Nationwide Flex Regular Saver 13th payment

ColdIron

roddydogs wrote: »

The answer to the original OP must be "No"!

Given the correct answer to 'Can I make 13 payments into a Nationwide Flex Regular Saver?' is Yes, how did you come to that conclusion?

EarthBoy

ColdIron wrote: »

Given the correct answer to 'Can I make 13 payments into a Nationwide Flex Regular Saver?' is Yes, how did you come to that conclusion?

I've already made about 25 payments into my Flexclusive Regular Saver. As long as you don't increase the balance by more than £500 per calendar month, there's no limit to the number of payments you can make.

roddydogs

OK, i'll rephrase the answer for the pedants, if youve paid in £500 pm from the start for 12 months, your "Fix" will end on the day before, ie if you started on the 4th Dec, 2015 it will end on the 3rd,2016 it then reverts to .5%. You cant get extra interest by putting another £500 on the 1st. This is what the OP meant.
Yes, I know you can then start another, yes if you've put in less than the max you can add more payments.

YorkshireBoy

roddydogs wrote: »

OK, i'll rephrase the answer for the pedants, if youve paid in £500 pm from the start for 12 months, your "Fix" will end on the day before, ie if you started on the 4th Dec, 2015 it will end on the 3rd,2016 it then reverts to .5%. You cant get extra interest by putting another £500 on the 1st. This is what the OP meant.
Yes, I know you can then start another, yes if you've put in less than the max you can add more payments.

Why can't you?

EarthBoy

roddydogs wrote: »

OK, i'll rephrase the answer for the pedants, if youve paid in £500 pm from the start for 12 months, your "Fix" will end on the day before, ie if you started on the 4th Dec, 2015 it will end on the 3rd,2016 it then reverts to .5%. You cant get extra interest by putting another £500 on the 1st. This is what the OP meant.
Yes, I know you can then start another, yes if you've put in less than the max you can add more payments.

Rubbish. 1st December starts a new calendar month, so if your Flexclusive Regular Saver doesn't mature until 3rd December, then of course you can put another £500 into the account on 1st or 2nd December if you want.

roddydogs

Try it & see, its 1yr fix max £500x12=£6000 max.

TheShape

roddydogs wrote: »

Try it & see, its 1yr fix max £500x12=£6000 max.

Nowhere in the t&cs is a maximum account balance mentioned.

YorkshireBoy

roddydogs wrote: »

Try it & see, its 1yr fix max £500x12=£6000 max.

That doesn't answer my question.

It pays 5% AER for 12 months from the date you opened the account.

So it pays 5% AER from the 4th Dec 2015 until the 3rd Dec 2016.

Interest is calculated daily, on that days closing balance.

You can increase your balance by £500 a month.

Dec 2016 is a new month.

The closing balance on the 1st, 2nd, and 3rd Dec 2016 will be £6,500.

Nowhere on the Nationwide site (including account feature, summary box, and T&Cs) does it give a max balance.

Those are my reasons why I think you will earn interest on the extra £500 from 1st to 4th Dec 2016.

So I ask again, why do you think "You cant get extra interest by putting another £500 on the 1st."

TheShape

It's Nationwide's t&cs that cause this slight confusion by stating the account term is 12 months rather than a calendar year. However, there is no mention of a maximum number of deposits or a maximum balance only that the balance can only increase by £500 pm. It's only the example illustration that makes it clear that it's per 'calendar' month.

It's clear enough to me that you can make a 13th payment.

EarthBoy

roddydogs wrote: »

Try it & see, its 1yr fix max £500x12=£6000 max.

No it isn't. There's no mention of a £6000 maximum in the terms and conditions. The only maximum amount mentioned is the monthly limit: "the increase in your balance cannot exceed £500 at any time during a month". Clause 9:

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3026-flexclusive-regular-saver-terms-and-conditions.pdf

The Savings general terms and conditions, which also apply, state that "month means a calendar month" -Clause 1 (iii):

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P2797.pdf