Nationwide Flex Regular Saver 13th payment

veryintrigued

Good shout - just checked mine and it states £162.42 Interest added 05/12/16.

Still has a balance of 0 though (I transferred the £6k on the 1/12/16) and have already requested the interest be moved to NW C/A.

Castle

david78 wrote: »

My regular savings account has also matured without interest, and I haven't mentioned that to them yet. In that case the missing interest is smaller because I got an interest payment in October.

I spoke to NW this afternoon regarding my Regular savings account which "matured" on 1st December and NW's position is that the Regular Savings account doesn't actually "mature"; it simply converts into an instant saver.

Therefore, interest is only payable on 31st December or on closure.

Placitasgirl

Thanks for the updates folks, my interest also appears as an entry in the re-designated account but not in my balance yet. Wouldn't have noticed as have been waiting for the balance to increase by the interest amount. Hope this is now being resolved for all affected customers.

KTF

Castle wrote: »

I spoke to NW this afternoon regarding my Regular savings account which "matured" on 1st December and NW's position is that the Regular Savings account doesn't actually "mature"; it simply converts into an instant saver.

Therefore, interest is only payable on 31st December or on closure.

That makes sense. I imagine it will appear at the end of the month unless they manually intervene.

derrick

My interest just added to the issue 8, not showing on home page but is when clicking on issue 8 account. Showing as credited 05th December.

Just tried to transfer the full amount into my current account but it is saying "your money has not been transferred. There are insufficient funds in your account"


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King_Of_Fools

Castle wrote: »

I spoke to NW this afternoon regarding my Regular savings account which "matured" on 1st December and NW's position is that the Regular Savings account doesn't actually "mature"; it simply converts into an instant saver.

Therefore, interest is only payable on 31st December or on closure.

My Regular Savings converted into a Instant Access Saver 4 and it says that the next interest payment date is 31 October 2017 online.

King_Of_Fools

Placitasgirl wrote: »

Thanks for the updates folks, my interest also appears as an entry in the re-designated account but not in my balance yet. Wouldn't have noticed as have been waiting for the balance to increase by the interest amount. Hope this is now being resolved for all affected customers.

Same here but it does not look like the interest credit has been backdated as promised.

bubieyehyeh

I complained online over 3 secure messages, and got told interest would be backdated (virtually word for word of earlier poster). I asked at what interest rate and was told 0.5%. I was told today they were still try to fix the problem, but I could get the interest quicker by closing the account. So I asked them to close the account and they say it will take 5-7 working days! What a shambles.

bowlhead99

Castle wrote: »

I spoke to NW this afternoon regarding my Regular savings account which "matured" on 1st December and NW's position is that the Regular Savings account doesn't actually "mature"; it simply converts into an instant saver.

Therefore, interest is only payable on 31st December or on closure.

The summary information if you go to open up a new flex regular saver account (and it is the same product as the one that has matured, not a 'new issue' with different terms), says:

What is the interest rate?


5.00% gross p.a./AER (variable).

Interest is calculated daily and paid annually on the anniversary of account opening and on closure.

So if you opened on 1 Dec '15 the anniversary of account opening is not 31 Dec '16 ; you shouldn't be waiting a year and another month on top.


The 31 Dec 'next interest payment date' now showing on the account is a red herring - it's not the interest payment date for the flex regular saver account you were in, it's the interest payment date for the ongoing interest in the account type that you converted to; but having gone through conversion, you have definitely gone through the 'anniversary of account opening' date and so you the interest for your former product became due.

coyrls

bowlhead99 wrote: »

The summary information if you go to open up a new flex regular saver account (and it is the same product as the one that has matured, not a 'new issue' with different terms), says:



So if you opened on 1 Dec '15 the anniversary of account opening is not 31 Dec '16 ; you shouldn't be waiting a year and another month on top.


The 31 Dec 'next interest payment date' now showing on the account is a red herring - it's not the interest payment date for the flex regular saver account you were in, it's the interest payment date for the ongoing interest in the account type that you converted to; but having gone through conversion, you have definitely gone through the 'anniversary of account opening' date and so you the interest for your former product became due.

It's confusing, Castle is talking about Regular Savings, not the Flex Regular Saver. They are different products with different terms and conditions. I had both and castle's information is correct for the Regular Savings account.