First Direct Regular Saver

zerog

They told me that when I open the account, the first payment is taken immediately. If the first payment is 30 July presumably the next SO will be set up to go on 30 August. What happens if I change the SO to the 2nd or something like that?

I believe the £1500 funding requirement for the current account is every calendar month, so if my first payment is in July, then could the next one be any time in August? This might get me a bit more interest as the full £3600 would be in the account from 2 June 2013 to 30 July 2013

Vortigern

FD terms & conditions say the standing order payments must be made on the same date each month as your opening deposit, so what you propose won't work. What you can do is work out which start date will give fewest days lost due to weekends and bank holidays in the 11 following months.

Milarky

They allow you open this account on '30th' of a month, and they automatically set the standing order thereafter and are therefore responsible if their systems don't make allowance for a second payment to fall 'in-month'. I would ask them about this, but I suspect they are relaxed about the situation (so, no penalty)

zerog

Milarky wrote: »

They allow you open this account on '30th' of a month, and they automatically set the standing order thereafter and are therefore responsible if their systems don't make allowance for a second payment to fall 'in-month'. I would ask them about this, but I suspect they are relaxed about the situation (so, no penalty)

huh? They say

if you don't make the maximum subscription in any one month, just carry it forward to future months

so that's not a problem. I calculate that starting on 3 august will have the best combination of weekends and bank hols to maximise the interest, by about £1 per year gross compared to the worst case... so might as well start on that day

FinancialindependentIN6

So MSE do a good list of Regular Savings Accounts but is there anywhere that shows the next list when you have maxed out on all of these?:money:

psychic_teabag

https://forums.moneysavingexpert.com/discussion/608697

FinancialindependentIN6

Really useful many thanks