Nationwide Flex Regular Saver 13th payment

Placitasgirl

I too haven't withdrawn any monies from my account and don't plan to do so until the interest is credited. I called NW this morning - pretty disinterested really; blamed on a technical problem, they are aware that not all accounts are affected, but can't say when I might receive my interest.

I did comment that I was disappointed in the lack of any message or contact from NW if only saying that they were trying to resolve this for all concerned asap. Am sure it'll sort itself out but guess it's a matter of sitting & waiting for it to "pop".

Nick_C

Placitasgirl wrote: »

I too haven't withdrawn any monies from my account and don't plan to do so until the interest is credited.

You're happy to have £6K sitting in an account that only pays 0.5% interest?

ruperts

Interest added and account renamed but it's showing interest of 5% with an anniversary date of next year. Won't let me open a new one yet. Assume the change to the 2% account hasn't been processed yet. I'd be more than happy for it not to and to be able to add another £500 per month on top of the £6k at 5%, but I doubt I'll get lucky.

xylophone

Scroll back a few pages - the payment was accepted although they were missing (all) the interest.

My maturity date was yesterday.

I made the 13th payment on 1 Dec and received a little extra interest- total was £164.03 rather than £162.50 ( Nationwide's own estimate for 12 payments on first of each month).

Alas, NW too efficient - no compo....:(

ColdIron

I saw this morning that mine matured yesterday and was transferred to a Flexclusive Saver with interest. Opened a new one, transferred £500 in and the balance elsewhere in about 10 minutes

Shame it isn't as easy to close old accounts, I've had to send an internal message to close the Flexclusive Saver and the Instant Access Saver that the Regular Savings became but Nationwide are no worse than others in this respect

ColdIron

xylophone wrote: »

My maturity date was yesterday.

I made the 13th payment on 1 Dec and received a little extra interest- total was £164.03 rather than £162.50 ( Nationwide's own estimate for 12 payments on first of each month).

Alas, NW too efficient - no compo....:(

Ditto but £164.09 here

xylophone

Ditto but £164.09 here

Right, that's it! I'm the victim of discrimination - getting lawyered up first thing in the morning....:rotfl:

broju

xylophone wrote: »

My maturity date was yesterday.

I made the 13th payment on 1 Dec and received a little extra interest- total was £164.03 rather than £162.50 ( Nationwide's own estimate for 12 payments on first of each month).

Alas, NW too efficient - no compo....:(

Odd how the interest varies. I too made the 13th payment on 1st December and the account matured on 3rd. All s/o's had been scheduled for 1st of each month and my interest was £163.63.
I've had this anomaly before between my husband's accounts and mine with Lloyds. Opened and matured same day etc but a difference in interest. The amounts are never enough to bother about but ..........?

xylophone

The amounts are never enough to bother about but ..........?

Take it from me, it's a conspiracy....how about a class action?:D

Ruy

derrick wrote: »

Just been on the phone and made an official complaint, have been told that the "capitalisation of account" is now 31st December, she could not explain what this meant except that the interest is to be paid "by" the 31st December, but the T&Cs of this account clearly state, my bold,:

"5.00% gross p.a./AER (variable) Interest is calculated daily and paid annually on the anniversary of account opening and on closure."



.

For everyone's information, I complained after opening my account (on 6/4/16) that the online statement showed that the interest date was, and still is, being shown as the 5/4/17 and not the anniversary of the account opening which of course is 6/4/17.

I wanted my interest paid correctly on 6/4/17, i.e in the next tax year 17/18.

After several conversations on the 'phone & complaining with several letters to them, Nationwide staff couldn't ( or wouldn't try to ) understand that their IT system hadn't been programmed correctly and as it stood was not showing the correct interest date as per their own Ts & Cs.

Eventually, they refused to discuss this further with me & suggested I go to the FOS, even though I protested that this was not what I wanted to do as it would cost all my fellow Nationwide members the cost of Nationwide responding to such a complaint.

In final desperation I complained to the FOS who raised the complaint with Nationwide as to their mis-stating the interest date.

The FOS fully agreed with me but did not have the power to insist that Nationwide 'corrected' their IT system.

Nationwide did assure the FOS that my interest would be paid on the correct date, however, & that the shown interest date of the day before the actual anniversary was just there to ensure that the interest calculation would be triggered overnight!

Absolute rubbish of course, particularly as every other account I have with them shows the correct interest date for those accounts with the correct interest amounts being credited on those dates.

Having failed to convince them (even with the help of the FOS) that their IT dept needed to correct the simple error, I was resigned to wait until the anniversary of my account opening to see what will transpire then.

I can't help but think that the current problems of people not getting their interest credited on the account anniversaries is not unrelated to their failure to address my original concern.