Flex direct incorrect interest

LittleVoice

K9 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).

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

With effect from 1 July 2020, I believe.

colsten

K9 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).

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

They did, but some people are still on their first 12 months under the old deal, which was for max £2,500

Zanderman

K9 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).

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

Not for the 5% version, no.  That's for the new 2% version.

zagfles

LittleVoice said:

K9 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).

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

With effect from 1 July 2020, I believe.

No for accounts opened from 1st May. On 1st July they're reducing the ongoing rate from 1% to 0.25%

Kalashnikov

I received some cryptic letter saying my interest will drop. I opened and credited my account on 29 April. Financial ombudsman here I come 

badger09

Kalashnikov said:

I received some cryptic letter saying my interest will drop. I opened and credited my account on 29 April. Financial ombudsman here I come 

Premature reaction?

Does the letter you've receive relate to your Flex Direct account?
Does your account meet the T&Cs for 5% interest?
Have you asked Nationwide for an explanation?

Zanderman

Kalashnikov said:

I received some cryptic letter saying my interest will drop. I opened and credited my account on 29 April. Financial ombudsman here I come 

That's a fairly cryptic post. Why was the letter cryptic? 
The Ombudsman won't help until you've complained to the bank - and given them time to explain/resolve things. 
So surely it's 'letter to the bank' here I come?
Just don't make it cryptic.