Nationwide Flex A/C

bowlesbargain

Could anyone tell me why interest was shown on my statement on the 31st of January 2010 as Nil. I have my wages paid into the account and understood the rate to be 0.45%. I accept that the interest paid would have only been a couple of pounds but not Nil.

noh

bowlesbargain wrote: »

Could anyone tell me why interest was shown on my statement on the 31st of January 2010 as Nil. I have my wages paid into the account and understood the rate to be 0.45%. I accept that the interest paid would have only been a couple of pounds but not Nil.

The interest rate on the Flex Account has been 0% since 1st February 2009. Prior to that it was 0.5% if more than £1500 per month deposited.

http://www.nationwide.co.uk/current_account/previous_rates.htm

http://www.nationwide.co.uk/current_account/rates.htm

johnoz

Yep, agree with "noh", I remember the notification before about 0% interest and thought it was a bit poor then - but they're rubbing our noses in it by adding "31 Dec 2010 - Interest - nil" to our recent statements! Not the best PR move!

gallygirl

Have just taken this from NWide website, I believe they have not paid interest for several years. Time to vote with you feet
FlexAccount and Cash Card Account do not pay credit interest.

dzug1

Quite a few banks have stopped paying interest on 'standard' current accounts - NatWest and Santander to name but three.

Gordon_the_Moron

They only recently seemed to have started adding the 0% interest thing, very odd decision as it isn't the best PR as someone already rightly pointed out :S

Old_Slaphead

gallygirl wrote: »

Have just taken this from NWide website, I believe they have not paid interest for several years. Time to vote with you feet
FlexAccount and Cash Card Account do not pay credit interest.

If the only reason you have your Flexaccount is for the interest then it was "time to vote with your feet" long ago !

FlexAccount is a decent account to reappropriate money to/from but only minimal cash balances should be maintained (IMHO).

CLAPTON

One could of course praise them for their openness and honesty
I would like all accounts by law to have to display the current interest rate on their statements

rb10

I expect that you are thinking of the linked E-Savings account - that pays 0.45% gross/AER.

lilac_lady

I'd rather have a current account that pays no interest than one that charges a monthly fee but adds paltry interest. I've got a NW Flex Account for my DD's and SOs but keep a minimum amount in it.

dzug1

Gordon_the_Moron wrote: »

They only recently seemed to have started adding the 0% interest thing, very odd decision as it isn't the best PR as someone already rightly pointed out :S

Maybe it's a regulatory requirement? Only a guess though