Nationwide Flexclusive ISA - 4.25%, instant access

ylesia

innovate wrote: »

I know it's only pennies - - but why should they pocket the pennies instead of you? It's not your fault they didn't credit the money on the 7th, is it.

Especially if they pocket everyone's pennies! You bet I'll be getting them to sort it if mine is not credited on the 7th!

penny_pincha

ylesia wrote: »

Especially if they pocket everyone's pennies! You bet I'll be getting them to sort it if mine is not credited on the 7th!

Me too, all those pennies add up. I would definitely point it out to them.

irishjohn

Quote:

Originally Posted by Chickabee
....opening credit dated 10th April (rather than 7th - but thats ok!).....

I know it's only pennies - - but why should they pocket the pennies instead of you? It's not your fault they didn't credit the money on the 7th, is it.

Opened mine by telephone on Tuesday and passbook arrived yesterday also. I got a letter with it - hope you got the same letter - here's what it says

"Please note the date showing on your passbook is the date when the passbook was produced and not the opening date of your account"

Always a good idea to do as Martin recommends - read the small print, or in this case, the not so small print!

Let's give Nationwide some credit please, they put in place a process which ensured the passbooks were printed and issued rapidly, not something many banks achieve. And I have no doubt the computer they use will be able to calculate the correct interest using the date the account was opened. (or are we thinking there is someone sitting waiting to open our passbook with calculator in hand ready to work it all out?)

Gordon_the_Moron

I just noticed the sticker on the front of my passbook with "Flexclusive ISA" on it is stuck on upside down lol!

le_loup

Oh dear, that means you only get 50% of the interest.
Never mind, the passbook could become a collectors item.

hermante

Does Nationwide count Saturday as a day for paying interest? If Lloyds was offering this account and it was opened on the 7th, all transactions and interest would be dated from the 10th.

Linclass_2

Just to let you know, I went into the branch today with the form I had downloaded from NW online for account switches. I ticked plan b option to select the DD's I wish to transfer. The customer advisor in the branch said "I have to switch the whole account". I said I had spoken to an online customer advisor who has said I only have to switch two DD's! So she rang an advisor, they said yes I could switch two DD's! Branch advisor then said this facility/option has been withdrawn from the branches. So advisor says she doesn't think it is allowed BUT will post off my account switching form and see what happens!
So I will have to wait for a letter to come back, pick my two DD's then post back, this will take 3-4 weeks. Then I am going to opt to ring up to see if I can open Flex ISA as it will be quicker to do than go back to branch.
Note NW once gave me some duff info on another ISA product. Only maturing ISA'S could be transferred into this new product. However I was told I could open up the account and was given the forms to do so. The application got rejected BUT because they told me wrong information, they honoured my application in the end.

Paul_Varjak

innovate wrote: »

I know it's only pennies - - but why should they pocket the pennies instead of you? It's not your fault they didn't credit the money on the 7th, is it.

7th April was a Saturday. Credits are not added on non-business days. The earliest the credit could be added until 10 April as the 9th April was Easter Monday.

Paul_Varjak

hermante wrote: »

Does Nationwide count Saturday as a day for paying interest? If Lloyds was offering this account and it was opened on the 7th, all transactions and interest would be dated from the 10th.

Interest is payable on Saturdays once a credit is made, but credits are only made on a business day. Saturdays, Sundays and Bank Holidays are not business days.

le_loup

No. Another piece of wrong information, I'm afraid.
If you transferred your money into this account on a Saturday, that's the day interest starts.