Nationwide FlexDirect

stevej2403

Part heads-up, part whinge/moan about this Nationwide FlexDirect Account which offers 5% interest for a minimum monthly pay-in of £1000.


Have had this set up since January and earned monthly interest - except that I noticed that on 2 occasions, no interest was paid. After phoning customer support, it turns out this was because the money in arrived a day early (31st of previous month) and there must be a £1000 deposit PER CALENDAR MONTH.


Even though my Standing Order has paid £1000 in once per month, because 2 payments fell within the same calendar month, no interest was paid for the following month.


The bank have refused a goodwill gesture of adding this interest retrospectively and said they could do nothing about it.

badger09

stevej2403 wrote: »

Part heads-up, part whinge/moan about this Nationwide FlexDirect Account which offers 5% interest for a minimum monthly pay-in of £1000.


Have had this set up since January and earned monthly interest - except that I noticed that on 2 occasions, no interest was paid. After phoning customer support, it turns out this was because the money in arrived a day early (31st of previous month) and there must be a £1000 deposit PER CALENDAR MONTH.


Even though my Standing Order has paid £1000 in once per month, because 2 payments fell within the same calendar month, no interest was paid for the following month.


The bank have refused a goodwill gesture of adding this interest retrospectively and said they could do nothing about it.

You didn't meet the T&Cs, so you're not entitled to the interest. Always safest to check that money has arrived when expected.

It is unusual though for SOs to be paid before the due date. Where were the SOs from?

stevej2403

SO from a Lloyds account. Should have avoided a date at the start/end of the month and gone for in the middle but didn't clock the 'calendar month' reference. Just set up Monthly SO and thought I had it covered. My oversight, yes. Thought there would be some leniency on the bank's side but they were not interested at all.


My argument is that over the year, I've made 12 separate monthly Standing Order payments but only received 10 lots of interest.

badger09

stevej2403 wrote: »

SO from a Lloyds account. Should have avoided a date at the start/end of the month and gone for in the middle but didn't clock the 'calendar month' reference. Just set up Monthly SO and thought I had it covered. My oversight, yes. Thought there would be some leniency on the bank's side but they were not interested at all.

That is odd. I've never noticed any of my SOs from Lloyds going out early.

As you say, safer to go for nearer the middle of the month.

I had a similar blip with Lloyds Vantage years ago when I was doing more manual transfers. Monthly pay in was £1k and I'd only sent £990. As expected, no leniency. Cost me about £16 interest IIRC:(

Obviously I'm not bitter:rotfl:

soulsaver

Check that Lloyds followed their advertised SO MO regarding bank holidays, week-ends processing.. see if there is grounds for complaint there?

AirlieBird

You've not said whether you have checked your Lloyds statements to see if the money left the account on the 1st.

stevej2403

My apologies, this is the other way around. My standing order is set up for the 30th of the month and on 2 occasions had not gone in until the 1st of the next month. Presumably due to the 30th falling on a Sunday.

Thrugelmir

stevej2403 wrote: »

My standing order is set up for the 30th of the month and on 2 occasions had not gone in until the 1st of the next month. Presumably due to the 30th falling on a Sunday.

February only has 28 days......

30th could also fall on a Saturday.

[Deleted User]

And some months have 31 days ....

eskbanker

Thrugelmir wrote: »

30th could also fall on a Saturday.

As it does in December, when the New Year bank holiday would actually push back payment to the 2nd, so OP has a month to sort this out!

teddysmum

The advantage of working manually is that you check all your accounts ,monthly.