Nationwide Flex Direct Interest

B_G_B

YorkshireBoy wrote: »

Was this your first FlexDirect account?

Skippy13 wrote: »

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

Perhaps then, it took a few weeks after you opened this account for them to realise this and cut the rate. New rule for only one introductory (5%) rate was introduced some months ago. Can't remember when exactly.

edit RG2015 beat me to it.

RG2015

This is interesting. You were paid 5% for the 4 days of April, 2% for the whole of May and 1% for June.

The 2% is odd so it appears that the interest was added daily for part of May at 5% and then reduced to 1% thus giving an average of 2%.

Perhaps Nationwide "discovered" your previous account during May and changed the percentage to 1% but did not clawback their overpayment for the accrued interest.

Skippy13

Thanks for all your replies.

It's a shame they didn't tell me they were going to reduce the rate! Does anyone have any suggestions where else I can put the money? I've already got a Halifax regular saver (2.5%) and a Nationwide regular saver (5%). I don't have a huge amount of savings but I'm trying to get the best interest rates.

B_G_B

RG2015 wrote: »

Perhaps Nationwide "discovered" your previous account during May and changed the percentage to 1% but did not clawback their overpayment for the accrued interest.

I seem to remember some time ago, people opening multiple FD accounts. when NW discovered this they reverted the excess accounts to 1% but never bothered clawing any interest back.

B_G_B

Skippy13 wrote: »

Thanks for all your replies.

It's a shame they didn't tell me they were going to reduce the rate! Does anyone have any suggestions where else I can put the money? I've already got a Halifax regular saver (2.5%) and a Nationwide regular saver (5%). I don't have a huge amount of savings but I'm trying to get the best interest rates.

TSB and Tesco both have 3% current accounts. Various conditions apply.
Also bear in mind the I.T. issues TSB are having at present. Also various reg savers here... https://forums.moneysavingexpert.com/discussion/5776240/regular-saver-thread-new-and-restarted

Edit.... TSB is 5%.

Skippy13

Thanks for your help!

Byzar

you need to have DD active to get the interest or just pay in monthly £1000?

Skippy13

As far as I remember you only need to pay in £1000 for the interest.

agrinnall

Skippy13 wrote: »

It's a shame they didn't tell me they were going to reduce the rate!

They probably didn't need to tell you as you never qualified for the higher rate in the first place, so all they were doing was putting you on the correct rate.

Byzar

how much is interest based on 2.500 in account, in first month after opening the account?