Nationwide Flex Regular Saver 13th payment

verybigchris

Can I make 13 payments into a Nationwide Flex Regular Saver?

The T&Cs say I can pay in £500pcm, and the account will be open during 13 calendar months (Oct 16 - Oct 17) so there's nothing I can find that explicitly bans it, but I just wanted to check if other people have got away with this.

Kim_13

The account launched in December 2015, so there won't be any experience of whether this works or not for another month or so.

I too haven't noticed anything that prohibits it.

talexuser

You can put what you like in, the terms are for 12 months from opening, then it reverts to a normal flexclusive or equivalent and the rate reduces accordingly.

Zanderman

talexuser wrote: »

You can put what you like in, the terms are for 12 months from opening, then it reverts to a normal flexclusive or equivalent and the rate reduces accordingly.

I think the terms limit you to a max £500 per calendar month, so you can't put what you like in, only up to £500. The OP is, I assume, wondering whether, if the 12 months start mid month, whether the 2nd October counts as a new month within the '12', which would make 13.

The 13th payment would only attract a max of £2 interest though - unless I've done my sums wrong. Max 500 pay-in in month '13', with max 1 month-worth of time (in practice rather less if mid month) means £500 x 5% X 1/12th (or less) = £2 max extra.

talexuser

I was referring to putting in what you like after the 12 months from opening when the account is now a normal savings account.

ColdIron

I opened mine 4/12/15 with a £500 payment. I set up a standing order for the first of the month for the remaining payments the last of which, and 13th, will be paid in 1/12/16. As long as you don't exceed £500 pcm it's up to you, I choose to eek out every penny because I can

bowlhead99

ColdIron wrote: »

, I choose to eek out

It's Halloween. The people in costumes are not real ghosts.

Zanderman

ColdIron wrote: »

I opened mine 4/12/15 with a £500 payment. I set up a standing order for the first of the month for the remaining payments the last of which, and 13th, will be paid in 1/12/16. As long as you don't exceed £500 pcm it's up to you, I choose to eek out every penny because I can

So your final payment will be in the account for just 4 days before maturity? That is eeking out every penny!

Zanderman

bowlhead99 wrote: »

It's Halloween. The people in costumes are not real ghosts.

How can you be sure.....?

ColdIron

Zanderman wrote: »

That is eeking out every penny!

MSE innit, it's got to be somewhere

The main advantage is in choosing to deposit the monthly payments for the preceding 11 on the first of the calendar month rather than the anniversary of account opening

TheShape

ColdIron wrote: »

I opened mine 4/12/15 with a £500 payment. I set up a standing order for the first of the month for the remaining payments the last of which, and 13th, will be paid in 1/12/16. As long as you don't exceed £500 pcm it's up to you, I choose to eek out every penny because I can

Zanderman wrote: »

So your final payment will be in the account for just 4 days before maturity? That is eeking out every penny!

Why not? Where is the cut-off point? 4 days not worth it but 5 days is?

As it's a SO going to the account it will require zero effort.

I'd personally take the time to do a manual transfer as it would take me all of 20 seconds to do so in the Nationwide app even 1 day before maturity:money: