8% Nationwide Regular Saver - 13 payments?

WillPS

Unless you open the account on the 1st of the month, you can make 13 payments.

zagfles

kuepper said:

As this is for 12 months and you can pay in £200pcm, if I pay in £200 now( Sept 27th) and again on Oct 1st  could I actually make 13 payments and make a 13th payment eg on Sep 1st 2024?

Yes, it's a feature of the way NW "regular savers" work. Some people seem to think it's sneaky, or controversial, or a "loophole", to make 13 payments. It isn't. It's the way NW RS accounts work and always have worked. I've had at least a dozen over the years and IIRC always funded them at least 13 times.

Most RS accounts are pretty rigid in that you have to make a payment every month and only one and you can't withdraw. NW ones are almost like easy access accounts but they just restrict the amount the balance can grow each calendar month. This one also drops the interest rate if you make more than 3 withdrawals.

So ideally, open the account late in the month and fund it then, then on the 1st of every month until the final month, that way you'd get about £15-16 more in interest than if you put in £200 for 12 months on the same date each month.

allegro120

kuepper said:

As this is for 12 months and you can pay in £200pcm, if I pay in £200 now( Sept 27th) and again on Oct 1st  could I actually make 13 payments and make a 13th payment eg on Sep 1st 2024?

Yes of course you can.  You are allowed to deposit £200pcm.

35har1old

refluxer said:

kuepper said:

As this is for 12 months and you can pay in £200pcm, if I pay in £200 now( Sept 27th) and again on Oct 1st  could I actually make 13 payments and make a 13th payment eg on Sep 1st 2024?

Yes, you can do this. There is no maximum balance for this account and you're not restricted to 12 payments - the only restriction is that you don't pay in more than £200 each calendar month, so £200 now and £200 in October is fine.

Your second payment will not go until the 2nd and you last will also be on the 2nd of the month

35har1old

allegro120 said:

kuepper said:

As this is for 12 months and you can pay in £200pcm, if I pay in £200 now( Sept 27th) and again on Oct 1st  could I actually make 13 payments and make a 13th payment eg on Sep 1st 2024?

Yes of course you can.  You are allowed to deposit £200pcm.

A calender month could mean that your second payment has to be full calender month from start date

EthicsGradient

35har1old said:

allegro120 said:

kuepper said:

As this is for 12 months and you can pay in £200pcm, if I pay in £200 now( Sept 27th) and again on Oct 1st  could I actually make 13 payments and make a 13th payment eg on Sep 1st 2024?

Yes of course you can.  You are allowed to deposit £200pcm.

A calender month could mean that your second payment has to be full calender month from start date

But, when you examine the Terms and Conditions, it doesn't. They give an explicit definition as 
"‘Calendar Month’ is one of the 12 named months of the year (January, February, March etc)"
and explain that it's about the balance at the start of the calendar month:
"You can’t increase the amount of money in your account (the balance) by more than £200 at any time during a Calendar Month. For example, if your balance is £400 at the beginning of a Calendar Month, you can’t increase it to more than £600 during that Calendar Month."

Wheres_My_Cashback

35har1old said:

refluxer said:

kuepper said:

As this is for 12 months and you can pay in £200pcm, if I pay in £200 now( Sept 27th) and again on Oct 1st  could I actually make 13 payments and make a 13th payment eg on Sep 1st 2024?

Yes, you can do this. There is no maximum balance for this account and you're not restricted to 12 payments - the only restriction is that you don't pay in more than £200 each calendar month, so £200 now and £200 in October is fine.

Your second payment will not go until the 2nd and you last will also be on the 2nd of the month

That depends where your payment is being sent from. CHASE for example pay SO/DD at weekends.

Wheres_My_Cashback

35har1old said:

allegro120 said:

kuepper said:

As this is for 12 months and you can pay in £200pcm, if I pay in £200 now( Sept 27th) and again on Oct 1st  could I actually make 13 payments and make a 13th payment eg on Sep 1st 2024?

Yes of course you can.  You are allowed to deposit £200pcm.

A calender month could mean that your second payment has to be full calender month from start date

So that’s up to the 28/29/30 or 31 then otherwise it wouldn’t be a calendar month, it would be monthly from the same date the previous month.

flaneurs_lobster

Since the account is "terminated" on the 1 year anniversary of its opening, isn't maximum interest earned by opening (and funding) the account on the 1st of any month with 31 days and on the 1st thereafter?

[and in a leap-year]

tr7phil

flaneurs_lobster said:

Since the account is "terminated" on the 1 year anniversary of its opening, isn't maximum interest earned by opening (and funding) the account on the 1st of any month with 31 days and on the 1st thereafter?

[and in a leap-year]

No, the closer you are to the end of the month when you open it the less time there will be only a single month's contribution receiving interest.