Nationwide Flex Regular Online Saver

spottybutterfly

I'm just wondering if i have mess up setting the Flex Regular Online Saver up. I started it today so money could only be taken off on the 29th this month, but if I set every month to the 29th I won't make a payment in February.

I set is so that for the next months it pays in on the 28th of each month, will this work? It says up to £250 per month so does that mean I have to wait until the 29th of April or does it mean the 1st of April can be from when I pay in again.

Hope this makes sense, can anyone please help?

youngretired

Nationwide regular saver is a calendar month so you can have the 1st payment 29th March and then any date thereafter from 1st April.

CricketLady

Hi, you haven't messed up at all, a couple of my regular savers' standing orders are set for the 31st, I've noticed that my Lloyds one goes out on the 30th if there isn't a 31st in that month and went out on the 28th of February this year, my Santander one is set to go on the 29th and again went on the 28th in February.

spottybutterfly

thanks for the replies, they put my mind at ease.

OceanSound

The Nationwide Flex Regular Online saver summary says this:

You don't have to deposit each month, but the maximum you can increase your balance by each calendar month is £250.

Presumably, in U.K, 'Calendar Month' always means from 01 st of the month to the end date of that month?

Nationwide should make it clear, both for the sake of U.S people who've made U.K their home and U.k people who've no clue what calendar month is.

edit: apparently, even in U.S both definitions are used: https://www.pprune.org/questions/446174-what-calendar-month.html#post6318721

Emily_Joy

spottybutterfly wrote: »

I set is so that for the next months it pays in on the 28th of each month, will this work? It says up to £250 per month so does that mean I have to wait until the 29th of April or does it mean the 1st of April can be from when I pay in again.

Hope this makes sense, can anyone please help?

Nationwide online banking does allow to set up the first payment of a standing order and subsequent payments for different days, which is particularly handy for regular savers. You can simply set the first payment to be made on 29th of April and subsequent payments on 2nd of May, 2nd of June, etc...

eskbanker

OceanSound wrote: »

The Nationwide Flex Regular Online saver summary says this:


Presumably, in U.K, 'Calendar Month' always means from 01 st of the month to the end date of that month?

Nationwide should make it clear, both for the sake of U.S people who've made U.K their home and U.k people who've no clue what calendar month is.

edit: apparently, even in U.S both definitions are used: https://www.pprune.org/questions/446174-what-calendar-month.html#post6318721

I must admit that it was news to me that Americans might have a different definition of 'calendar month' but believe that it's safe to say that any reference to 'calendar month' in the UK refers to the months as shown on a calendar, i.e. running from the first to the last day of a named month such as April.

Any US citizens who've made the UK their home will doubtless have come across many other examples of the countries being 'divided by a common language' (especially if using or hearing terms like 'fag' or 'fanny'!) but personally I wouldn't see it as a failing by Nationwide to explain this in more detail....

AirlieBird

eskbanker wrote: »

I must admit that it was news to me that Americans might have a different definition of 'calendar month' but believe that it's safe to say that any reference to 'calendar month' in the UK refers to the months as shown on a calendar, i.e. running from the first to the last day of a named month such as April.

It doesn't actually. In English common law 'calendar month' means from a given date to the same date the following month. In English law it is a term that came about to distinguish 'month' from meaning lunar months.

OceanSound

eskbanker wrote: »

..but believe that it's safe to say that any reference to 'calendar month' in the UK refers to the months as shown on a calendar, i.e. running from the first to the last day of a named month such as April.

Do you have a reliable source (link) that you can post here.

Note that there is no mention of 'calendar month' in the regular saver terms (only reference is to 'month'):

https://www.nationwide.co.uk/-/media/MainSite/documents/products/savings/terms-and-conditions/P3025-regular-saver.pdf
https://www.nationwide.co.uk/support/support-articles/terms-and-conditions/regular-saver-terms-and-conditions

However, they try to make clear that depositing more than £500 (this should be £250 - terms and conditions not updated?) in a calendar month is not allowed by way of two examples, but it still doesn't make clear that a deposit made on 2nd of the following month (in their example) would be okay. It is!.

Anyway, their general savings terms:

https://www.nationwide.co.uk/-/media/MainSite/documents/products/savings/terms-and-conditions/P2797-Savings-General.pdf

has the definition:

"iii) “Month” means a calendar month."

This whole 'calendar month' business may be somewhat trivial here, but when it comes to bank account charges, I think the sensible thing to do is to double-check:

https://www.moneysavingexpert.com/news/banking/2014/10/what-counts-as-a-month-check-with-your-bank-or-you-could-be-hit-with-penalties

Looks like Nationwide, TSB and Clydesdale hadn't defined what a 'month' was back in 2014, but after MSE had intervened they'd all said 'they had plans to do so'. As I said, Nationwide's general savings terms do define it now.

binaryuniverse

I can be your source, if you like.

I opened a Regular Saver at the end of January (about 27th). Immediately deposited £250.
On Feb 1st, I deposited a further £250. Absolutely no problems.

That says 1st month to end is the calendar month.

OceanSound

binaryuniverse wrote: »

I can be your source, if you like.

I opened a Regular Saver at the end of January (about 27th). Immediately deposited £250.
On Feb 1st, I deposited a further £250. Absolutely no problems.

That says 1st month to end is the calendar month.

Thanks. I confirmed yesterday by contacting Nationwide through e-banking.

I was actually asking about a source that says: 'calendar month' means 1st to last day of month, and this applies everywhere in the U.K.