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When should I pay into a regular saver?
Norscbu
Posts: 176 Forumite
Last month, on the 17th Nov, I opened a flex reg saver and put in £500.
It is now the 1st December. T&C say interest is calculated daily, but im unsure if this is on an "early" payment in the calendar month or anniversary?
Should I aim to pay in the regular amount as early in the month as possible to earn the maximum amount of interest? i.e. today the 1st Dec
It is now the 1st December. T&C say interest is calculated daily, but im unsure if this is on an "early" payment in the calendar month or anniversary?
Should I aim to pay in the regular amount as early in the month as possible to earn the maximum amount of interest? i.e. today the 1st Dec
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Comments
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For the Nationwide Flexclusive Regular Saver make every payment on the 1st of the month if possible.0
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Surely the date won't make any difference as interest is only calculated and not paid monthly.
If you open an account on 20th December (say with £100), then on 1st January you will only get a partial month's interest, but on February 1st you will get the interest due on 20th for the £100 and interest from then to 1st February on £200 ....
Assuming a 12 month account, on the next 1st January, you will get just interest on the full £1200 accrued until the December end date, so no money is lost.0 -
Surely the date won't make any difference as interest is only calculated and not paid monthly.
If you open an account on 20th December (say with £100), then on 1st January you will only get a partial month's interest, but on February 1st you will get the interest due on 20th for the £100 and interest from then to 1st February on £200 ....
Assuming a 12 month account, on the next 1st January, you will get just interest on the full £1200 accrued until the December end date, so no money is lost.
NO! Interest is calculated DAILY on the account balance. Once your account is open you should pay on the earliest possible day each Calendar month. Interest is paid on the anniversary of opening the account or closure.0 -
Surely the date won't make any difference as interest is only calculated and not paid monthly.
No comment, teacher!
NO! Interest is calculated DAILY on the account balance. Once your account is open you should pay on the earliest possible day each Calendar month. Interest is paid on the anniversary of opening the account or closure.
No. The actual answer depends upon the account's T&Cs. The T&Cs may not allow the pay-in date to be advanced. Even if they do, the payments may then be credited as of the advanced date but not earn interest until the original day's recurrence.
RTFT&Cs0 -
No comment, teacher!
No. The actual answer depends upon the account's T&Cs. The T&Cs may not allow the pay-in date to be advanced. Even if they do, the payments may then be credited as of the advanced date but not earn interest until the original day's recurrence.
RTFT&Cs
I'm not sure I follow. The Nationwide Flexclusive Regular Saver which I was referring to allows payments anytime in the calendar month and earns interest from date of deposit.
IRTFT&Cs0 -
I'm not sure I follow. The Nationwide Flexclusive Regular Saver which I was referring to allows payments anytime in the calendar month and earns interest from date of deposit.
The thread title is not account-specific. I'm making a point in that context.
Also, emphasising RTFT&Cs is never a waste of MSE space. 0 -
Sarcasm doesn't become you, but I assume I'm wrong. I have a degree in maths, not economics.
I think that, as you've flaunted your bona fides in the past, Teddysmum, you're fair game given the gaffe made. But there, I was wrong in assuming that you might be that rare bird - a teacher who can tolerate a leg-pull at their own expense.
p.s. Schadenfreude, not sarcasm0 -
Surely the date won't make any difference as interest is only calculated and not paid monthly.I have a degree in maths, not economics.
I don't have a degree in maths or economics, but I reckon it's just simple maths and that if I have - for example - £1,000 in a FlexClusive Regular Saver for 44 days, I will earn more interest than if I only have £500 in it for 30 days, and £1,000 for the following 14 days.
OP - the answer is simple: put your money in today if you have it available. The FlexClusive Regular Saver deposit limits are per calendar month. Oh, and I agree, RTFT&Cs.0
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