Nationwide FlexDirect
stevej2403
Posts: 4 Newbie
Part heads-up, part whinge/moan about this Nationwide FlexDirect Account which offers 5% interest for a minimum monthly pay-in of £1000.
Have had this set up since January and earned monthly interest - except that I noticed that on 2 occasions, no interest was paid. After phoning customer support, it turns out this was because the money in arrived a day early (31st of previous month) and there must be a £1000 deposit PER CALENDAR MONTH.
Even though my Standing Order has paid £1000 in once per month, because 2 payments fell within the same calendar month, no interest was paid for the following month.
The bank have refused a goodwill gesture of adding this interest retrospectively and said they could do nothing about it.
Have had this set up since January and earned monthly interest - except that I noticed that on 2 occasions, no interest was paid. After phoning customer support, it turns out this was because the money in arrived a day early (31st of previous month) and there must be a £1000 deposit PER CALENDAR MONTH.
Even though my Standing Order has paid £1000 in once per month, because 2 payments fell within the same calendar month, no interest was paid for the following month.
The bank have refused a goodwill gesture of adding this interest retrospectively and said they could do nothing about it.
0
Comments
-
stevej2403 wrote: »Part heads-up, part whinge/moan about this Nationwide FlexDirect Account which offers 5% interest for a minimum monthly pay-in of £1000.
Have had this set up since January and earned monthly interest - except that I noticed that on 2 occasions, no interest was paid. After phoning customer support, it turns out this was because the money in arrived a day early (31st of previous month) and there must be a £1000 deposit PER CALENDAR MONTH.
Even though my Standing Order has paid £1000 in once per month, because 2 payments fell within the same calendar month, no interest was paid for the following month.
The bank have refused a goodwill gesture of adding this interest retrospectively and said they could do nothing about it.
You didn't meet the T&Cs, so you're not entitled to the interest. Always safest to check that money has arrived when expected.
It is unusual though for SOs to be paid before the due date. Where were the SOs from?0 -
SO from a Lloyds account. Should have avoided a date at the start/end of the month and gone for in the middle but didn't clock the 'calendar month' reference. Just set up Monthly SO and thought I had it covered. My oversight, yes. Thought there would be some leniency on the bank's side but they were not interested at all.
My argument is that over the year, I've made 12 separate monthly Standing Order payments but only received 10 lots of interest.0 -
stevej2403 wrote: »SO from a Lloyds account. Should have avoided a date at the start/end of the month and gone for in the middle but didn't clock the 'calendar month' reference. Just set up Monthly SO and thought I had it covered. My oversight, yes. Thought there would be some leniency on the bank's side but they were not interested at all.
That is odd. I've never noticed any of my SOs from Lloyds going out early.
As you say, safer to go for nearer the middle of the month.
I had a similar blip with Lloyds Vantage years ago when I was doing more manual transfers. Monthly pay in was £1k and I'd only sent £990. As expected, no leniency. Cost me about £16 interest IIRC:(
Obviously I'm not bitter:rotfl:0 -
Check that Lloyds followed their advertised SO MO regarding bank holidays, week-ends processing.. see if there is grounds for complaint there?0
-
You've not said whether you have checked your Lloyds statements to see if the money left the account on the 1st.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
My apologies, this is the other way around. My standing order is set up for the 30th of the month and on 2 occasions had not gone in until the 1st of the next month. Presumably due to the 30th falling on a Sunday.0
-
stevej2403 wrote: »My standing order is set up for the 30th of the month and on 2 occasions had not gone in until the 1st of the next month. Presumably due to the 30th falling on a Sunday.
February only has 28 days......
30th could also fall on a Saturday.0 -
And some months have 31 days ....0
-
As it does in December, when the New Year bank holiday would actually push back payment to the 2nd, so OP has a month to sort this out!Thrugelmir wrote: »30th could also fall on a Saturday.0 -
The advantage of working manually is that you check all your accounts ,monthly.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards