Regular Savings Accounts: The Best Currently Available List!

zagfles

bioboybill said:

If you have a nationwide account of your own and also a joint account with your wife is it possible to have two of the 8% regular savers between you, or is one the limit?

You can have one each. The application asks if you want a single or joint account, just choose a single, then your wife does the same.

zagfles

allegro120 said:

Bigwheels1111 said:

I set my Nationwide standing order to make its last payment on September 1st 2024.
Payment 13.
Will see if it’s allowed next year.

It should be ok. There's no maximum allowance in t&c. At least in my experience, 13th payments have always worked with accounts that don't state the max sum allowed to deposit. 

It depends how they define the month, they don't all use calendar months, for instance Santander define the month as running from the date you open the account till the date before the next month, eg if you open the account on the 14th your £200 payment limit applies from the 14th to the 13th of the next month. So it'd be impossible to get 13 payments in. First Direct set up a SO to collect your payments on the same date each month.

PRAISETHESUN

JamesRobinson48 said:

Bigwheels1111 said:

It should be ok. There's no maximum allowance in t&c. At least in my experience, 13th payments have always worked with accounts that don't state the max sum allowed to deposit. 

Will see if YBS allows it also.
Worth a try. Thanks 

YBS RS T&Cs explicitly state there's an account balance maximum (excluding interest) of £6000.  So once you've paid in £6000 (e.g. 12 x £500) you're unlikely to succeed in paying in any more.

I accidently left my YBS SO for the last issue of the loyalty RS without an end date and it allowed the 13th payment without getting sent back. Balance was £6500 for most of the final month and it got paid the correct amount of interest on maturity.

Gers

I closed my YBS yesterday as it was at £6,000. I could have let it run for another month but want the funds to go into a savings acount before the interest rates drop! If they do.

allegro120

Bigwheels1111 said:

allegro120 said:

Bigwheels1111 said:

I set my Nationwide standing order to make its last payment on September 1st 2024.
Payment 13.
Will see if it’s allowed next year.

It should be ok. There's no maximum allowance in t&c. At least in my experience, 13th payments have always worked with accounts that don't state the max sum allowed to deposit. 

Will see if YBS allows it also.
Worth a try. Thanks 

I doubt it unless your deposits will be less that £500. "The maximum balance (excluding interest) is £6,000" - that's what it says in product description.

allegro120

zagfles said:

allegro120 said:

Bigwheels1111 said:

I set my Nationwide standing order to make its last payment on September 1st 2024.
Payment 13.
Will see if it’s allowed next year.

It should be ok. There's no maximum allowance in t&c. At least in my experience, 13th payments have always worked with accounts that don't state the max sum allowed to deposit. 

It depends how they define the month, they don't all use calendar months, for instance Santander define the month as running from the date you open the account till the date before the next month, eg if you open the account on the 14th your £200 payment limit applies from the 14th to the 13th of the next month. So it'd be impossible to get 13 payments in. First Direct set up a SO to collect your payments on the same date each month.

From product description - "...the maximum you can increase your balance by each calendar month is £200".  Nationwide always use calendar months, at least in my memory.

zagfles

allegro120 said:

zagfles said:

allegro120 said:

Bigwheels1111 said:

I set my Nationwide standing order to make its last payment on September 1st 2024.
Payment 13.
Will see if it’s allowed next year.

It should be ok. There's no maximum allowance in t&c. At least in my experience, 13th payments have always worked with accounts that don't state the max sum allowed to deposit. 

It depends how they define the month, they don't all use calendar months, for instance Santander define the month as running from the date you open the account till the date before the next month, eg if you open the account on the 14th your £200 payment limit applies from the 14th to the 13th of the next month. So it'd be impossible to get 13 payments in. First Direct set up a SO to collect your payments on the same date each month.

From product description - "...the maximum you can increase your balance by each calendar month is £200".  Nationwide always use calendar months, at least in my memory.

Yup, Nationwide always do, like with their Start to Save accounts which worked the same way. So you can always get in 13 payments, or 25 for a 2 year account. Unless you open the account on the 1st of the month.

I was just addressing the point that "13th payments have always worked with accounts that don't state the max sum" but like with FD and Santander the way the account works means no 13th payment possible. Though they might state the max as well.

subjecttocontract

How much extra interest does making a 13th payment provide ?

orange-juice

subjecttocontract said:

How much extra interest does making a 13th payment provide ?

Unsure, but I imagine it’d be the biggest amount of interest for that regular saver since it’s the last month and you’d have the highest balance in it at that point, compared to the lifetime of the account (depending on maturity date of course which is usually but not always the end of the month)?

Thanks for the previous poster for the tip regarding ybs. It rejected by card payment but seems to have accepted the bank transfer.

subjecttocontract

Not necessarily. The regular saver that runs for 12 months......runs for 12 months. Surely adding a 13th payment at the end doesn't extend its duration. I'd suggest it only has the effect of adding a £1 or £2 of interest to the total.