Help with Nationwide e-savings plus

ajbell

Hi.

I have a Nationwide e savings plus account that i don't use anymore.
I have a balance of zero at the moment but i have had several
thousand in during the last year but zero in since august. I want to
close the account as i don't intend to use it again and i am due about £50 in interest.Now the problem, if i close the account the rules say that the lower rate of interest (0.1%) applies if you close the account and this is back dated 12 months. This means i will have to give up my £50 interest and also means you can't earn any
interest in the last year that you have the account.
What can i do?.

thistledome

Can't you just wait until the anniversary date to close it? That's what I did with mine.

ETA: assuming you haven't made more withdrawals than the allowance, obv.

ajbell

It says that the penalty is backdated 12 months. It does not say
that the anniversary date stops this. So i am assuming whenever you close the account they take 12 months interest off you.
Anniversary date is february by the way.

premierfella

thistledome wrote: »

Can't you just wait until the anniversary date to close it? That's what I did with mine.

ETA: assuming you haven't made more withdrawals than the allowance, obv.

As per thistledome - just posting to highlight the reference to anniversary year. Interest is added to the account on the anniversary of account opening. Once added, you are into the next anniversary year and can happily close the account down as the lower interest band "penalty" only applies to the current anniversary year.

From the terms:

3. 'Year' means one year from the date the account is opened to the end of the day preceding the anniversary day and the year starts again at the start of each anniversary day.