TSB Monthly Saver - Standing Order issue

mikeyp231987 · 4 June 2016 at 12:45PM

Hi,

I have a standing order setup on the account so that money is moved from my first account to my monthly saver on the 30th each month.

TSB terms and conditions state:

"1.3
You must agree to set up a standing order into the Account for one payment of between £25 and £250 each calendar month the Account is open

2.1
You can only pay money into the Account by your Standing Order. If the standing order is less than £25 or more than £250 we will return it to the account it was paid from. If you miss a payment it cannot be made up."

Now heres where the confusion lies. I noticed that April the 30th fell on Saturday and because of this the money didn't actually move till the 2nd May. I therefore assumed I'd missed my April payment and the £250 deposited on the 2nd May would count towards my May contribution with no further payments allowed till June.

However - sure enough 30th May came round and another £250 was moved over into my saver meaning a total of £500 was accepted within a calendar month.

Why do you think this additional payment has been allowed? Is there a possiblity that when the saver reaches maturity in 9 months they'll try and mug me off without adding any interest at all?

Should I amend my standing order to earlier in the month to prevent this happening in the future or leave it alone?

YorkshireBoy · 4 June 2016 at 12:50PM

This is Nationwide, yes?

Your SO is way too late in the month. You need to bring it forward to the 25th at the latest, and preferably even earlier. If you're drip-feeding this from another account, rather than funding from income, then why not make it the 1st of the month?

You may have got lucky in that they haven't returned the funds, but I'd be worried they won't pay 5% on the anniversary...and that's 6 months away if it is Nationwide!

Suggest you contact them and clarify the situation.

YorkshireBoy · 4 June 2016 at 1:35PM

mikeyp231987 wrote: »

Hope that makes sense.

It's a little clearer. Your OP talked of a singular account and a singular SO of £500.

You're now saying you're talking about 2 regular saver accounts (which would take £550 by the way, not £500 in total), TSB and FD, and each has been funded twice in a calendar month?

Suggestion still stands though...contact them seeking clarification as to the likely outcome.

Jeems · 4 June 2016 at 4:03PM

Avoid end of the month SO dramas by setting up the SO to go in the 1st of each month instead

YorkshireBoy · 4 June 2016 at 4:13PM

mikeyp231987 wrote:

Last edited by mikeyp231987; Today at 3:55 PM. Reason: To make title and post more appropriate

In doing so you've made my posts #2 & 3 look out of place! You'd have been better leaving it as was, and not removing your other post (the one between my two above) where you clarified what you really meant, so it all made sense!

And for the 3rd time, it doesn't matter what anyone here "thinks". It only matters what TSB "think"...and you're only going to find that out by contacting them!

mikeyp231987 · 4 June 2016 at 4:36PM

YorkshireBoy wrote: »

In doing so you've made my posts #2 & 3 look out of place! You'd have been better leaving it as was, and not removing your other post (the one between my two above) where you clarified what you really meant, so it all made sense!

And for the 3rd time, it doesn't matter what anyone here "thinks". It only matters what TSB "think"...and you're only going to find that out by contacting them!

Appreciate the input so far YorkshireBoy but I'd still like to hear what others have to say if it's all the same to you. They may have their own experiences with this kind of thing.

Also, I may actually get more sense out them than I would from anyone from the bank.

PS - You might want to consider deleting those 2 posts then that now look a bit odd?

bigadaj · 4 June 2016 at 5:25PM

Either ring them up and ask or keep quiet and hope you get the interest at the end of the year.

As you've broken the terms and conditions they have every right to not pay interest at the end of the year.

Eco_Miser · 4 June 2016 at 8:29PM

mikeyp231987 wrote: »

Hi,

I have a standing order setup on the account so that money is moved from my first account to my monthly saver on the 30th each month.

Well, that's guaranteed to fail in February, as well as those months where the 30th (and 31st if any) is a non-banking day.

Westie983 · 4 June 2016 at 9:26PM

Eco_Miser wrote: »

Well, that's guaranteed to fail in February, as well as those months where the 30th (and 31st if any) is a non-banking day.

July and October 2016 :-)

Missed payments mean failed T&C's = No interest/less then expected/account closed.

I would move your SO to mid month ideally before the 25th of the month..

LXdaddy · 5 June 2016 at 9:17PM

Avoid the end of the month, or the end of your period (where the account opening day of month is the dividing line)

I generally put regular saver deposits for the 3rd of the month - don't ask me to justify avoiding the 1st or 2nd, I just do.

I like to get deposits in as close to the beginning of the period as practical.

In relation to the question of have you forfeited your rights to receive interest - only the bank can tell you.

Eco_Miser · 6 June 2016 at 3:20PM

LXdaddy wrote: »

I generally put regular saver deposits for the 3rd of the month - don't ask me to justify avoiding the 1st or 2nd, I just do.

My justification is that my banks pay the interest at the end of the 1st (or later), so I move money around on the 2nd, in time to fund the regular saver SOs on the 3rd.

TSB Monthly Saver - Standing Order issue

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