Nationwide e-Savings closure - interest?

MrTeatime

Hello everyone!

I recently checked the savings rate for my Nationwide eSavings account for the first time in a while and was rather shocked to find that it had fallen to less that 0.5% (a far cry from the 7% it carried when I first opened it, but oh well ).

Since I never make withdrawals, I decided to go with the slightly better eSavings Plus account. Apparently lacking an option to upgrade my eSavings account to an eSavings Plus, I closed my eSavings account mid-way through March and opened an eSavings Plus account immediately after, and transferred my balance over.

However, I wonder now what will happen to the almost-full-year's worth of interest that I had earned in my eSavings account, since I closed it a couple of weeks prior to the yearly interest payment date of 31st March? I hope it is not forfeit, as this would be a not inconsiderable sum, and there were no warnings when I was closing the account and the T & C appears not to make any mention of what happens on the event of closure: I was assuming that the interest would be placed, along with the balance at time of closure, into the associated FlexAccount.

I see that there is a thread about what happens upon closure of an eSavings Plus account on the front page (threadid #1606095; I am unable to link to it directly due to the forums rules for newly registered users) and can only hope the penalties for closure of the eSavings account are somewhat less Draconian

Many thanks indeed for any information you can give me

evenasus

I closed one of my Nationwide E-Saver accounts a few weeks ago. They paid the balance plus accrued interest into my flex account.

PurpleBox

MrTeatime wrote: »

Hello everyone!

Since I never make withdrawals, I decided to go with the slightly better eSavings Plus account. Apparently lacking an option to upgrade my eSavings account to an eSavings Plus, I closed my eSavings account mid-way through March and opened an eSavings Plus account immediately after, and transferred my balance over.

I was assuming that the interest would be placed, along with the balance at time of closure, into the associated FlexAccount.

Correct - I have closed two e-Savings accounts, and the full interest was paid into my Flex account on closure at the same time as the balance both times. Also, Nationwide sent me closure comfirmations by post.

If you have not received your interest then I would check that the account has actualy been closed.

PurpleBox.