Nationwide Flexaccount

Broadwoodboy

Straight question - does this pay interest on credit balances?

EarthBoy

No.

It used to, but not any more.

gt94sss2

Broadwoodboy wrote: »

Straight question - does this pay interest on credit balances?

No.

The account used to pay interest on credit balances but Nationwide have stopped that (at the end of last year I think)

Regards
Sunil

Broadwoodboy

EarthBoy wrote: »

No.

It used to, but not any more.

Was that a change of policy, or due to the reduction in interest rates? In other words, might they bring it back?

EarthBoy

Who knows? They didn't announce a change of policy, the interest was just reduced several times and has now disappeared altogether. They might bring it back when interest rates start going up again. Then again, they might not. It's anybody's guess really.

Inactive

Broadwoodboy wrote: »

Straight question - does this pay interest on credit balances?

No, but the e savings account that you can link to from a FlexAccount with immediate online access still pays interest, albeit a small amount.

rb10

Inactive wrote: »

No, but the e savings account that you can link to from a FlexAccount with immediate online access still pays interest, albeit a small amount.

... and the e-savings will probably drop to 0.95% next Sunday.

Inactive

rb10 wrote: »

... and the e-savings will probably drop to 0.95% next Sunday.

Could well do, then I will move some to the e-savings + account.;)

SmileyG_2

Inactive wrote: »

Could well do, then I will move some to the e-savings + account.;)

Only use the e-save plus account for emergency money. The rate drops from 2.75% to 0.5% for a whole twelve months if you make 4 or more withdrawals in any 12 month period.

Top up in an e-save account first and when the money is not required for your immediate expenses, move it to the e-saver plus.

SmileyG

Inactive

SmileyG wrote: »

Only use the e-save plus account for emergency money. The rate drops from 2.75% to 0.5% for a whole twelve months if you make 4 or more withdrawals in any 12 month period.

Top up in an e-save account first and when the money is not required for your immediate expenses, move it to the e-saver plus.

SmileyG

Thanks, yes I know all of that.;)

rb10

SmileyG wrote: »

Only use the e-save plus account for emergency money. The rate drops from 2.75% to 0.5% for a whole twelve months if you make 4 or more withdrawals in any 12 month period.

But the really sneaky bit is that if you close the account during the year, you get the lower rate for the whole year (regardless of the number of withdrawals made). So if you want to close it, don't! Instead, withdraw all bar £1 (min. balance), wait until interest is next paid, and then close the account.