8% Nationwide Regular Saver - 13 payments?

masonic

Regular saver accounts are designed to encourage regular saving. There is a continuum of terms ranging from very relaxed to very strict, some allowing access, some not, some accumulating allowances, some requiring a monthly allowance to be used within the month, some going on monthversaries rather than calendar months, etc etc.

The main differentiator from traditional savings accounts is that you cannot pay in a large lump sum from day 1, but can gradually accumulate a larger balance over the course of several months.

If your maximum possible balance increases each month, it is probably a regular saver.

2010

The payment you make today shows as 2nd Oct. in the account.

zagfles

2010 said:

The payment you make today shows as 2nd Oct. in the account.

I think they actually credit it on the 1st if it's an internal transfer. Mine is showing a balance of £400, and the NW curr acc the payment came from shows the balance has been reduced by today's payment, even though the payment date shows as 2 Oct.

dealyboy

@zagfles said:

2010 said:

The payment you make today shows as 2nd Oct. in the account.

I think they actually credit it on the 1st if it's an internal transfer. Mine is showing a balance of £400, and the NW curr acc the payment came from shows the balance has been reduced by today's payment, even though the payment date shows as 2 Oct.

As yours ... the savings account balance is £400 but if you look at the transactions it's only £200 ...



The current account balance is £200 less but the transaction list shows 'Transfer to nnnnnn nnnnnnnn' (savings ac) ...

   

Edit: So I agree the net effect should be SA interest from 01 Oct.

horsewithnoname

flaneurs_lobster said:

Could we not just leave this argument/discussion until next September when everyone will try to make a 13th payment and it will either work or not?

Presuming it works the same way as their similar accounts have in the past, then definitely 13 payments are possible because I’ve always made 13 payments. 

This time I opened the account with 200 in Sept and have paid another 200 today, so on course for 13 payments. 

Bobblehat

2010 said:

The payment you make today shows as 2nd Oct. in the account.

I'm glad you mentioned this! I went online to see if my SO from the CA to the RS had worked, only to find I had forgotten to set the SO up! Senior moment ... corrected manually and SO set up for 1st of next month! Phew!

cloud_dog

Has anyone seen "the will to live", as I seem to have lost mine 

Bobblehat

cloud_dog said:

Has anyone seen "the will to live", as I seem to have lost mine 

Sorry cloud-dog, I must try harder!

dealyboy

dealyboy said:

@zagfles said:

@2010 said:

The payment you make today shows as 2nd Oct. in the account.

I think they actually credit it on the 1st if it's an internal transfer. Mine is showing a balance of £400, and the NW curr acc the payment came from shows the balance has been reduced by today's payment, even though the payment date shows as 2 Oct.

As yours ... the savings account balance is £400 but if you look at the transactions it's only £200 ...



The current account balance is £200 less but the transaction list shows 'Transfer to nnnnnn nnnnnnnn' (savings ac) ...

   

Edit: So I agree the net effect should be SA interest from 01 Oct.

Just to confirm today Monday 02 Oct 2023 ...

The last entry in the current account list shows 02 Oct 2023 Transfer to ... Withdrawal 01 October 2023, and the last entry for the regular saver shows 02 Oct 2023 Transfer from ... Credit 01 October 2023.

nottsphil

subjecttocontract said:

That 13th payment could be worth anything up to a maximum of £4.50
Don't spend it all at once.

Even if the 13th payment earned interest for a full 31 days (which it can't), that could only yield a maximum of £1.36. Also, you completely miss the point that the extra payment in the scenario the OP paints is at the beginning of the plan, and will actually be earning much nearer to £16 extra.