Regular Savings Accounts: The Best Currently Available List!

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.

snow62

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

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. So about £16 extra at 8%

If you compare:

a) Investing £200 on the same date every month for 12 months, with

b) Opening the account on the last day of the month and investing £200 then, followed by 12 further payments on the 1st of each month

Then you have an extra £200 in the account for nearly all of the year. The account starts at £200 the day you open it, then one day later it's £400. Then £200 more each month till the last month.

If you open the account mid way through the month then the extra £200 is in for roughly half the year, so you'd gain around £8. Assuming again second/subsequent deposits are on the 1st of the month.

happybagger

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

happybagger said:

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.