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Nationwide FlexDirect no interest paid since February 2020?

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Nationwide FlexDirect no interest paid since February 2020?

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cm00cm00 Forumite
80 posts
Fourth Anniversary 10 Posts
I opened a Nationwide FlexDirect account last November. I pay in £1000 monthly to receive 5% interest on 2500.
The last time they paid me interest was nearly 2 months ago. Nothing has changed on my end, pay in £1000 monthly from another account (Santander). The interest just was not paid to me the last time it was due.
Anyone know anything about this? Have they changed something?
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Replies

  • soulsaversoulsaver Forumite
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    Have you got £2500 in it? All the time?
  • cm00cm00 Forumite
    80 posts
    Fourth Anniversary 10 Posts
    Yes, plus i move in £1000 and £1000 out again on the same day once a month. It worked fine for the first 2 months, paid interest. Made no changes, yet it stopped paying interest. Doesn't make sense.
  • YorkshireBoyYorkshireBoy Forumite
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    Is this your first FlexDirect account or have you previously had one...possibly even several years ago?
  • SFindlaySFindlay Forumite
    126 posts
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    cm00 said:
    Yes, plus i move in £1000 and £1000 out again on the same day once a month. It worked fine for the first 2 months, paid interest. Made no changes, yet it stopped paying interest. Doesn't make sense.
    I've got 2 Flexdirect accounts (sole and joint) and do exactly the same, keep £2500 in each at all times and pay £1000 in and feed to regular savers that £1000 more or less same day and all still working fine and have been getting interest. Sounds like a glitch with your account so would send them a message to check it. Don't think it would make a difference however do you pay the money from Flexdirect to same Santander account you pay the £1000 from?? 
  • ZandermanZanderman Forumite
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    Just to expand on YorkshireBoy's comment above, if you have had a FlexDirect account before you're ineligible for interest on a new one. 
    But Nationwide might not twig this (that you had one before) immediately. So it's possible the explanation is that you've had the account before, you opened a new one, they paid you interest for the first couple of months automatically, then realised their mistake and stopped paying interest.  
    In which case it's not something you can challenge, you were just lucky in the first two months.
    If you've never had FlexDirect before ignore this!
  • Ed-1Ed-1 Forumite
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    Zanderman said:
    Just to expand on YorkshireBoy's comment above, if you have had a FlexDirect account before you're ineligible for interest on a new one. 
    But Nationwide might not twig this (that you had one before) immediately. So it's possible the explanation is that you've had the account before, you opened a new one, they paid you interest for the first couple of months automatically, then realised their mistake and stopped paying interest.  
    In which case it's not something you can challenge, you were just lucky in the first two months.
    If you've never had FlexDirect before ignore this!
    You get 1% in that case, not 0%.
  • edited 25 March at 10:16AM
    Ed-1Ed-1 Forumite
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    edited 25 March at 10:16AM
    cm00 said:
    Yes, plus i move in £1000 and £1000 out again on the same day once a month. It worked fine for the first 2 months, paid interest. Made no changes, yet it stopped paying interest. Doesn't make sense.

    I've got 2 Flexdirect accounts (sole and joint) and do exactly the same, keep £2500 in each at all times and pay £1000 in and feed to regular savers that £1000 more or less same day and all still working fine and have been getting interest. Sounds like a glitch with your account so would send them a message to check it. Don't think it would make a difference however do you pay the money from Flexdirect to same Santander account you pay the £1000 from?? 
    Do you pay the £1,000 in to each directly from Santander or do you go
    Santander -》 Sole FlexDirect -》 Joint FlexDirect? As the £1,000 can't come from another Nationwide account.
  • SFindlaySFindlay Forumite
    126 posts
    100 Posts Name Dropper
    Ed-1 said:
    cm00 said:
    Yes, plus i move in £1000 and £1000 out again on the same day once a month. It worked fine for the first 2 months, paid interest. Made no changes, yet it stopped paying interest. Doesn't make sense.

    I've got 2 Flexdirect accounts (sole and joint) and do exactly the same, keep £2500 in each at all times and pay £1000 in and feed to regular savers that £1000 more or less same day and all still working fine and have been getting interest. Sounds like a glitch with your account so would send them a message to check it. Don't think it would make a difference however do you pay the money from Flexdirect to same Santander account you pay the £1000 from?? 
    Do you pay the £1,000 in to each directly from Santander or do you go
    Santander -》 Sole FlexDirect -》 Joint FlexDirect? As the £1,000 can't come from another Nationwide account.
    It's not me that's not getting the interest!!! 
  • Ed-1Ed-1 Forumite
    3K posts
    Seventh Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    SFindlay said:
    Ed-1 said:
    cm00 said:
    Yes, plus i move in £1000 and £1000 out again on the same day once a month. It worked fine for the first 2 months, paid interest. Made no changes, yet it stopped paying interest. Doesn't make sense.

    I've got 2 Flexdirect accounts (sole and joint) and do exactly the same, keep £2500 in each at all times and pay £1000 in and feed to regular savers that £1000 more or less same day and all still working fine and have been getting interest. Sounds like a glitch with your account so would send them a message to check it. Don't think it would make a difference however do you pay the money from Flexdirect to same Santander account you pay the £1000 from?? 
    Do you pay the £1,000 in to each directly from Santander or do you go
    Santander -》 Sole FlexDirect -》 Joint FlexDirect? As the £1,000 can't come from another Nationwide account.
    It's not me that's not getting the interest!!! 
    I realised that and tried to add in the OP but it's fiddly on this new forum format! 
  • ZandermanZanderman Forumite
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    Ed-1 said:
    You get 1% in that case, not 0%.
    Indeed, yes, 1 % if already had FlexDirect before.  Here are the words from Nationwide:

    FlexDirect Credit Interest Offer 5% AER (4.89% gross p.a.) fxed interest on balances of up to £2,500 for the first 12 months, and 1% AER (0.99% gross p.a.) variable after that. (1) To receive these rates you must pay in to your FlexDirect account at least £1,000 a month. (2) Money paid in from other Nationwide accounts held by you or anyone else or Visa credits (for example, refunds you receive back into your account) won’t count towards the £1,000. (3) Interest is calculated on the last day of each month and is paid on the frst day of the next month. We pay interest without tax deducted. (4) If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment. (5) If you have previously held a FlexDirect account and beneftted from the 5% AER introductory rate, you will not be entitled to this rate again and the 1% AER rate will apply, unless you are opening a FlexDirect account in joint names and you haven’t previously held a FlexDirect account in those joint names.  

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