Unexpected Nationwide interest

TadleyBaggie

I have a few Nationwide savings account, just used for various pots. Never that much in them. They all pay interest yearly, on the 1st January. Which they did this year.

However two of them just received a small interest credit out of the blue, only a £1 or so. Most curious.

Growingold

TadleyBaggie said:

I have a few Nationwide savings account, just used for various pots. Never that much in them. They all pay interest yearly, on the 1st January. Which they did this year.

However two of them just received a small interest credit out of the blue, only a £1 or so. Most curious.

Same here and shows next interest payment date in August but the dates aren't exactly 6 months apart so was a little confused

wmb194

TadleyBaggie said:

I have a few Nationwide savings account, just used for various pots. Never that much in them. They all pay interest yearly, on the 1st January. Which they did this year.

However two of them just received a small interest credit out of the blue, only a £1 or so. Most curious.

I seem to remember a recent mail from Nationwide saying that interest payments would change from December to the anniversary of account opening. Could this be why? Or it could be an error correction - Santander went through a period of doing lots of those.

UncleK

We just received three pence interest from a Leeds BS account we closed in July 2023. Must have cost them more than that to actually send it!

poppystar

Nationwide changed the Loyalty Saver (and maybe other accounts) to a Reward Saver which changed the date interest paid as others have said. I do vaguely remember the email - even so I was scratching my head at the extra interest payment before the vague memory kicked in!

MK62

UncleK said:

We just received three pence interest from a Leeds BS account we closed in July 2023. Must have cost them more than that to actually send it!

Snap......though in my case it was much higher....11p.....

sparklymarkly

Same thing happened to me- what was a Loyalty Saver suddenly became a Reward Saver and I was credited with 57p.
 I think I’ll book a holiday on the strength of that windfall!

Kim_13

My Loyalty Saver (now Reward Saver) paid interest on the 6th February, possibly the 7th backdated to the 6th, which would have been the last working day before the passbooks were removed. I did not have one as I opened the account online, but my dad did - I think they’ve paid early on every account where some customers had a passbook.

If I recall correctly I opened it in January so it was not the anniversary - and the chances of my account and my dad’s (converted to a Loyalty Saver from an account about as old as me) being opened on the same date are minuscule.

Fatferds12

I've just checked my interest statement for the Nationwide Reward Saver and it appears to be wrong.  I had two interest payments in Dec 24 and Feb 25 but the total on the interest statement is £30.20 less than it should be. I'll be contacting them for clarification but thought I'd highlight it as if you were just to take the figure if you are reporting to HMRC it could be wrong.  I know the same thing happened last year.

Section62

Fatferds12 said:

I've just checked my interest statement for the Nationwide Reward Saver and it appears to be wrong.  I had two interest payments in Dec 24 and Feb 25 but the total on the interest statement is £30.20 less than it should be. I'll be contacting them for clarification but thought I'd highlight it as if you were just to take the figure if you are reporting to HMRC it could be wrong.  I know the same thing happened last year.

The Nationwide interest statement is best used as a guide rather than as something factual.

One thing to beware of is any accounts closed during the financial year don't get listed on the interest statement (or at least they haven't been up to now) meaning the totals will be wrong unless the closed accounts didn't have any interest paid on them.

BristolVR

Fatferds12 said:

I've just checked my interest statement for the Nationwide Reward Saver and it appears to be wrong.  I had two interest payments in Dec 24 and Feb 25 but the total on the interest statement is £30.20 less than it should be. I'll be contacting them for clarification but thought I'd highlight it as if you were just to take the figure if you are reporting to HMRC it could be wrong.  I know the same thing happened last year.

I'm glad to find I'm not the only one. Mine looks like a work of fiction, particularly in respect of the Reward Saver.

Why is it the only account indicating a 'Tax status' of 'Net'? Why does the gross interest figure look suspiciously like what the net figure would be if 20% tax had been deducted? (No tax is showing in the deductions, and interest was paid gross).

They seem to mess this up every year. People will be filling in Tax Returns incorrectly due to this.