8% Nationwide Regular Saver - 13 payments?

flaneurs_lobster

tr7phil said:

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.

Ah, it's suddenly become clear. Thanks, I know everyone has been saying this (probably for years) but the brain cell has just fired up and its clicked.

zagfles

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

I've got a SO from NW current account to my STS account and that appears to get paid on the 1st of every month, even if it's a weekend. 

phillw

zagfles said:
I've got a SO from NW current account to my STS account and that appears to get paid on the 1st of every month, even if it's a weekend. 

Which was very annoying when my money was in Alrayan as they don't allow withdrawals on the weekend.

aroominyork

Can someone other than the account holder fund this account? I just tried to fund my wife's account from my (Nationwide) current account and her 8% saver account was not recognised on the fraud check. Maybe because she only opened it today and it takes time (overnight?) for my account to recognise it?

flaneurs_lobster

aroominyork said:

Can someone other than the account holder fund this account? I just tried to fund my wife's account from my (Nationwide) current account and her 8% saver account was not recognised on the fraud check. Maybe because she only opened it today and it takes time (overnight?) for my account to recognise it?

Yes, Nationwide take 24 hours to update whatever it is that gets updated so that Confirmation of Payee will say yes.

When we won’t be able to match your name

We won’t be able to match your name:

• within the first 24 hours of opening a new account
• on payments to a Nationwide credit card account.

You can still make the payment – but always double-check the account name and details are correct.

aroominyork

@flaneurs_lobster, and so it was - not first thing this morning but by mid-morning. Transfer to OH successfully made.

2010

What is the most interest you can get paying in the full £200 each month including the 13th month if opening one tomorrow?

ColdIron

A quick calc, I make it about £119.76. Next year is a leap year

Bigwheels1111

This is getting obsessive, is it not.

aroominyork

Bigwheels1111 said:

This is getting obsessive, is it not.

No, it's not. Don't you understand - they offered this as a one year rate when there is a leap year? It's an extra day's interest! Praise God and the heavens!