Nationwide Flex Direct Interest

Skippy13

I'm a bit confused about how the interest is paid. I've got the full £2500 in the account, pay £1000 in each month (which goes straight out again) and last month I got £4.25 but this month only £2.05. Does that sound right?

RG2015

You should be getting in excess of £10 every month.

£2,500 x 4.89% x 31 / 365 = £10.38 in a 31 day month.

The balance must be £2,500 or greater on every day of the month. If you have complied with this and paid in £1,000 you should get the full amount of interest. If you have not you should contact Nationwide to ask why.

B_G_B

Did your rate drop from 5% to 1%. £2.05 would be about right at 1%. (on a balance of £2500)

RG2015

B_G_B wrote: »

Did your rate drop from 5% to 1%. £2.05 would be about right at 1%. (on a balance of £2500)

Indeed it is. Well deduced!

If this is the case, one may have thought the OP would be more concerned at the drop the previous month from £10.05 to £4.25.

B_G_B

RG2015 wrote: »

Indeed it is. Well deduced!

If this is the case, one may have thought the OP would be more concerned at the drop the previous month from £10.05 to £4.25.

Which to me would indicate a rate drop during the month prior to the £4.24 payment. Lets say around the 10th (ish) of that month.

Zanderman

Indeed, Skippy13's account is probably more than 12 months old.

Skippy13

No, I only opened the account earlier this year so definitely not more that 12 months old.

YorkshireBoy

Skippy13 wrote: »

No, I only opened the account earlier this year so definitely not more that 12 months old.

Was this your first FlexDirect account?

Skippy13

No, I had one and closed it a few years ago.

RG2015

Skippy13 wrote: »

No, I had one and closed it a few years ago.

This is the answer then. You do not qualify for the 5% introductory one year rate if you have previously held a Nationwide Flexdirect current account.

If you are able to open a joint account you can get another year of 5%, always assuming that you have not previously had a joint account.

Skippy13

Just to confirm dates:

The account was opened on 27th April 2018 and £2500 was paid in.
On 30th April I received £1.34 interest
On 25th £1000 was paid in
On 31st May I received £4.25 interest
On 25th June £1000 was paid in
On 30th June I received £2.05 interest

I think I've done everything right so it looks as though it might be because of the old account.