Flexclusive Regular Savings - interest cockup

[pochisoldi]

My account matured last week, and converted immediately to a "Flexclusive Saver Issue 8" paying a mahoosive 0.5%.

No interest has been paid - it's supposed to be credited on the anniversary of opening.
A phone call to Nationwide yielded a "We know about it, it's being fixed as soon as possible".

The only real fix at this time is to close the account to force the crediting of interest.

PochiSoldi

[UncleEbenezer]

Mine matures in a couple of weeks.

I thought they limited it to £6k (12x£500), but my regular payment went through on the 1st leaving a £6500 balance. And it still says they're paying 5%.

I shall be interested in what happens to yours, since you're ahead of me!

[swill453]

I thought they limited it to £6k (12x£500), but my regular payment went through on the 1st leaving a £6500 balance. And it still says they're paying 5%.

The rules are quite strange, it lasts for exactly a year from opening, but you can pay in £500 per calendar month.

So you could open it with £500 at the end of the month, then immediately put in another £500 on the 1st of the next month. Means you would get nearly £25 extra interest compared to opening it on the 1st of the month.

Scott.

[6Tricia]

Mine matured on 30 November, but I was told that they were experiencing problems with the interest calculations programme. When I called again today it was suggested I could transfer the £6000 to my current account and this wouldn't affect the interest being paid once the glitch has been resolved. So I did and promptly put it into a fixed rate bond at a better rate elsewhere! (I had already opened a new 5% Regular Saver account on the 1st of December, so my own savings programme is sorted for 2017!)

Tricia

[melonfool]

Thanks for this warning, mine 'matures' in a few weeks.

I'm likely to need the cash so won't be looking for a new high interest saver imminently.

Mel

[pochisoldi]

By way of a follow up - I complained about the failure to pay the interest, and the timescales they were quoting for closing the account, requesting that they hand over the interest, close the account and pay me a £12 "late payment fee" (on the basis that if missed a credit card payment, they wouldn't hesitate to charge me £12 and "sauce for the goose" etc.).

By the time they got around to responding to my complaint (by phone), the due interest on the regular savings account had been credited and transferred out.

Nationwide then got the wrong end of the stick, thinking that their cockup had cost me £12.
I explained my reasoning, but they offered me £30 compensation any way.
I took the easy route and accepted...

[UncleEbenezer]

Hmmm. No sign of my interest, which should've been paid today (Dec.23rd). I was also expecting the rate to drop (prompting me to close it), but it still shows 5%.

Those of you who are a few weeks ahead of me, did the interest rate continue to show as 5% after your due date? Did you get the opportunity to open a similar account for the next twelve months? I'm now looking to get all that sorted before the end of the month!

[6Tricia]

Mine matured on 30 November. I opened a new one on 1 December and transferred the £6000 from the matured one to my current account on 2 December after speaking to Nationwide on the phone. The interest finally showed up in my current account around 11 or 12 December. (I had sent a message online to Nationwide previously saying I wanted the entire sum transferred to my current account).

Next year I plan on doing the same - transfer the £6000 on maturity and wait for the interest to be credited. By then, of course, they may have sorted their interest calculating 'glitch'!

Tricia

[UncleEbenezer]

Thanks Tricia and all.

My interest is now showing, and it's become an account at 0.5%. So I have today instructed them to close it and opened a new one, both using the online forms, which don't show instant results but promise action.

Closing the old account requires sending them a message for human attention, and could take two or three working days! I hope that means next week, as the money will be needed to cover start-of-new-month payments going out from the flexaccount.

[UncleEbenezer]

Well, well, well ...

A human reply timestamped 06:54 this morning! I'm impressed[1].

I think that suggests a support centre in a timezone ahead of us, and where it's not some season of humbuggery that precludes work! Maybe India, for instance.

[1] Given that I had already given up on an automated system.

[paulnumbers]

My account matured last week, and converted immediately to a "Flexclusive Saver Issue 8" paying a mahoosive 0.5%.

No interest has been paid - it's supposed to be credited on the anniversary of opening.
A phone call to Nationwide yielded a "We know about it, it's being fixed as soon as possible".

The only real fix at this time is to close the account to force the crediting of interest.

PochiSoldi

They seem to have fixed the glitch. The interest comes the day after closure, and you can open another account online immediately.

[malkymoo]

My account matured today, interest credited and account changed to Flexclusive Saver. I have closed this and opened a new Flexclusive Regular Savings.

I got about £160 interest on the maximum deposit last year, not huge but better than leaving the cash elsewhere.