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    • RG2015
    • By RG2015 4th Mar 18, 8:00 PM
    • 1,224 Posts
    • 715 Thanks
    RG2015
    Interest is calculated on a daily basis using the gross rate of 4.89% (which compounds to 5% over the year), i.e. each day you effectively earn balance x 4.89% / 365.

    If the balance exceeds 2,500 on any days then you still earn interest on 2,500, but obviously for any day where the balance is lower than 2,500 then you'll earn less interest on those days.
    Originally posted by eskbanker
    It reads to me like you will not get interest on the 13p once the balance tips over 2500.
    Originally posted by Steve_xx
    The above is wrong. From the Nationwide website:
    You'll earn interest on the first 2,500 of your balance each month but you won't get any interest on any part of your balance over 2,500.

    That is, you don't get any interest on the day when your balance is 2500.13
    Originally posted by Emily Joy
    Hi Emily Joy,

    Unfortunately this is incorrect and the previous two posters are correct.

    I have a Nationwide Flexdirect account and my monthly interest is calculated on up to 2500 every day irrespective of whether 2500 is exceeded or not.
    • polymaff
    • By polymaff 4th Mar 18, 8:00 PM
    • 2,086 Posts
    • 907 Thanks
    polymaff
    ... You'll earn interest on the first 2,500 of your balance each month but you won't get any interest on any part of your balance over 2,500.
    Originally posted by Emily Joy
    So you WILL get interest on that part of your balance NOT over 2,500.

    EDIT: And one does.
    Last edited by polymaff; 04-03-2018 at 8:06 PM.
    • stehouk
    • By stehouk 4th Mar 18, 8:24 PM
    • 88 Posts
    • 31 Thanks
    stehouk
    Hello this may seem like a stupid question but I'd thought I'd ask anyway. The Flex direct account says it will pay 5% on the first 2500 for 12 months. I currently have 1500.13 in the account. 13p interest. It will take me till end of the month to put another 1000 in the account. Will I still get 5% if the account balance is 2500.13. So including any interest accrued until the end of the month?
    Originally posted by Ak92
    Wait til 1st april to deposit another 1K otherwise you will have to pay in another 1k in april to qualify for the interest, if it is going to take most of the month to pay it in anyway you won't make much interest on it in march
    • stehouk
    • By stehouk 4th Mar 18, 8:29 PM
    • 88 Posts
    • 31 Thanks
    stehouk
    Does that make sense, i paid in 1500 on the 27th feb and then 1250 1st march so i don't have to put another 1000 in until april and i get all march interest on 2.500 (plus 250 for the reg 5% saver)
    • EachPenny
    • By EachPenny 4th Mar 18, 8:32 PM
    • 5,002 Posts
    • 13,317 Thanks
    EachPenny
    Wait til 1st april to deposit another 1K otherwise you will have to pay in another 1k in april to qualify for the interest, if it is going to take most of the month to pay it in anyway you won't make much interest on it in march
    Originally posted by stehouk
    Does that make sense, i paid in 1500 on the 27th feb and then 1250 1st march so i don't have to put another 1000 in until april and i get all march interest on 2.500 (plus 250 for the reg 5% saver)
    Originally posted by stehouk
    No, the best strategy is to pay as much of the 2500 as possible in as quickly as you can. Then wait until April, withdraw 1000 into a non-Nationwide account and then pay that 1000 straight back in again. Which can be done with a pair of standing orders if you are confident with setting them up.
    "In the future, everyone will be rich for 15 minutes"
    • stehouk
    • By stehouk 4th Mar 18, 8:54 PM
    • 88 Posts
    • 31 Thanks
    stehouk
    i didn't get my account set up till 27th feb that's why i split the deposits up, didn't think of withdrawing the 1000 but my idea was to deposit 1000, leave 250 for reg saver, move 750 to tesco for interest on 3k and then 500 to santander 123 for cashback on bills and 200 for 5% reg saver
    Last edited by stehouk; 04-03-2018 at 8:57 PM.
    • EachPenny
    • By EachPenny 4th Mar 18, 9:14 PM
    • 5,002 Posts
    • 13,317 Thanks
    EachPenny
    i didn't get my account set up till 27th feb that's why i split the deposits up, didn't think of withdrawing the 1000 but my idea was to deposit 1000, leave 250 for reg saver, move 750 to tesco for interest on 3k and then 500 to santander 123 for cashback on bills and 200 for 5% reg saver
    Originally posted by stehouk
    If you will always have a balance of a a few 000's in the 123 account (and if not, the fee will be hurting you) then one of the easiest ways to do it is this:-
    On the 1st of the month transfer 1250 by SO from the 123 account to Nationwide and transfer 1000 by SO from Nationwide to the 123 account. This will leave you the surplus 250 to fund the NW RS account.

    On any day (be careful in the first month about meeting the conditions because Santander don't work on calendar months) have a SO which transfers 750 from the 123 to Tesco, and a SO that transfers 750 to the 123.

    That way all accounts will get the minimum pay in required and you maintain the maximum balance in the accounts paying the most interest. Once set up you don't have to do anything - but remember to make sure the accounts all have at least the amount of the SO in them when they are due to pay out.
    "In the future, everyone will be rich for 15 minutes"
    • stehouk
    • By stehouk 4th Mar 18, 9:33 PM
    • 88 Posts
    • 31 Thanks
    stehouk
    Thanks for the info, i'll do that
    • DPS-2016
    • By DPS-2016 4th Mar 18, 9:43 PM
    • 15 Posts
    • 22 Thanks
    DPS-2016
    I'm trying to use the MSE First Direct link on the Best Bank Accounts page but I just keep getting 'the site cannot be reached' / 404 error when clicking on the link :S (for an ad.doubleclick.net address).

    Is this the same for anyone else/is the link broken?

    Thanks in advance.
    • ValiantSon
    • By ValiantSon 4th Mar 18, 10:20 PM
    • 1,899 Posts
    • 1,765 Thanks
    ValiantSon
    I'm trying to use the MSE First Direct link on the Best Bank Accounts page but I just keep getting 'the site cannot be reached' / 404 error when clicking on the link :S (for an ad.doubleclick.net address).

    Is this the same for anyone else/is the link broken?

    Thanks in advance.
    Originally posted by DPS-2016
    Just tried and it's working for me. Possibly a temporary glitch or a browser issue. Try another browser to start with.
    • Emily Joy
    • By Emily Joy 4th Mar 18, 10:53 PM
    • 107 Posts
    • 52 Thanks
    Emily Joy
    Hi Emily Joy,

    Unfortunately this is incorrect and the previous two posters are correct.

    I have a Nationwide Flexdirect account and my monthly interest is calculated on up to 2500 every day irrespective of whether 2500 is exceeded or not.
    Originally posted by RG2015
    So you WILL get interest on that part of your balance NOT over 2,500.

    EDIT: And one does.
    Originally posted by polymaff
    Thank you so much for pointing this out to me, saved a lot of hassle!
    • Steve_xx
    • By Steve_xx 4th Mar 18, 11:22 PM
    • 6,534 Posts
    • 2,736 Thanks
    Steve_xx
    The above is wrong. From the Nationwide website:
    You'll earn interest on the first 2,500 of your balance each month but you won't get any interest on any part of your balance over 2,500.

    That is, you don't get any interest on the day when your balance is 2500.13
    Originally posted by Emily Joy
    I believe that is exactly what I'd said, ie that no interest would be payable on the 13p. Thirteen pence being the "part" of the balance that would be in excess of 2500.
    • schiff
    • By schiff 5th Mar 18, 12:08 AM
    • 17,942 Posts
    • 9,325 Thanks
    schiff

    On the 1st of the month transfer 1250 by SO from the 123 account to Nationwide and transfer 1000 by SO from Nationwide to the 123 account. This will leave you the surplus 250 to fund the NW RS account.
    Originally posted by EachPenny
    If you do that and the 1st of the month is not a working day you will suffer an overdraft charge. The funding of the Nationwide RS is done by an internal transfer and that takes place on the 1st, working day or not.

    So if you don't have 250 in the current account on 29 March, to be on the safe side, a charge will apply. It's the Easter weekend!
    • schiff
    • By schiff 5th Mar 18, 12:10 AM
    • 17,942 Posts
    • 9,325 Thanks
    schiff
    I believe that is exactly what I'd said, ie that no interest would be payable on the 13p. Thirteen pence being the "part" of the balance that would be in excess of 2500.
    Originally posted by Steve_xx
    No interest is credited on amounts less than 1 anyway!
    • EachPenny
    • By EachPenny 5th Mar 18, 1:04 AM
    • 5,002 Posts
    • 13,317 Thanks
    EachPenny
    If you do that and the 1st of the month is not a working day you will suffer an overdraft charge. The funding of the Nationwide RS is done by an internal transfer and that takes place on the 1st, working day or not.

    So if you don't have 250 in the current account on 29 March, to be on the safe side, a charge will apply. It's the Easter weekend!
    Originally posted by schiff
    Yup, I did warn about making sure there was enough money in the accounts, but always worth reminding people about the issue

    The advice to stehouk was on the basis the FlexAccount is earning 5% and therefore funded to the maximum 2,500, so even if the Santander SO failed completely there would be enough funds in the FlexDirect to cover the 1000 going out to Santander plus the 250 to the NW RS. If a 5% FlexDirect has less than 250 in it (but a 123 account was funded) then something else would be wrong.
    "In the future, everyone will be rich for 15 minutes"
    • Ak92
    • By Ak92 5th Mar 18, 8:51 PM
    • 26 Posts
    • 3 Thanks
    Ak92
    Thanks for all the info people most appreciated, you have all made it alot easier for me to understand . One last thing... I am depositing the 1000 required a month to get the 5% at the end of the mmonth, as that's when I get paid. Should I wait for the 1st of every month or continue with what I am doing? Thanks
    • DPS-2016
    • By DPS-2016 9th Mar 18, 5:27 PM
    • 15 Posts
    • 22 Thanks
    DPS-2016
    Just tried and it's working for me. Possibly a temporary glitch or a browser issue. Try another browser to start with.
    Originally posted by ValiantSon
    Thanks.

    Just tried in Edge and Firefox as well as Chrome and all are giving the same error - very strange.

    In case it was just one bad link I've tried clicking on the various First Direct links in the article but still nothing .

    EDIT: Just worked it out - over enthusiastic Virus Scanner blocking it!! Thanks for helping.
    Last edited by DPS-2016; 09-03-2018 at 5:33 PM. Reason: Worked it out
    • aym280
    • By aym280 9th Apr 18, 11:51 AM
    • 46 Posts
    • 13 Thanks
    aym280
    Nationwide refused to pay 5% to my son's account
    Open FlexDirect acoount for son, but was sent a different card. Put 2500 right at the beginning of the month and got no interest. Then realised I was sent the wrong card. So quickly updated to FlexDirect and got sent the right card. At the end of the month, got no interest and was told I was penalised for transferring 1000 from my own Nationwide account to sons' account. Then, I transferred the money from another bank and lo and behold about 3 interest. Phoned up and now this time was told son had an account closed in 2015. I feel aggrieved, being robbed to fund the CEO who earns 3m and fund the horrible adverts which make me channel surf! Very annoying.

    If you want to open an account with Nationwide, beware of all their tricks.
    • eskbanker
    • By eskbanker 9th Apr 18, 1:05 PM
    • 7,168 Posts
    • 7,618 Thanks
    eskbanker
    At the end of the month, got no interest and was told I was penalised for transferring 1000 from my own Nationwide account to sons' account.
    Originally posted by aym280
    So you didn't read their published information about this then:
    Interest rates when you're in credit as long as you pay in 1,000 per calendar month (excluding transfers from any Nationwide account held by you or anyone else)
    I transferred the money from another bank and lo and behold about 3 interest. Phoned up and now this time was told son had an account closed in 2015.
    Originally posted by aym280
    So you didn't read their published information about this then:
    If you have previously held a FlexDirect account you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate.
    I feel aggrieved, being robbed to fund the CEO who earns 3m and fund the horrible adverts which make me channel surf! Very annoying.

    If you want to open an account with Nationwide, beware of all their tricks.
    Originally posted by aym280
    ....or just read their Ts & Cs and abide by them? #justsaying
    • radoslaff
    • By radoslaff 9th Apr 18, 1:38 PM
    • 109 Posts
    • 34 Thanks
    radoslaff
    Open FlexDirect acoount for son, but was sent a different card. Put 2500 right at the beginning of the month and got no interest. Then realised I was sent the wrong card. So quickly updated to FlexDirect and got sent the right card. At the end of the month, got no interest and was told I was penalised for transferring 1000 from my own Nationwide account to sons' account. Then, I transferred the money from another bank and lo and behold about 3 interest. Phoned up and now this time was told son had an account closed in 2015. I feel aggrieved, being robbed to fund the CEO who earns 3m and fund the horrible adverts which make me channel surf! Very annoying.

    If you want to open an account with Nationwide, beware of all their tricks.
    Originally posted by aym280



    And the funny thing is that all these "tricks" are clearly stated in the T&Cs. You can't use another Nationwide account to meet the 1000 pay in and you were late opening the account obviously. if you had opened it in the beginning of January, it would have worked. Not anymore.
    The journey of a thousand miles begins with one step.
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