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Regular Savings Accounts: The Best Currently Available List!

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  • allegro120
    allegro120 Posts: 1,856 Forumite
    1,000 Posts Second Anniversary Name Dropper
    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
    allegro120 Posts: 1,856 Forumite
    1,000 Posts Second Anniversary Name Dropper
    zagfles 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
    zagfles Posts: 21,421 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    zagfles 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.

  • How much extra interest does making a 13th payment provide ?
  • 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.
  • 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.
  • snow62
    snow62 Posts: 11 Forumite
    Third Anniversary 10 Posts
    By my calculations, that extra £200 at 8% will at most earn £1.27 - if it's in for 30 days before the account matures.  i.e. about 4p per day.
  • zagfles said:
    snow62 said:
    By my calculations, that extra £200 at 8% will at most earn £1.27 - if it's in for 30 days before the account matures.  i.e. about 4p per day.
    No, if you time it right the extra £200 is in for almost a year, not a month. 

    Surely it is the final (extra) payment that is the extra one? Not the first? Surely the first is made regardless, as if it isn't, the the account hasn't started?
  • friolento
    friolento Posts: 2,385 Forumite
    1,000 Posts Second Anniversary Name Dropper Photogenic
    zagfles said:
    snow62 said:
    By my calculations, that extra £200 at 8% will at most earn £1.27 - if it's in for 30 days before the account matures.  i.e. about 4p per day.
    No, if you time it right the extra £200 is in for almost a year, not a month. 

    Surely it is the final (extra) payment that is the extra one? Not the first? Surely the first is made regardless, as if it isn't, the the account hasn't started?

    I would say it is the first. As zagflies explains, instead of only £200, you start out with near enough £400. If you time it right, that is.
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