Nationwide Flexclusive regular saver

fuzzgun19

My son opened one of these in Sept 2017 and deposited an initial £250.
Nothing has gone over since, and we thought it would happen automatically.

Does this mean he has to do it manually each month or set up a transfer from FlexDirect?

Can he 'catch up' on the £250's he's missed?

le_loup

If you didn't set it up it won't happen. NW are good but not mind readers.
No you can't catch up, the limit is 250 per calendar month.

Placitasgirl

You can either make the monthly payment manually, but why not set up a Standing Order from your Flex Direct Account so you don't miss your monthly payments going forward?

Vortigern

fuzzgun19 wrote: »

My son opened one of these in Sept 2017 and deposited an initial £250.
Nothing has gone over since, and we thought it would happen automatically.

Does this mean he has to do it manually each month or set up a transfer from FlexDirect?

Can he 'catch up' on the £250's he's missed?

He can make November's payment now (on or before 30/11/17) and December's payment on or after 1/12/17, so he's only missed one payment.

He can do it manually, or set up a standing order for future payments.

Wookey

As Vortigern says he has only missed one payment but it's those early payments into regular savers that are the ones that accrue the most interest, you can easily setup a standing order when you are logged into your account on there website for the 1st of the month.

wiseonesomeofthetime

fuzzgun19 wrote: »

My son opened one of these in Sept 2017 and deposited an initial £250.
Nothing has gone over since, and we thought it would happen automatically.

Does this mean he has to do it manually each month or set up a transfer from FlexDirect?

Can he 'catch up' on the £250's he's missed?

Try giving Nationwide a call.

Looking at their Terms and Conditions, your son may be able to pay in £500 (Oct and Nov) depending how they deem a month.

Terms and Conditions

Minimum and Maximum Balance
6. The minimum balance in the account is £1.
7. The maximum initial deposit in the account is £500.
8. Money can be paid into your account at any time but the increase in your balance cannot exceed £500 at any time during a month.

Worth a phone call, surely.

fuzzgun19

Thank you all!

I thought it was a Flexclusive, but it's actually called a Flex Regular Saver 2, is that the same?

YorkshireBoy

wiseonesomeofthetime wrote: »

Try giving Nationwide a call.

Looking at their Terms and Conditions, your son may be able to pay in £500 (Oct and Nov) depending how they deem a month.

Terms and Conditions



Worth a phone call, surely.

They define month as calendar month in their general T&Cs.

YorkshireBoy

fuzzgun19 wrote: »

Thank you all!

I thought it was a Flexclusive, but it's actually called a Flex Regular Saver 2, is that the same?

It's prefixed Flexclusive if you check the current interest rates section.

wiseonesomeofthetime

YorkshireBoy wrote: »

They define month as calendar month in their general T&Cs.

Yeah, I suppose I should have read up on that while at the page and incorporated it in my message

To me then, that reads that he can pay Oct with Nov.

I have other Regular Saver accounts with alternative banks that do allow that option, i.e. to top-up missed payments in following month.

I think an issue arises when you withdraw funds then try and replace in following month.

He'll lose a bit of interest as the October payment was not in there earning money, however, better in there now for ten months than not at all.

YorkshireBoy

wiseonesomeofthetime wrote: »

To me then, that reads that he can pay Oct with Nov.

How So? The calendar month of October is long gone. The best they can do now is one deposit this month and another on 1st Dec as suggested above.