Nationwide Flex Direct - Interest Payment

blue.peter

I have a Nationwide Flex Direct current account.

Yesterday was the 1st. I expected to see a small interest payment, dated the day before, when I logged on. However, there's still no sign of it, even today. It won't be a large amount (it was 30p last month), so it's not the end of the world . But it's unusual, and I'm wondering what's happening.

Is anyone else affected, or am I the only one? Does anyone know what's going on?

Ayr_Rage

My interest was credited, as usual, on the last day of the month.

It has never been credited on the first day of the month.

Cairnpapple

Is it possible that you didn't pay £1000 into the account last month? I had a month where I didn't get interest and realised that it was because I hadn't paid in the £1000 because I was on statutory sick pay. 

I received my usual interest for October so it doesn't seem to be systematic. 

Marcoos

I’ve not received mine. Messaged them earlier and got this response

” Good afternoon  sorry there’s a delay affecting the application of credit interest and/or fees to a small number of current accounts. We expect your account to be credited/debited early next week. We will ensure you’re not financially disadvantaged (in respect of interest) as a result of this delay.”

blue.peter

Cairnpapple said:

Is it possible that you didn't pay £1000 into the account last month? I had a month where I didn't get interest and realised that it was because I hadn't paid in the £1000 because I was on statutory sick pay. 

I received my usual interest for October so it doesn't seem to be systematic. 

Oh, bother! Yes, that's it. I had a couple of Nationwide regular savers mature in October, so there wasn't any need to have as much coming in from outside as usual in order to meet my outgoing commitments. £3,800 from other Nationwide accounts, but only £400 in non-Nationwide income. I forgot the £1,000 from outside requirement. My error. Oh, well, it's not a big deal.

Thanks very much for providing the explanation.

blue.peter

This little problem cannot now happen again.

I have another couple of regular savers maturing this month. They're with other building societies, so the money (about £2,800) will be coming in to Nationwide from outside. And my state pension kicks in at the beginning of December (with the second payment also coming in December). That's being paid directly into Nationwide by the DWP. The sum of that and the small pension already coming in exceeds £1,000 a month.

dealyboy

You're not the only one @blue.peter who's done (not done) this ... don't be too hard on yourself  .

Nasqueron

I did the same, bit of a pain as I was thinking it was the £500 I needed to move in for the fair share terms (if it happens again!) so ended up with about £800. Future salary is going in every month for interest purposes so should be fine, just need a few payments going through

blue.peter

Nasqueron said:

... I was thinking it was the £500 I needed to move in for the fair share terms ...

You had me worried there. I'd forgotten about the Fairer Share Payment. I couldn't remember the rules - did I screw myself for that, too?

I've just gone off and checked the rules. I'm still OK if the same rules apply in 2025 as 2024. I only have to have £500 paid in in two out of the first three months of the calendar year. That won't be a problem. And savings won't be a problem, either - when my Flex Regular Saver matured, I started another one. That already has £400 in.

Phew!

Nasqueron

blue.peter said:

Nasqueron said:

... I was thinking it was the £500 I needed to move in for the fair share terms ...

You had me worried there. I'd forgotten about the Fairer Share Payment. I couldn't remember the rules - did I screw myself for that, too?

I've just gone off and checked the rules. I'm still OK if the same rules apply in 2025 as 2024. I only have to have £500 paid in in two out of the first three months of the calendar year. That won't be a problem. And savings won't be a problem, either - when my Flex Regular Saver matured, I started another one. That already has £400 in.

Phew!

My approach is solely my guess but I was working on £1000 a month in for the interest on the account + 2 payments a month + having at least £150 in savings

blue.peter

Nasqueron said:

My approach is solely my guess but I was working on £1000 a month in for the interest on the account + 2 payments a month + having at least £150 in savings

I'm not even bothering to guess at future criteria. If I qualify in the natural course of my affairs, that's very nice and I won't refuse it. I'm not going out of my way to target it. It'd be a bit irritating, though, to miss out just because of one stupid mistake.

I wouldn't have started the new regular saver at all if I hadn't thought the interest rate (6.50%) attractive enough on its own. (Yes, I know that better rates than that are available, but I've already got those accounts in the bag.)