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bigjoe

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

[Deleted User]

bigjoe said:

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

As far as I know that is the ideal, weekends get in the way if dd/so of course at times but I do the majority manually.

I try to do the lot asap in the month but if I haven't got the funds I prioritise the higher payers like Virgin and Principality.

masonic

bigjoe said:

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

You should fund them as early as possible with as much as possible to make the most of them. If you can fund a newly opened account twice within a few days by opening late in the month, then that makes a small improvement too.

Speculator

bigjoe said:

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

The earlier you deposit the money, the more interest you will get.

For example, assuming a rate of 6% and 1st and 31st are working days. If you pay in £250 on the 1st, you will earn £1.27 in interest for that month. If you paid  in £250 on the 31st, you will earn 4p in interest.   

bigjoe

Thanks everyone. something to work towards then. I currently fund them throughout the month as money comes in, but once a few mature I will have lump sums to fix this. Every penny counts!

ColdIron

Speculator said:

bigjoe said:

Can I ask is it better to fund RS accounts on the 1st of each month or doesn't it make any difference?

The earlier you deposit the money, the more interest you will get.

For example, assuming a rate of 6% and 1st and 31st are working days. If you pay in £250 on the 1st, you will earn £1.27 in interest for that month. If you paid  in £250 on the 31st, you will earn 4p in interest.   

Not really a fair comparison is it, comparing interest gained in 1 day against 31 days

For calendar month type RSs if you had paid £250 on the 31st and again on the 1st you would have £2.59 at the end of the first full month. Effectively you would have £500 for the first month and an extra £250 for every subsequent month

happybagger

Bridlington1 said:

[Deleted User] said:

Coventry Loyalty Regular Saver.

Has anybody tried closing it early (only 2-3 weeks in my case) and opening a new one?

Its currently at 6.75%, cannot see an updated issue of this account.

I wouldn't advise it. Not only did it go NLA a while back but the terms also include:

And for completeness, the default transfers it to Easy Access Saver (7) on maturity. Current rate 2.85%.

(Which in my case will be transferred over the same day to one of the triple access savers I have with them)

Mee

Re: Principality R S
Just checking if anyone is as disorganised as me and opened a PBS RS near the end of the month, then found they couldn't fund their account until they received the activation code via snail mail and thus the first monthly deposit was made the calendar next month. The maturity date on mine is a year to the date of the RS being opened, but not activated so missing out on at least a 12th payment. Has anyone queried or asked for the maturity date to be adjusted to the activation date.
 I haven't as yet found a clause that would prevent this.

jaypers

Mee said:

Re: Principality R S
Just checking if anyone is as disorganised as me and opened a PBS RS near the end of the month, then found they couldn't fund their account until they received the activation code via snail mail and thus the first monthly deposit was made the calendar next month. The maturity date on mine is a year to the date of the RS being opened, but not activated so missing out on at least a 12th payment. Has anyone queried or asked for the maturity date to be adjusted to the activation date.
 I haven't as yet found a clause that would prevent this.

The activation code is just to add full functionality to your online account (closure/withdrawals etc) and shouldn’t make any difference. You can login and see balances from Day 1. 

friolento

jaypers said:

Mee said:

Re: Principality R S
Just checking if anyone is as disorganised as me and opened a PBS RS near the end of the month, then found they couldn't fund their account until they received the activation code via snail mail and thus the first monthly deposit was made the calendar next month. The maturity date on mine is a year to the date of the RS being opened, but not activated so missing out on at least a 12th payment. Has anyone queried or asked for the maturity date to be adjusted to the activation date.
 I haven't as yet found a clause that would prevent this.

The activation code is just to add full functionality to your online account (closure/withdrawals etc) and shouldn’t make any difference. You can login and see balances from Day 1. 

and importantly, you can make deposits as soon as you have the account details, which is instantly. AFAIK, they only credit on working days, though