FlexDirect interest cap

planteria

i have been keeping £2500 in my Nationwide FlexDirect account in order to generate 5% interest on the full amount.
my understanding was that funds above that level would not generate interest at 5%.
but i have just been told that holding a balance above £2500 has prevented me from earning 5% on the £2500.
does that seem right!!?:question:

MrsWenger

That is not my experience Planteria and my balance is always in excess of that as it is a main account for us rather than one with just 2.5k in it for the 5%. I hope you get it sorted out OK.

Futuristic

That should not be the case, I also always had over the limit and had interest paid monthly.

grumbler

planteria wrote: »

...
but i have just been told that holding a balance above £2500 has prevented me from earning 5% on the £2500.

Told by whom?
If it was the CS, complain to stop their flagrant incompetence. What amazes me, is how easily they tell lies instead of admitting that they don't know something (that would be normal).

http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts#tab:Ratesfeesandampoverdrafts

In plain English this means, you'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500.

Yorkshire_Pud

planteria wrote: »

i have been keeping £2500 in my Nationwide FlexDirect account in order to generate 5% interest on the full amount.
my understanding was that funds above that level would not generate interest at 5%.
but i have just been told that holding a balance above £2500 has prevented me from earning 5% on the £2500.
does that seem right!!?:question:

What would prevent you getting interest on ANY of the money in the account is if you fail to deposit £1000 from an external source in any Calender month. You could transfer that £1000 straight out again if maintaining a balance of £2500 to maximise interest.

planteria

yes, grumbler, by CS.. i am on it:A

pollypenny

Wrong. It's our main account and we get interest on £2500, which I think of as zero, so it's a saving.