When should I pay into a regular saver?

Norscbu

Thanks for the clarification, I paid it in today.

I did read the terms, I read that interest is [STRIKE]paid[/STRIKE] calculated daily and that I can pay in per calendar month; what I was unsure of is would they only calculate interest on what I've paid in that month from the day of the month I opened it on, i.e. only start earning interest on the £500 I paid in today after the 17th December.

I cannot find anything to clarify this in the terms, but similarly I cannot find anything that suggests that they wouldnt pay the interest from the pay in date, so I guess I should assume they would.

YorkshireBoy

Norscbu wrote: »

I did read the terms, I read that interest is paid daily

Typo? Or not yet sure how it works?

Norscbu

YorkshireBoy wrote: »

Typo? Or not yet sure how it works?

Neither? ,

edit: oh i see haha, ok calculated daily

TheShape

polymaff wrote: »

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.

The thread title wasn't specific but as OP mentioned flex account I thought I'd keep discussion to Flexclusive saver in particular. Yes, though, everyone would do well to read the T&Cs because not all regular savers (or any other account) operate in the same way.

Gilly91

I've recently done exactly the same thing, paid my 1st installment into my regular saver yesterday after opening on 16th Nov - all is fine!

pay it in on 1st of the month wherever possibly to gain maximum interest

Norscbu wrote: »

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

polymaff

TheShape wrote: »

The thread title wasn't specific but as OP mentioned flex account I thought I'd keep discussion to Flexclusive saver in particular. Yes, though, everyone would do well to read the T&Cs because not all regular savers (or any other account) operate in the same way.

Agree with your points entirely by the way. Our NW Regulars were topped up early yesterday morning.

Officer_Dibble

The interest due on 1st Dec on accounts opened a year ago doesn't seem to have made it into the account as promised. Seems a bit off for them to be so hot on terms and conditions and then failing to stick to them. Par for the course for Nationwide these days though sadly.

darkidoe

Norscbu wrote: »

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

Just pay in once the same day every month. There is very little to offer to get into the nitty gritty bitty details of which day to maximise interest.

Norscbu

darkidoe wrote: »

Just pay in once the same day every month. There is very little to offer to get into the nitty gritty bitty details of which day to maximise interest.

respectfully, I disagree; nor is it in the spirit of the board, surely?

talexuser

From my post on the other Nationwide thread:

Open 3 Dec 2015 with £500 first payment, 12 other payments, closing 2 Dec 2016, interest £162.18

Open 15 Dec 2015 with £500 first payment, 12 other payments, closing 14 Dec 2016, interest £172.01

Open 29 Dec 2015 with £500 first payment, 12 other payments, closing 28 Dec 2016, interest £183.53

So as far as the Nationwide is concerned it is obvious you get more interest on 6k or 6k5 in (nearly) one month at the end than £500 in (nearly) one month at the beginning, so it does matter when you open for this particular account.
If you already have the rest of the money and where you have it in the meantime is too many variables to be specific, but there aren't that many 5% places with instant access left (eg TSB current where you can't have all the 6k or 6k5 anyway).