Nationwide Flex Regular Saver 13th payment

glider3560

ColdIron wrote: »

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

When I opened my new account (through the mobile app, as I wasn't at home) there was an option to close the Flexclusive Saver Issue 8 then transfer the closing balance plus interest to the new account.

darkidoe

This is what I got from secure messaging them.

"Thank you for your message, I'm sorry to hear that the interest hasn't been credited to your Flex Regular Saver.

However, this is something that we are currently aware of and rest assured we are looking to get this resolved as soon as possible for you. This will not effect your interest at all as interest will be backdated to the date of maturity and will be paid into your Flexclusive Saver.

Should you need to access the full balance of your account including interest, closing the account will result in the correct interest amount being applied to the closing balance."

I wonder if I should wait or just message them to close to account and transfer the balance to the current account.

Terry98

darkidoe wrote: »

This will not effect your interest at all as interest will be backdated to the date of maturity and will be paid into your Flexclusive Saver.

The Flexclusive Saver paid 5% up to maturity so is it 5% or .5%?

Ten times the difference because we know it is .5%.

So what they have told you is correct but it somehow does not read like that!

veryintrigued

Terry98 wrote: »

The Flexclusive Saver paid 5% up to maturity so is it 5% or .05%?

Ten times the difference because we know it is .05%.

So what they have told you is correct but it somehow does not read like that!

Early morning typos?

The rate after 'maturity' is 0.5%.

5% and 0.05% are a multiples of 100 not 10.

2010

Should have matured today but still showing as reg saver with no int.
Maybe too early in the day yet.

JuliusCaesar

I have just had a similar issue with another building society, where the T&Cs were unclear about when the interest would be added. It was added the day after I had expected and I submitted a formal complaint. They acknowledged that their T&Cs could be clearer and I was offered £50 in compensation. I have had an account with them for over 20 years.

I think the situation with Nationwide is more serious as it is not just unclear T&Cs, but incompetence and/or negligence. I have now submitted a formal complaint and await their response. I have also been with them for over 20 years and will see what they offer in compensation. If it is less than £50 I will threaten to close all my accounts with them.

mapk

darkidoe wrote: »

Should you need to access the full balance of your account including interest, closing the account will result in the correct interest amount being applied to the closing balance."

So, in order to 'access' the balance, you have to close the account. That seems odd!

Glen_Clark

mapk wrote: »

So, in order to 'access' the balance, you have to close the account. That seems odd!

No. Its quite normal that the only way to get the interest before the due date is to close the account.

alanq

My Flexclusive Regular Saver matured 1st December and was redesignated without any interest being paid. I have withdrawn all but £1 and raised a complaint that I have not received interest. I didn't want to give instructions to close the account because...

My Regular Savings account was transferred to Instant Access Saver on 1st December as previously notified by Nationwide. I had reduced the balance to £1 a couple of days earlier and then given instructions for the account to be closed. After giving instructions but before the account was closed the balance mysteriously reduced to £0 and the balance for previous months had become £1 less than had been shown in earlier statements. A sum has appeared in my FlexDirect account as a cash deposit with no indication where it came from. I cannot verify that this is interest paid as the closed account is no longer visible online. When I complained by secure message I got a response that ignored the details that I had given and referred to the Flexclusive Regular Saver about which at that stage I had raised no issue. I await a meaningful response to my complaint.

borkid

darkidoe wrote: »

This is what I got from secure messaging them.

"Thank you for your message, I'm sorry to hear that the interest hasn't been credited to your Flex Regular Saver.

However, this is something that we are currently aware of and rest assured we are looking to get this resolved as soon as possible for you. This will not effect your interest at all as interest will be backdated to the date of maturity and will be paid into your Flexclusive Saver.

Should you need to access the full balance of your account including interest, closing the account will result in the correct interest amount being applied to the closing balance."

I wonder if I should wait or just message them to close to account and transfer the balance to the current account.

That what I did once the regular saver had been closed and the flexclusive saver set up. It showed the day after the maturity date. No interest was added though. I messaged them and I was told it was a technical problem re interest. I'm in the process of closing down the flexcusive saver and have opened a new regular saver.