 3:16 AM
    • #6
    • 3rd Oct 17, 3:16 AM
    good idea, thanks. I will top them up to the £2500 now! I could always do a standing order for the date the interest is paid.
    Originally posted by kezzygirl
    Two problems with that:
    1. the date the interest is paid varies (first working day of month (at end, after all other transactions have happened), which could be the fourth calendar day of month.
    2. the interest varies with the effective length of the month (not the calendar month).
    These make leaving exactly £2500 in the account for the whole month difficult.
    I use a manual faster payment on the second working day (about an hour ago as I type).
    Eco Miser
    Saving money for well over half a century
    • Alexland
    • By Alexland 3rd Oct 17, 8:34 AM
    • 737 Posts
    • 464 Thanks
    Alexland
    • #7
    • 3rd Oct 17, 8:34 AM
    • #7
    • 3rd Oct 17, 8:34 AM
    My interest just gets swept up as I manually cycle my salary through and fill the reg saver each month. Takes about 2 mins. Is it really worth worrying about a few days interest on 10 pounds?
    • lpgm
    • By lpgm 3rd Oct 17, 11:30 AM
    • 200 Posts
    • 99 Thanks
    lpgm
    • #8
    • 3rd Oct 17, 11:30 AM
    • #8
    • 3rd Oct 17, 11:30 AM
    Nationwide seems to pay interest at the end of the final day of the month, even if it's not a working day. I always see it in my account when I log in on the first of the new month.
    • TheShape
    • By TheShape 3rd Oct 17, 12:54 PM
    • 1,141 Posts
    • 906 Thanks
    TheShape
    • #9
    • 3rd Oct 17, 12:54 PM
    • #9
    • 3rd Oct 17, 12:54 PM
    You could set up a text alert for when the balance reaches £2501 which will prompt you to log on and shift the interest.
    • Eco Miser
    • By Eco Miser 3rd Oct 17, 1:42 PM
    • 3,223 Posts
    • 2,986 Thanks
    Eco Miser
    Nationwide seems to pay interest at the end of the final day of the month, even if it's not a working day. I always see it in my account when I log in on the first of the new month.
    Originally posted by lpgm
    You're right. I was thinking of the various LBG banks. I have both, and it was late.
    However setting up an SO for the last day of the month can also be problematical.
    Eco Miser
    Saving money for well over half a century
    • kezzygirl
    • By kezzygirl 3rd Oct 17, 6:23 PM
    • 599 Posts
    • 656 Thanks
    kezzygirl
    wow, some great suggestions, thanks! We now have the max of £2500 in each of our flexdirects, I have just opened hubby a flexclusive saver also and deposited £250. I have a flexclusive saver too. I am not too fussed about missing a couple days interest, I check all of our accounts regularly anyway
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