Flexdirect stopped paying interest in January

KBZL

I opened a Flexdirect account in mid April 2020. I've been paying in £1000 a month and keeping my balance at £2500. I was receiving £8-£10 interest per month. The last payment showing is Dec 2020. Since then I've not received any interest. I'll call them tomorrow to ask what's going on. I'm just wondering if I've missed something obvious that's made it stop.

mab3000

Has anything changed in the way you pay in the £1000 per month? Is it coming from another Nationwide account? When did you pay into your account in December and January? 

General_Grant

KBZL said:

I opened a Flexdirect account in mid April 2020. I've been paying in £1000 a month and keeping my balance at £2500. I was receiving £8-£10 interest per month. The last payment showing is Dec 2020. Since then I've not received any interest. I'll call them tomorrow to ask what's going on. I'm just wondering if I've missed something obvious that's made it stop.

So all of the £1K was direct from an account outside Nationwide?
Why £2.5K? - interest is on first £1.5K now (can't remember when it changed).

Shedman

General_Grant said:

KBZL said:

I opened a Flexdirect account in mid April 2020. I've been paying in £1000 a month and keeping my balance at £2500. I was receiving £8-£10 interest per month. The last payment showing is Dec 2020. Since then I've not received any interest. I'll call them tomorrow to ask what's going on. I'm just wondering if I've missed something obvious that's made it stop.

So all of the £1K was direct from an account outside Nationwide?
Why £2.5K? - interest is on first £1.5K now (can't remember when it changed).

It changed in May 2020 to 2% on £1500 but only for new Flexdirect accounts open from 1 May.  As OP had Flexdirect in Apr 2020 they should still be on the 5% on £2500 for 12 month....however it is odd that no interest has been paid in Jan.

mab3000

General_Grant said:

So all of the £1K was direct from an account outside Nationwide?
Why £2.5K? - interest is on first £1.5K now (can't remember when it changed).

It changed in May 2020, as the OP opened the account in April 2020 they should be receiving 5% interest on balances up to £2500, changing to 0.25% on balances up to £1500 after 12 months of the account being open. 

KBZL

Nothing has changed. The  money is being paid in from a Bank of Scotland account using a monthly payment setting. I'll give them a call.

Zanderman

Have you had a FlexDirect account before?  Nwide don't pay the full 2% on FlexD if you've had one before but there have been cases, iirc, where they've not noticed immediately, so have paid the 2% on a subsequent account for several months before realising their error. Not suggesting this is necessarily the case for you, but a possibility if you had had a FlexD before.

zagfles

KBZL said:

Nothing has changed. The  money is being paid in from a Bank of Scotland account using a monthly payment setting. I'll give them a call.

What date in the month? Right at the end? Jan ended with a weekend, so payment might not have gone in till Feb.

gc747

Hi OP! 

I too opened a FlexDirect account in April 2020, so I get 5% interest paid monthly on £2500 sitting in my account. I received my interest for January on 3rd February if that is any help to you.