Paying a regular saver account deposit manually

tel_

I usually pay manually into one of my regular saver accounts every month on the very first day the deposit is allowed in. However, if your first deposit day is say the 25th of every month, should you still pay this in today (as today is the 25th), even though it won't show on your regular saver until Monday 27th? Because if you don't do this, you will lose out on two days worth of deposit interest?

colsten

I am not sure I understand what you are asking. In the end it depends on the T&Cs of the RS but most will allow one deposit each calendar month. Therefore a deposit now, and the next one on August 1 will be perfectly fine. Whether they credit it from the date of deposit or from the next working day following the deposit depends on the bank / building society. The difference in interest will only be a couple of pence, at the most.

tel_

colsten said:

Whether they credit it from the date of deposit or from the next working day following the deposit depends on the bank / building society. The difference in interest will only be a couple of pence, at the most.

Yes, this is what I was getting at. I guess it may vary from bank-to-bank as you suggest. 

It will only be a few pence indeed, and not a major concern, but it was just a thought as I scrolled through the calendar months on my PC.

Last Saturday I transferred money out of one account to another. Whilst the money was debited on screen from my withdrawal account, it did not show on screen on my receiving account until the Monday. But would the receiving account recognise the money had in-fact been sent on the Saturday?

I'm sure people in the IT banking industry might know.

colsten

They most certainly would know when the money was sent. Whether they would pay interest from the day it was sent is a different matter. In some instances, the sending bank also won't stop paying interest until the next working day. So you may even come across a constellation where you get a day's or two interest on the same money from two different organisations but as I said, it's pennies so it would be rather peculiar to actively pursue such 'opportunities'.

tel_

colsten said:

but as I said, it's pennies so it would be rather peculiar to actively pursue such 'opportunities'.

Indeed. It was just a small something that came to my attention this afternoon. 

Thanks for satisfying my meaningless curiosity .