Nationwide Regular Saver - Check August/September Interest Rate History is correct

butterflymum

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Update: see post #5. Only my August rate is, at moment, showing incorrectly.

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...as title says, might be worth checking your own, as my August rate now seems to be showing a different figure from what it was when I looked in August, and my September rate is showing 0.00%!

Neither rate showing matches any of the published current (or previous) rates for the account http://www.nationwide.co.uk/products/savings/regular-savings/rates-and-information.

Have contacted Nationwide and await their reply - meantime just wanted to alert others to check theirs (albeit appreciate it may just be a glitch on my account).

ViolaLass

Sept is on 0 because the month hasn't ended yet and they don't know how much you're going to have deposited.

butterflymum

I had it in mind that the entry showing in Interest Rate History on the 1st of each new month was based on the overall increase achieved in the account balance based on previous month's deposits (but will stand corrected if my memory has failed me). Either way, it doesn't explain why the August entry shows a rate that doesn't match those published.

ViolaLass

The interest rate for each month is based on the amount deposited in that month, not the amount deposited in the previous month.

Can't help you on the August issue without more specific figures.

butterflymum

Doh :doh:, think my head was in a 'children back to school' fuddle this morning (note to self : don't do banking on first morning of new term ).

Yes, I now appreciate that 'in month' the rate shows 0% and then on first of next month, updates to show what rate was actually achieved.

So, eg , in July my Interest Rate History would have shown 0% against July, then on 1st August, the figure against July would update to, for example, show 2.5%. On same day, an entry would appear for August showing 0%, then today, update to, for example, 2.5% and an entry appear for September, showing 0% , until it then updates on 1st October, etc.

Will wait to hear back from them as to why my August figure does not match any of the published rates. Would still be interested to hear if anyone else has had a problem with their August figure not being what they expected.

noh

Yes September will be 0% until the 1st October.

The August figures do seem to be incorrect.

Mine says 0.1% but it should be 0.25% (zero increase in balance)
My wifes account says 2.4% for August should be 2.5% (£1000 increase in balance)

butterflymum

noh wrote: »

The August figures do seem to be incorrect.

Thanks - glad my 'children back to school' fuddled brain didn't just imagine that something wasn't quite right.

peter1000

I have this regular saving account I pay in a £1000 to get the higher rate,I thought you could only have one saving account like this even on a joint flex account?? Is this the case??

Archi_Bald

noh wrote: »

Mine says 0.1% but it should be 0.25% (zero increase in balance)

Same issue for me (and I did forget to move £1K from my Flexclusive Saver 5 in August.....I blame the heat).

Archi_Bald

peter1000 wrote: »

I have this regular saving account I pay in a £1000 to get the higher rate,I thought you could only have one saving account like this even on a joint flex account?? Is this the case??

Each person can hold 1 Regular Saver, either in sole or joint names. So two people can have 2 between them.

ManAtHome

Mine's showing 2.4% for August, should be 2.5% (shows 0.25% for Sept - nothing paid in yet).