Nationwide FlexDirect interest rate

masca

Where is the interest rate for a FlexDirect account displayed in Nationwide online banking???!!! I think I'm going mad, but I just can't find it!  TIA!

JGB1955

See FlexDirect Product Terms | Nationwide

5% AER on up to £1,500 for the first 12 months.
1% AER thereafter.

masca

JGB1955 said:

See FlexDirect Product Terms | Nationwide

5% AER on up to £1,500 for the first 12 months.
1% AER thereafter.

Thank you. But where can I see what my account is actually earning? Ie: to check that I'm receiving the 5%?! Thanks again.

Edited to clarify: I've been with Nationwide in the past and so it's possible that they won't offer me the 5% rate again, or least that's my understanding.  Hence my wanting to check the rate.

flaneurs_lobster

Can't find it either. It is detailed generally if you look at the product details for the FlexDirect account (5% then 1%) but that's not much use if you want to check your specific account.

mon3ysav3r

masca said:

Where is the interest rate for a FlexDirect account displayed in Nationwide online banking???!!! I think I'm going mad, but I just can't find it!  TIA!

Yes indeed they don't seem to display the rate for the FlexDirect account on their website portal anywhere I can find either!

ColdIron

You can see it in your Previous Statements (.Pdf) but not the current month

It just shows the standard rates (first 12 months, after 12 months etc), it doesn't seem personalised to you

masca

Well, that's not very satisfactory, is it?! 😂

I tried online chat, and they advised that it should be shown under the transactions, but I can't see anything.  Given that my main savings account is earning 4.75% at the moment, it doesn't really seem worth the risk to leave £1500 in the FlexDirect at possibly 1%.

Exodi

Only place I could find it was on PDF statements (so go to transactions, scroll to bottom and click 'Go to Previous statements to view PDF copies of your paper statements' and download whichever period you're interested in, and even then it's not personalised and not so conveniently located on the last page.

The info is just repeating what can be easily found online. Snipped from mine:

masca said:

JGB1955 said:

See FlexDirect Product Terms | Nationwide

5% AER on up to £1,500 for the first 12 months.
1% AER thereafter.

Thank you. But where can I see what my account is actually earning? Ie: to check that I'm receiving the 5%?! Thanks again.

Edited to clarify: I've been with Nationwide in the past and so it's possible that they won't offer me the 5% rate again, or least that's my understanding.  Hence my wanting to check the rate.

You won't have much luck finding their calculation - however it is relatively easy to estimate in Excel if you've been paid the right amount of interest based with your statement and your interest payment.

Disclaimer: if you're not someone au-fait with how interest is calculated - we can help you with it. I wouldn't want you to make the classic mistake of using your credit balance on the last day of the month (where it might be the highest as you've just been paid) and reaching the conclusion you're getting short changed on interest.

masca

Exodi said:

Only place I could find it was on PDF statements (so go to transactions, scroll to bottom and click 'Go to Previous statements to view PDF copies of your paper statements' and download whichever period you're interested in, and even then it's not personalised and not so conveniently located on the last page.

The info is just repeating what can be easily found online. Snipped from mine:

masca said:

JGB1955 said:

See FlexDirect Product Terms | Nationwide

5% AER on up to £1,500 for the first 12 months.
1% AER thereafter.

Thank you. But where can I see what my account is actually earning? Ie: to check that I'm receiving the 5%?! Thanks again.

Edited to clarify: I've been with Nationwide in the past and so it's possible that they won't offer me the 5% rate again, or least that's my understanding.  Hence my wanting to check the rate.

You won't have much luck finding their calculation - however it is relatively easy to estimate in Excel if you've been paid the right amount of interest based with your statement and your interest payment.

Disclaimer: if you're not someone au-fait with how interest is calculated - we can help you with it. I wouldn't want you to make the classic mistake of using your credit balance on the last day of the month (where it might be the highest as you've just been paid) and reaching the conclusion you're getting short changed on interest.

Thanks for your help, but I'm not doing any calculations. I'm simply trying to check whether the 5% or 1% rate is being applied to my account. I appreciate that I'll be able to find out once interest in paid, but I had assumed that the rate would appear in online banking somewhere (as it does for a regular saver, for example).  It seems mad to me that Nationwide don't show this information, unless of course they're trying to catch out customers from month 13 when the rate drops...

slinger2

In you're getting the 5% AER the gross rate is 4.89% so the daily rate on £1,500 is almost exactly 20p (4.89%*1500/365).  I got £6.23 in August, £6.03 in September.

In my May statement I have: "28 Apr Product switched from FlexAccount" so I'm assuming my year started on that date (I already had an account with them). Got a few pence at the end of April which matches.

Section62

masca said:

...
Edited to clarify: I've been with Nationwide in the past and so it's possible that they won't offer me the 5% rate again, or least that's my understanding.  Hence my wanting to check the rate.

masca said:

...

Thanks for your help, but I'm not doing any calculations. I'm simply trying to check whether the 5% or 1% rate is being applied to my account. I appreciate that I'll be able to find out once interest in paid, but I had assumed that the rate would appear in online banking somewhere (as it does for a regular saver, for example).  It seems mad to me that Nationwide don't show this information, unless of course they're trying to catch out customers from month 13 when the rate drops...

If you've ever had the 5% you won't get it again, unless Nationwide change the rules.

You can phone or message them and ask the question - they flag your member profile to say you've had the 5% rate so they would be able to give you a quick answer.

I don't know if they still do, but the last time I had the 5% rate there were letters/emails saying the rate would drop on the account opening anniversary, I don't think they are trying to catch anyone out.

The lack of an interest rate being shown in online banking is just one of Nationwide's quirks.  Rates are shown for savings accounts and credit cards, but not current accounts (I think BoS do the same).  Similarly, how the interest rate is shown and the listing of transactions depends on when the savings account was first opened - there is a different format for 'legacy' accounts compared to more recently opened ones.

Hopefully this will all get ironed out when Nationwide launch their new online banking.... assuming it works at all.