Nationwide interest mistake?

MouldyOldDough

I have a nationwide savings account (3.75%)
On 1st January I received my annual interest of £510 - added to the account 
I have not had enough to gain this amount of interest 
According to the seperate page showing non free interest, I was paid just £128
Should I query the amount of interest paid or just keep quiet? 

MouldyOldDough

MouldyOldDough said:

I have a nationwide savings account (3.75%)
On 1st January I received my annual interest of £510 - added to the account 
I have not had enough to gain this amount of interest 
According to the seperate page showing non free interest, I was paid just £128
Should I query the amount of interest paid or just keep quiet? 

Just realised that the date shows interest of £128 paid from April 2022 to April 2023 not January
So why is interest being paid for last year on 1st January! 

wmb194

MouldyOldDough said:

MouldyOldDough said:

I have a nationwide savings account (3.75%)
On 1st January I received my annual interest of £510 - added to the account 
I have not had enough to gain this amount of interest 
According to the seperate page showing non free interest, I was paid just £128
Should I query the amount of interest paid or just keep quiet? 

Just realised that the date shows interest of £128 paid from April 2022 to April 2023 not January
So why is interest being paid for last year on 1st January! 

What do the terms and conditions of the account state?

MouldyOldDough

wmb194 said:

MouldyOldDough said:

MouldyOldDough said:

I have a nationwide savings account (3.75%)
On 1st January I received my annual interest of £510 - added to the account 
I have not had enough to gain this amount of interest 
According to the seperate page showing non free interest, I was paid just £128
Should I query the amount of interest paid or just keep quiet? 

Just realised that the date shows interest of £128 paid from April 2022 to April 2023 not January
So why is interest being paid for last year on 1st January! 

What do the terms and conditions of the account state?

The interest is paid on the anniversary of the account being opened (6 Oct 2022) 
But the amount still appears excessive 

Wheres_My_Cashback

MouldyOldDough said:

wmb194 said:

MouldyOldDough said:

MouldyOldDough said:

I have a nationwide savings account (3.75%)
On 1st January I received my annual interest of £510 - added to the account 
I have not had enough to gain this amount of interest 
According to the seperate page showing non free interest, I was paid just £128
Should I query the amount of interest paid or just keep quiet? 

Just realised that the date shows interest of £128 paid from April 2022 to April 2023 not January
So why is interest being paid for last year on 1st January! 

What do the terms and conditions of the account state?

The interest is paid on the anniversary of the account being opened 
But the amount still appears excessive 

So why not say what the account is, how much you have in it, has the rate changed and are you actually reading it correctly?

Then ask yourself why you're keeping money in an account paying such a poor rate ?

MouldyOldDough

Wheres_My_Cashback said:

MouldyOldDough said:

wmb194 said:

MouldyOldDough said:

MouldyOldDough said:

I have a nationwide savings account (3.75%)
On 1st January I received my annual interest of £510 - added to the account 
I have not had enough to gain this amount of interest 
According to the seperate page showing non free interest, I was paid just £128
Should I query the amount of interest paid or just keep quiet? 

Just realised that the date shows interest of £128 paid from April 2022 to April 2023 not January
So why is interest being paid for last year on 1st January! 

What do the terms and conditions of the account state?

The interest is paid on the anniversary of the account being opened 
But the amount still appears excessive 

So why not say what the account is, how much you have in it, has the rate changed and are you actually reading it correctly?

Then ask yourself why you're keeping money in an account paying such a poor rate ?

The account has been used as a accessible savings account
We have ISA investments but needed access to finances for home improvements
We had between £5k and £30k in it but most of the time, less than £10k

km1500

although not impossible it is unlikely they have made a mistake

friolento

MouldyOldDough said:

Wheres_My_Cashback said:

MouldyOldDough said:

wmb194 said:

MouldyOldDough said:

MouldyOldDough said:

I have a nationwide savings account (3.75%)
On 1st January I received my annual interest of £510 - added to the account 
I have not had enough to gain this amount of interest 
According to the seperate page showing non free interest, I was paid just £128
Should I query the amount of interest paid or just keep quiet? 

Just realised that the date shows interest of £128 paid from April 2022 to April 2023 not January
So why is interest being paid for last year on 1st January! 

What do the terms and conditions of the account state?

The interest is paid on the anniversary of the account being opened 
But the amount still appears excessive 

So why not say what the account is, how much you have in it, has the rate changed and are you actually reading it correctly?

Then ask yourself why you're keeping money in an account paying such a poor rate ?

The account has been used as a accessible savings account
We have ISA investments but needed access to finances for home improvements
We had between £5k and £30k in it but most of the time, less than £10k

There are easy access savings accounts paying in excess of 5% AER

AmityNeon

This is all rather confusing. Interest should have been paid on 6th October 2023, but instead was paid on 1st January, for the period April 2022 to April 2023?

It sounds like the £128 pertains to gross interest that was paid to you during the 22/23 tax year, so likely completely irrelevant. Based on your varying balance amounts between £5K and £30K and a variable interest rate currently at 3.75%, £510 in interest doesn't appear excessive. If you're unwilling to provide further details here (e.g. account name), then you can query it with Nationwide who will explain it to you; it's highly unlikely they've overpaid you.

(Currently, it appears the only easy access account from Nationwide offering 3.75% is their Loyalty Saver, which pays interest on 31 December each year.)

BooJewels

If the money has been in since October 22 to now, the amount of £128 might sound approximately right for the stated amount for the 22/23 financial year - if they're reporting it for tax purposes (i.e October to April).  So was that what was being stated by them for last financial year?  In which case, you'll get another statement this April for 23/24 - for the balance of 2023, plus whatever more you earn by April.  But you presumably also got an interest payment at around this same time last year?

The amount of £510 as interest is plausible for 3.75% on a balance between £5k and £30k.  If you had an average balance of £17,500 in there, it would earn £656.25 in a year - £510 suggests an average balance a bit below £14k.  The same balance in an account paying 5% would have earned £875 - so as others have stated, worth shopping around for a better rate.

Mikeeee_2

BooJewels said:

If the money has been in since October 22 to now, the amount of £128 might sound approximately right for the stated amount for the 22/23 financial year - if they're reporting it for tax purposes (i.e October to April).  So was that what was being stated by them for last financial year?  In which case, you'll get another statement this April for 23/24 - for the balance of 2023, plus whatever more you earn by April.  But you presumably also got an interest payment at around this same time last year?

The amount of £510 as interest is plausible for 3.75% on a balance between £5k and £30k.  If you had an average balance of £17,500 in there, it would earn £656.25 in a year - £510 suggests an average balance a bit below £14k.  The same balance in an account paying 5% would have earned £875 - so as others have stated, worth shopping around for a better rate.

I have mine with Tandem with their "optional" top up rate of 5%. Essentially the rate is 5.11% with a lump sum as the interest is paid monthly.