We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Nationwide Flex Direct interest pay day
beerinmind
Posts: 12 Forumite
Hello,
I cannot seem to find an answer to a simple question... What are the conditions for the advertised 5% AER interest on balances of up to £2,500?
1. What is the monthly interest payday? Is it the day when the account was open?
2. Should I have £2,500 on that day only in my account? Should I have 2,500 for a whole month?
I cannot seem to find an answer to a simple question... What are the conditions for the advertised 5% AER interest on balances of up to £2,500?
1. What is the monthly interest payday? Is it the day when the account was open?
2. Should I have £2,500 on that day only in my account? Should I have 2,500 for a whole month?
0
Comments
-
1. Interest is paid on the last day of the month.
2. As interest is calculated daily you'll need to keep it in the account for the whole month to get the maximum itnerest.0 -
Not sure sbout 1, but if you want to maximise the interest you need to have £2500 for the full month. Interest is calculated daily.
Other conditions were £1000 monthly pay in.0 -
Many thanks!0
-
It's on the product page on their website:
On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. We pay interest without tax deducted0 -
As above, interest is calculated daily and paid monthly - you need to keep the £2500 in the account for the whole month to get the best return. The interest is typically paid on the first working day of the month following when it was earned.0
-
Also if you login to your account and drill down, it tells you when the next interest payment date is0
-
Nationwide don't say anything about paying on the first working day of the month, their wording was quoted verbatim in the post before yours!PRAISETHESUN wrote: »As above, interest is calculated daily and paid monthly - you need to keep the £2500 in the account for the whole month to get the best return. The interest is typically paid on the first working day of the month following when it was earned.
Seems a bit pointless to paraphrase earlier posts but losing accuracy along the way....0 -
Nationwide don't say anything about paying on the first working day of the month, their wording was quoted verbatim in the post before yours!
Seems a bit pointless to paraphrase earlier posts but losing accuracy along the way....
All my interest payments are dated for the last day of the month. I don't pay enough attention to know if it's actually credited then but it would be odd to date it the day before it's credited.0 -
The interest is usually added very late on the last day. So log on around 11pm & it should be there.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards