Setting up standing orders intro regular saving accounts

surreysaver

Hattie627 said:

I have a follow-up question about the First Direct RS.

My FD RS has a payment date of 29th. There is no 29th this February, so presumably the payment will go on 1 March. Will this mean that no payment will be possible on 29 March, or will the 1 March payment be treated as having been made in February? 

I can't change the payment date which was determined when I opened the account. With the 7% interest rate, I would prefer not to miss out on a month's payment. The account matures on 28 or 29 May.

The fact a payment will go out on 1st March makes no difference to a payment on 29th March, as the 1st Direct Regular Saver is based on statement month, not calendar month. Each period begins on the 29th of each month, or the next working day after if the 29th doesn't exist or falls on a weekend or bank holiday