Mystified by interest payment

givememoney

DH opened up a Nationwide E Save ISA in March this year.

To my knowledge the interest will be paid in March next year (2012). However, he had interest paid in August and I don't know why. Is this for the bonus which has now ceased? It was supposed to run for the year as far as we remember.

Can anyone throw light on this please.

Lokolo

Interest isn't always paid on the anniversary, sometimes its paid on a certain date. Nationwide may pay all interest in August.

exel1966

See http://www.nationwide.co.uk/savings/cash_isa/eisa/summary.htm

particularly the part which states ;-

Interest is paid annually into your e-ISA on 31 August.

agrinnall

And they didn't lie, I opened mine in May and interest to date was paid in August.

le_loup

givememoney wrote: »

To my knowledge the interest will be paid in March next year (2012). However, he had interest paid in August and I don't know why.

Always read the T&Cs before giving people money ... then you wont get any surprises.

brian_sp

givememoney wrote: »

DH opened up a Nationwide E Save ISA in March this year.

To my knowledge the interest will be paid in March next year (2012). However, he had interest paid in August and I don't know why. Is this for the bonus which has now ceased? It was supposed to run for the year as far as we remember.

Can anyone throw light on this please.

Nationwide do pay interest at different times of the year on savings accounts.This will obviously be approx half of interst due and remainder in march

opinions4u

brian_sp wrote: »

Nationwide do pay interest at different times of the year on savings accounts.This will obviously be approx half of interst due and remainder in march

Obviously nothing will be paid in March.

Interest is paid annually into your e-ISA on 31 August.

oldvicar

le_loup wrote: »

Always read the T&Cs before giving people money ... then you wont get any surprises.

You're absolutely right. But at least this was, I presume, a nice surprise.

givememoney

exel1966 wrote: »

See http://www.nationwide.co.uk/savings/cash_isa/eisa/summary.htm

particularly the part which states ;-

Interest is paid annually into your e-ISA on 31 August.

Thanks for this link. I find it tricky gleaning info sometimes from the websites of banks.

Also this give interest rates from the 1st July. He took it out in March. Is there anywhere on the site that gives interest rates for accounts taken out then? The interest rate shown for July is only 1.75 and back then it was more than that because of added bonus.

le_loup

Again, it's on the website. Look under historic rates. You will find 3.1%.

choccyface2006

Ohhhhhh....I had no idea they paid interest on 31st August either, like you I was expecting it on the anniversay.....I've just logged in and had a nice suprise Thanks!

Sarah