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Hello this may seem like a stupid question but I'd thought I'd ask anyway. The Flex direct account says it will pay 5% on the first £2500 for 12 months. I currently have £1500.13 in the account. 13p interest. It will take me till end of the month to put another £1000 in the account. Will I still get 5% if the account balance is £2500.13. So including any interest accrued until the end of the month?0
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Hello this may seem like a stupid question but I'd thought I'd ask anyway. The Flex direct account says it will pay 5% on the first £2500 for 12 months. I currently have £1500.13 in the account. 13p interest. It will take me till end of the month to put another £1000 in the account. Will I still get 5% if the account balance is £2500.13. So including any interest accrued until the end of the month?
If the balance exceeds £2,500 on any days then you still earn interest on £2,500, but obviously for any day where the balance is lower than £2,500 then you'll earn less interest on those days.0 -
Hello this may seem like a stupid question but I'd thought I'd ask anyway. The Flex direct account says it will pay 5% on the first £2500 for 12 months. I currently have £1500.13 in the account. 13p interest. It will take me till end of the month to put another £1000 in the account. Will I still get 5% if the account balance is £2500.13. So including any interest accrued until the end of the month?
It reads to me like you will not get interest on the 13p once the balance tips over 2500.0 -
It reads to me like you will not get interest on the 13p once the balance tips over 2500.Interest is calculated on a daily basis using the gross rate of 4.89% (which compounds to 5% over the year), i.e. each day you effectively earn balance x 4.89% / 365.
If the balance exceeds £2,500 on any days then you still earn interest on £2,500, but obviously for any day where the balance is lower than £2,500 then you'll earn less interest on those days.
The above is wrong. From the Nationwide website:
You'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500.
That is, you don't get any interest on the day when your balance is £2500.130 -
Nah it's just the 13p you won't get interest on. You'd still get the interest on the £2,500.0
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Interest is calculated on a daily basis using the gross rate of 4.89% (which compounds to 5% over the year), i.e. each day you effectively earn balance x 4.89% / 365.
If the balance exceeds £2,500 on any days then you still earn interest on £2,500, but obviously for any day where the balance is lower than £2,500 then you'll earn less interest on those days.It reads to me like you will not get interest on the 13p once the balance tips over 2500.The above is wrong. From the Nationwide website:
You'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500.
That is, you don't get any interest on the day when your balance is £2500.13
Unfortunately this is incorrect and the previous two posters are correct.
I have a Nationwide Flexdirect account and my monthly interest is calculated on up to £2500 every day irrespective of whether £2500 is exceeded or not.0 -
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Hello this may seem like a stupid question but I'd thought I'd ask anyway. The Flex direct account says it will pay 5% on the first £2500 for 12 months. I currently have £1500.13 in the account. 13p interest. It will take me till end of the month to put another £1000 in the account. Will I still get 5% if the account balance is £2500.13. So including any interest accrued until the end of the month?
Wait til 1st april to deposit another £1K otherwise you will have to pay in another 1k in april to qualify for the interest, if it is going to take most of the month to pay it in anyway you won't make much interest on it in march0 -
Does that make sense, i paid in £1500 on the 27th feb and then £1250 1st march so i don't have to put another £1000 in until april and i get all march interest on £2.500 (plus £250 for the reg 5% saver)0
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Wait til 1st april to deposit another £1K otherwise you will have to pay in another 1k in april to qualify for the interest, if it is going to take most of the month to pay it in anyway you won't make much interest on it in marchDoes that make sense, i paid in £1500 on the 27th feb and then £1250 1st march so i don't have to put another £1000 in until april and i get all march interest on £2.500 (plus £250 for the reg 5% saver)
No, the best strategy is to pay as much of the £2500 as possible in as quickly as you can. Then wait until April, withdraw £1000 into a non-Nationwide account and then pay that £1000 straight back in again. Which can be done with a pair of standing orders if you are confident with setting them up."In the future, everyone will be rich for 15 minutes"0
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