another nationwide 5% account question

chili1496

deposited my £2.5k today now my question is this:- is the monthly £1000 deposit calculated from today in my case 25th to 25th or by march april may etc?

matttye

"When will I receive my interest?
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."

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

Edit: misread your question.

I would assume that as the interest is worked out PCM, the deposit would be too!

novicep

I've heard Nationwide doesn't charge a cash withdrawal fee when travelling and needing to draw money and they only charge 2% for the exchange as appose to barclays charging 2.99%. Am I correct in what I have heard from others, is it worthwhile getting a nationwide card before I go on my holiday to save some extra money??

innovate

novicep wrote: »

I've heard Nationwide doesn't charge a cash withdrawal fee when travelling and needing to draw money and they only charge 2% for the exchange as appose to barclays charging 2.99%. Am I correct in what I have heard from others, is it worthwhile getting a nationwide card before I go on my holiday to save some extra money??

Different accounts do different things.

The FlexPlus, which comes with some perks and a £10/mth fee, allows commission free withdrawals.

FlexAccount and FlexDirect do charge commission.

The Select credit card has yet other rules again.

You could read the article about travel money on the main site.

innovate

matttye wrote: »

I would assume that as the interest is worked out PCM, the deposit would be too!

I agree. I make my deposits during the first week of each month. That will be within 30 days of when I opened the account, so whether it's calendar month or a rolling account-specific month, I'll be covered.

I am sure there's a definition of "month" somewhere in the T&Cs but cba to dig for it right now.

YorkshireBoy

chili1496 wrote: »

deposited my £2.5k today now my question is this:- is the monthly £1000 deposit calculated from today in my case 25th to 25th or by march april may etc?

Go to their website...see the search box at the top of the screen?
Type "flexdirect terms and conditions"
Click the 5th result returned to open the T&Cs
Click "edit", then "find", then type "month"
Keep clicking "next" until you find the answer to your question, which is...

...well I'll let you do some of the work.