Nationwide Flexdirect interest July

block10

I was just checking if anyone else had issues with the interest amount paid on the July statement? I can only see approx 20p, looks too low as i kept the full 1500 in the account.

ZeroSum

They've dropped the rate to 0.25%
So should have got about 30p on £1500

block10

Ah sorry my bad, i had assumed that the rate was guaranteed for the first year.

ZeroSum

block10 said:

Ah sorry my bad, i had assumed that the rate was guaranteed for the first year.

You should have the 2% for 1st year, then 0.25% there after.

Thought you might have been on about the previous 1% rate which was paid last month

block10

ok, i have sent a message to Nationwide as my account is i only opened my account 2 months ago

blue.peter

Don't forget that there's a second requirement - to pay in at least £1,000 a month.

RG2015

blue.peter said:

Don't forget that there's a second requirement - to pay in at least £1,000 a month.

The OP received approx 20p for July. If they had not paid in the £1,000 they would not have received anything.

They should have received £2.52 for July

£1,500 x 0.0198 x 31 / 365 = £2.52

ischris85

RG2015 said:

blue.peter said:

Don't forget that there's a second requirement - to pay in at least £1,000 a month.

The OP received approx 20p for July. If they had not paid in the £1,000 they would not have received anything.

They should have received £2.52 for July

£1,500 x 0.0198 x 31 / 365 = £2.52

It's also possible the reason why the OP has only received 20p is because they've held a Nationwide FD account in the past.

RG2015

ischris85 said:

RG2015 said:

blue.peter said:

Don't forget that there's a second requirement - to pay in at least £1,000 a month.

The OP received approx 20p for July. If they had not paid in the £1,000 they would not have received anything.

They should have received £2.52 for July

£1,500 x 0.0198 x 31 / 365 = £2.52

It's also possible the reason why the OP has only received 20p is because they've held a Nationwide FD account in the past.

The Nationwide website states that the follow on rate is 0.25% AER / 0.24% gross

£1,500 x 0.0024 x 31 / 365 = £0.30

The OP stated about 20p not 30p, so if the OP had an account previously this does not answer their question. Hopefully the OP will come back with an answer from Nationwide. 

Apologies for being a maths geek, but if the numbers do not stack up then the answer must lie elsewhere.

CRISPIANNE3

I received the princely sum of 7p in interest. However just a few hundred in the account. Not worth keeping anymore in there because of the reduction in the interest rate.

wiseonesomeofthetime

13p for me. Feeling rich in the current climate lol.

5p from Starling