Flex direct incorrect interest

Pepsimaxrock

Has anyone else had trouble getting nationwide to pay the 5% interest rate

Pepsimaxrock

Sorry I couldn’t find the right category for this so it’s ended up in loans. If you could advise me also how to redirect it that would be good

sourcrates

Moved to bank accounts for you.

eskbanker

When was the account opened?  What was the balance during the month in question and what was the interest paid?

Zanderman

Pepsimaxrock said:

Has anyone else had trouble getting nationwide to pay the 5% interest rate

They always paid it correctly for me when we qualified for it. 
Do bear in mind that the 5% is only paid for the first 12 months you have the account.  If your account is older you won't get 5%.
And that accounts opened after 30th April this year don't get 5% they only get 2%.  So if your account is fairly new you won't get 5%.
And that even if you still qualify for 5% it's only paid on the first 2500 in the account.  So the max you'd get in any month would be £10.40 (varying slightly depending on the number of days in the month).

zagfles

Zanderman said:

Pepsimaxrock said:

Has anyone else had trouble getting nationwide to pay the 5% interest rate

They always paid it correctly for me when we qualified for it. 
Do bear in mind that the 5% is only paid for the first 12 months you have the account.  If your account is older you won't get 5%.
And that accounts opened after 30th April this year don't get 5% they only get 2%.  So if your account is fairly new you won't get 5%.
And that even if you still qualify for 5% it's only paid on the first 2500 in the account.  So the max you'd get in any month would be £10.40 (varying slightly depending on the number of days in the month).

To be pedantic max would be £10.38 in a 31 day month and £10.05 in a 30 day month.

5% is the AER, not the actual rate they pay, which is about 4.89%

RG2015

Zanderman said:

Pepsimaxrock said:

Has anyone else had trouble getting nationwide to pay the 5% interest rate

They always paid it correctly for me when we qualified for it. 
Do bear in mind that the 5% is only paid for the first 12 months you have the account.  If your account is older you won't get 5%.
And that accounts opened after 30th April this year don't get 5% they only get 2%.  So if your account is fairly new you won't get 5%.
And that even if you still qualify for 5% it's only paid on the first 2500 in the account.  So the max you'd get in any month would be £10.40 (varying slightly depending on the number of days in the month).

You also have to pay in £1,000 every calendar month.

https://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits#:~:text=The%20Nationwide%20FlexDirect%20account,0.24%25%20gross%20p.a)%20variable.

Zanderman

zagfles said:

Zanderman said:

Pepsimaxrock said:

Has anyone else had trouble getting nationwide to pay the 5% interest rate

They always paid it correctly for me when we qualified for it. 
Do bear in mind that the 5% is only paid for the first 12 months you have the account.  If your account is older you won't get 5%.
And that accounts opened after 30th April this year don't get 5% they only get 2%.  So if your account is fairly new you won't get 5%.
And that even if you still qualify for 5% it's only paid on the first 2500 in the account.  So the max you'd get in any month would be £10.40 (varying slightly depending on the number of days in the month).

To be pedantic max would be £10.38 in a 31 day month and £10.05 in a 30 day month.

5% is the AER, not the actual rate they pay, which is about 4.89%

To be pedantic, that would be why I said 'about'...

zagfles

Zanderman said:

zagfles said:

Zanderman said:

Pepsimaxrock said:

Has anyone else had trouble getting nationwide to pay the 5% interest rate

They always paid it correctly for me when we qualified for it. 
Do bear in mind that the 5% is only paid for the first 12 months you have the account.  If your account is older you won't get 5%.
And that accounts opened after 30th April this year don't get 5% they only get 2%.  So if your account is fairly new you won't get 5%.
And that even if you still qualify for 5% it's only paid on the first 2500 in the account.  So the max you'd get in any month would be £10.40 (varying slightly depending on the number of days in the month).

To be pedantic max would be £10.38 in a 31 day month and £10.05 in a 30 day month.

5% is the AER, not the actual rate they pay, which is about 4.89%

To be pedantic, that would be why I said 'about'...

And I was giving the OP a more accurate answer. Any objection?

creditavenger

Officially, if you've ever had a flex direct account at anytime in the past you won't get the 5% rate again.
In practice, if it was a fair while ago since you held a Flexdirect account and they don't notice you may be lucky.
The last one I opened was paid at 5% interest for about a month. I then received a letter telling me that as I'd held one before, I did not really qualify for the rate, but they would let it stand for another 2 months before reverting it to 0.25%.

K9

Zanderman said:

Pepsimaxrock said:

Has anyone else had trouble getting nationwide to pay the 5% interest rate

They always paid it correctly for me when we qualified for it. 
Do bear in mind that the 5% is only paid for the first 12 months you have the account.  If your account is older you won't get 5%.
And that accounts opened after 30th April this year don't get 5% they only get 2%.  So if your account is fairly new you won't get 5%.
And that even if you still qualify for 5% it's only paid on the first 2500 in the account.  So the max you'd get in any month would be £10.40 (varying slightly depending on the number of days in the month).

Didn't Nationwide reduce the amount to £1500 recently?