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lkmc01

if these changes to the date had never been altered and 12 standing orders instead of 13 I would be down 122.67 which is well worth trying to get them in on the 1st of the month.

once again thanks alot

lkmc01

at least I've caught it in time without any big losses. will think more in future

lkmc01

see below :rotfl: :rotfl: :rotfl:

sloughflint

lkmc01 wrote: »

if these changes to the date had never been altered and 12 standing orders instead of 13 I would be down 122.67 which is well worth trying to get them in on the 1st of the month.

I think your figures might be a bit wrong lkmc01. It's not that much of a gain although it would be nice lol

opinions4u wrote: »

The maximising of interest thing makes sense, but don't book the restaurant on maturity on the back of it.

£500 at 7% = £35 / 12 months = just under £3 minus 20% tax = around the £2.30 extra mark minus the interest you would have earned in a different savings account = better than nothing but not a lot.

Good practice for the disciplined, not ideal for the confused!

Nor is it that little a gain;)

LongTermLurker

sloughflint wrote: »

I think your figures might be a bit wrong lkmc01. It's not that much of a gain although it would be nice lol

Nor is it that little a gain;)

so... that means it is somewhere between £2.30 and £122.67 - cool

opinions4u

The £2.40ish figure relates to the benefit of the 13th contribution at the back end of the plan.

Getting payments in on, for example, 31st of one month and 1st of the following month would be worth £35 minus tax = £28 ... sorry if I didn't make my original sums clearer.

Trollop

sloughflint wrote: »

I think your figures might be a bit wrong lkmc01. It's not that much of a gain although it would be nice lol
Nor is it that little a gain;)

How much of a gain is it roughly?

lkmc01

the new sheet showing differences, but has own regular saving dates in.

I have a difference of £22.69. The value of over £100 was a mistake as I had forgot to take off it the £100 I will be putting in for the last 13th month.

http://spreadsheets.google.com/ccc?key=p-vcFvz3BqPR2Xc6trr7RUw

sloughflint

Trollop wrote: »

How much of a gain is it roughly?

As Opinions4u said, the best one could ever hope for is opening on the last day of month ( so effectively producing an extra £500 earning 7% for a year so £35 gross) and always being able to fund on the first but Halifax insist on payments by 28th and weekends get in the way so this gain is not achievable.

apt

Advocates of getting in 13 monthly payments need to take care. With the Barclays Monthly Saver the maximimum balance allowed is £3,000 plus interest. With Halifax you can make an extra payment. But you then need to close your account and open a new one as otherwise you could only get in 11 payments the following year.