Nationwide errors on interest summary page - could lead to under reporting on your tax return

helibird

Went it my Nationwide account to get interest info for my tax return. Found the interest summary link and thought great this is going to be easy but then realised that my Regular saver was shown as 0 interest. On looking closer I found this was the Regular Saver OPENed on 21/22 (therefore no interest paid yet). It should show my one CLOSED in that tax year with the interest so very misleading. I saw a link for closed accounts at the bottom so I tried to request it that way but it wouldn't recognise my old account number. After some considerable time on chat it appeared that the lady helping me couldn't see it either nor the account it was transferred into (which has also been closed). She has requested an interest cert for me I think by date range but I don't have much confidence in it showing the closed account. Fortunately I have a statement for the account it was transferred to. However I am now having to cancel the paperless option that I recently selected as I cannot trust their system to let me know interest paid on closed accounts. If you are paperless you can't even see the closed account number as it disappears of the system. BE WARNED if you need to report interest to the tax office accounts closed in the tax year are not showing.

Daliah

As you go forward, all you have to do is record the interest as you get it credited, in a spreadsheet, a personal finance manager software, or on a piece of paper. I have been doing this for years, and I have been paperless on my dozens of accounts for years.

zagfles

Yes this is a right PITA with Nationwide. It would be something so simple to fix...

zagfles

Daliah said:

As you go forward, all you have to do is record the interest as you get it credited, in a spreadsheet, a personal finance manager software, or on a piece of paper. I have been doing this for years, and I have been paperless on my dozens of accounts for years.

Until you need proof of interest, as student finance insisted on for us, even for an account where interest was 2p.

helibird

Wow what a faff. Why should I go into all my accounts, look for credits, copy them out into a spread sheet just because one bank is incapable of getting their systems right. I have enough to do without doing that.

Daliah

zagfles said:

Daliah said:

As you go forward, all you have to do is record the interest as you get it credited, in a spreadsheet, a personal finance manager software, or on a piece of paper. I have been doing this for years, and I have been paperless on my dozens of accounts for years.

Until you need proof of interest, as student finance insisted on for us, even for an account where interest was 2p.

You can request a complete list of all your annual interest receipts from the HMRC as all the providers must report to them.

Daliah

helibird said:

Wow what a faff. Why should I go into all my accounts, look for credits, copy them out into a spread sheet just because one bank is incapable of getting their systems right. I have enough to do without doing that.

If you are managing your finances properly, you will want to know how much interest you made. Besides, you need to know for tax purposes.