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Turnedoutniceagain

Hello, I've just opened a NatWest DRS and first payment went in on 29 April by SO. Is it ok to change the date of SO to the 3 May now? And just leave it at the 3rd for every month? Thanks in advance.

Bridlington1

Turnedoutniceagain said:

Hello, I've just opened a NatWest DRS and first payment went in on 29 April by SO. Is it ok to change the date of SO to the 3 May now? And just leave it at the 3rd for every month? Thanks in advance.

You can change it to 3rd if you want, or you could make a manual payment today and set the SO to 1st if you wanted to.

Turnedoutniceagain

That's good to hear, many thanks.

WillPS

No standing order is actually needed at all I find - ours are all funded manually from a non-Natwest Group source on the first of every month.

Bridlington1

WillPS said:

No standing order is actually needed at all I find - ours are all funded manually from a non-Natwest Group source on the first of every month.

Though it's worth noting that deposits into the NatWest group regular savers don't start earning interest until the next working day if funds are received on a non-working day. 

I fund mine on the first working day of the month rather than the first of every month for this reason. I still make my deposits manually though.

WillPS

Once again I'm in awe of your extreme Money Saving @Bridlington1 ! Although for my peace of mind I'm happy losing out on up to 8p in interest knowing that money is in 'the right place' before my second coffee on the first, regardless of which day of the week it is.

FIREmenow

Turnedoutniceagain said:

Hello, I've just opened a NatWest DRS and first payment went in on 29 April by SO. Is it ok to change the date of SO to the 3 May now? And just leave it at the 3rd for every month? Thanks in advance.

I've just done this, managed to get a payment in last night before the account was showing - it failed from an external account but went through on an internal transfer.

Have then done another faster payment today for May and the standing order will take over from 1 June.

Bigwheels1111

My First Direct regular saver matures today.
Strange thing is interest was added yesterday and less than advertised £136.50.
£135.38 balance showing.
£1.12 short.
I will have to wait a few days until it’s paid out, but me thinks a little nudge maybe in order.
Petty I know, but I will get the £1.12 I believe they owe me.

I know some on here are wizards with figures, should it not be a little more as was a leap year ?.

friolento

Bigwheels1111 said:

My First Direct regular saver matures today.
Strange thing is interest was added yesterday and less than advertised £136.50.
£135.38 balance showing.
£1.12 short.
I will have to wait a few days until it’s paid out, but me thinks a little nudge maybe in order.
Petty I know, but I will get the £1.12 I believe they owe me.

I know some on here are wizards with figures, should it not be a little more as was a leap year ?.

The advertised rate assumes your deposits were made on the first of every month. This is unlikely to be the case for anyone as even if your account gets opened on a 1st, the SO won‘t always get processed on the 1st as sometimes a 1st falls on a non-working day.

To work out your interest, you need to use the number of days your monthly deposits have actually been in your account.

masonic

As above, the difference will be due to your payment date sometimes falling on a weekend or bank holiday and being delayed. For example, for an account opened on 3rd May 2023, this would have happened in the months of June (Sat), September (Sun), December (Sun), February (Sat) and March (Sun), but 7 days interest on £300 @ 7% = 40 p. The rest is probably explainable by shorter months like February falling late in your account year, meaning the balance didn't increase as fast as someone who opened in say January or February and had fewer days between their early payments.