Nationwide FlexDirect - 5% interest, free overdraft

BaxUk

Jaxer wrote: »

Can someone clarify how/when interest is credited to the account?

I opened a new account in April and transferred in a total of £2,500 from external accounts in the first week of May. I've just had the first statement notification up to 15 May 2013 but looking at it, there's no interest shown.

Is the interest credited in arrears, ie. will this month's £1000 transfer-in trigger the interest credit?

"On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. We normally pay you this interest 'net' of any tax, which means we deduct any tax due and pass it to the government for you."

So you should get your first interest on 1 June

IGetMoney

I now have a letter from N/wide stating that if I continue to pay in £1000 into my three accounts I will continue to receive the 5% AER. They do state they reserve the right to limit to just my first account though and can't guarantee if I opened a fourth it would get the same rate.

I opened all my accounts in about the first 10 days of April.

innovate

That's pretty much exactly in line with what has been in the T&Cs from day one.

pqrdef

YorkshireBoy wrote: »

If you don't speculate you can't accumulate!

But if you don't wait for the Quidco, you can't get the cashback!

Anybody with 4 accounts paying 5% brave enough to close one, just to open another through Quidco?

YorkshireBoy wrote: »

I'd even go as far as to suggest that if anyone opened 3 or 4 accounts now, they'd get the 4.89% gross p.a. rate on them all. Any takers?

Just opened number 3, paid £1K through and left £200 in, now waiting for June 1.

The application process said "We can offer you a FlexDirect with 5% blah blah". But I don't set much store by that, because it also said I had to read the T&Cs.

KevF_3

pqrdef wrote: »

If you had both accounts by 1st April they should both get 5%.

The month-end business is tricky. March 31st was a Sunday. A lot of people who get paid (to another bank) on the last working day of the month (Friday) will have set up a standing order for the last day of the month. But inter-bank SOs don't happen on Sundays, so those SOs will have got credited in the early hours of Monday, the same time you made your transfer. But those SOs were supposed to earn the March interest and those people will all complain if they're counted as April.

Still working on this one. Do I have any right to claim they are wrong. Checked with Santander who confirmed what I already knew that I sent the money in the early hours of the 1st April.

Twice I have had a call back saying that the interest will be corrected. The last time on the 10th the guy said the correction had already been made and it was just a fault in their system preventing the interest from showing on my accounts. We had a conversation about what I would spend the money on.

Saturday I received a letter saying something like we've checked and our system applied the money to 31st so we are satisfied it was the 31st. Today on the phone they just repeated the computer says no argument. Also that it was absolutely right they would not pay
interest on more than 1 account.

Waiting for a call back now but anyone got any ideas of where I can go with this. it is hardly a lot of money but I don't think I have ever taken anything 'banking' so personally.

pfpf

how long to actually get a working useable account?

applied online (via quidco) 12th May. (1st time I used quidco in years as I had poor tracking issue but gave them a try this time (not tracked cant put in a claim until I have a NW account number.) anyone else with cashback experience with these?

letter asking for 2 forms of ID on the 18th (never ever had to provide ID anywhere and I have LOTS of various accounts).

ID returned to me on the 17th.

now what and is this usual for NW?

am I eating into my 1 year @ 5% without being able to use the account?

thank you.

pfpf

my card has just arrived so I now have all account details.

still cant access the account until I get my "online customer number", the rest of the login details I created on signup.

any ideas how long for this number to arrive? i suppose ringing them wont get me the number as posting it is part of the security.

thanks again.

Speculator

Has anyone received their interest yet?

Previously, it was paid on 31st March and 30th April so the May payment is due today.

moi

Speculator wrote: »

Has anyone received their interest yet?

Previously, it was paid on 31st March and 30th April so the May payment is due today.

If memory serves me correctly, it wasn't until late in the evening that the interest was added on the 31st/30th.

YorkshireBoy

Speculator wrote: »

Previously, it was paid on 31st March and 30th April so the May payment is due today.

It's actually "due" on the first of the following month...

On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month.

http://www.nationwide.co.uk/current_account/flexdirect/FAQs.htm

...but the 1st of June will start sometime (perhaps late) this evening.