NW FlexDirect £1,000 needs to be in 24 hrs?

Gromitt

shortcrust wrote: »

Could they really have expected a month's interest on money that was in their account for only a few minutes?!

I've heard people doing exactly that. The bank told them that interest was calculated on the last day of the month, so they deposited several thousands pounds on the day before and withdrew it all on the first day of the next month, and then complained why they didn't receive the interest they were expecting.

Then there's the people who thought banks such as Lloyds TSB were giving them 3% a month rather than per year as "The bank told me I'd get interest on my money every month".

xylophone

I meant that as the £1,000 funds did not remain in the account for 24 hours he claims he didn't get any interest on his £2,500 for the entire month.

This doesn't sound right at all. See post 3 above which bears out my own experience.

pqrdef

liamcov wrote: »

He was told that the money had to stay in the account for at least 24 hours.

"The money"? Which money? How is it different from the other money?

I can't see how that rule could work.

I've got £2500 in my FlexDirect. What if I pay £1K in and draw £1K out, but I say it's not the same £1K, it's a different £1K?

What if I draw the £1K out before I pay it in?

What if I don't pay in the £1K all in one go? (I rarely do)

And it's not like there's a minimum balance needed, even for one night. What if I'm overdrawn when the £1K goes in?

What if I get paid my wages or benefits weekly or fortnightly and spend as I go, so I never have £1K in a lump and never achieve a £1K balance?

Makes no sense. There's no sensible way of even stating any such rule.

rb10

liamcov wrote: »

Seen on another forum that someone put £1,000 in one morning then transferred it back out and didn't get the 5% interest that month.

He was told that the money had to stay in the account for at least 24 hours. Does anyone have any info about this?

It's another case of never believe everything you read on the internet.

opinions4u

rb10 wrote: »

It's another case of never believe everything you read on the internet.

Or not believing what the call centre told you and repeating it on the Internet!

anotheruser

robatwork wrote: »

I leave mine in for a couple of days. Just don't trust banks' systems.

I do this to.
As mine is all automatic with standing orders, I leave it in the account for at least a day if not two to make sure the money goes in.

It also works better this way with bank holidays and such.

Archi_Bald

I have several FlexDirects, with £2.5K in each of them all month. Once a month, I deposit - using Faster Payment - £1K into each of them, from a non-Nationwide account. Immediately after receipt, which is normally instant, I pay the £1Ks back to the originating account. So all the transfers happen in a matter of minutes. Always got my monthly FlexDirect interest on all the accounts.

derrick

richardmk wrote: »

You earn interest each day on the balance in the account up to £2500. If you only keep a high balance for one day you would earn 1 days interest rather than for the month.
Halifax reward account by contrast lets rewards you £5 based on £1000 deposits being received in the month.

It is £750.00 now.

.

Wheres_My_Cashback

liamcov wrote: »

Seen on another forum that someone put £1,000 in one morning then transferred it back out and didn't get the 5% interest that month.

He was told that the money had to stay in the account for at least 24 hours. Does anyone have any info about this?

24Hrs...Nonsense !

1 second is enough.

Come on, tell us what 'other forum'.