8% Nationwide Regular Saver - 13 payments?

Bigwheels1111

aroominyork said:

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!

I completely understand and have set my DD for a 13th payment.
Beyond that there is nothing to say.

francoghezzi

Another season of Friends is useless when there is this forum to have a laugh with. I opened my RS at Ayr branch and the employee himself asked me if I wanted to deposit this week (the last week of September) and next week (first of October) as well. What more do you need? YES, you can pay for 13 months and YES the interest will be in the region of £119 (104 if you start paying next week). In case you are drip-feeding from the new Santader account obviously the total money earned will be higher. There is no 'extra' payment. It is just one payment per CALENDAR month. It happens often with Coventry as well just to name another BS.

JGB1955

aroominyork said:

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!

I'm not sure you get an extra day's interest, just the annual interest is divided by 366 rather than 365.

subjecttocontract

I guess it would be an extra days interest if interest was calculated & added daily.
But I don't know if it is......someone who knows will probably be along shortly.

ColdIron

It would be complicated. You'd have to use 365 in 2023 then 366 in 2024

Fine if your year spanned February (maybe) but what if your account started March 2024? You'd be diddled. Thinking about it, unless you had the account for the whole of 2024 you'd still be diddled

Then, if the account did span February but you closed it early, would they calculate it differently?

365 and an extra day seems the only sane and practical way to do it

I used 365 in my screenshot

Ed-1

francoghezzi said:

Lloyds, for example, is different and the 6.25% regular saver allows you to deposit 12 times in a year with 'the new month' starting the day after the anniversary of the account opening. In my case I opened it the 25th of February so am allowed to deposit again the 25th of March and so on ...

Lloyds isn't different. It allows 13 payments too.

friolento

francoghezzi said:

Another season of Friends is useless when there is this forum to have a laugh with. I opened my RS at Ayr branch and the employee himself asked me if I wanted to deposit this week (the last week of September) and next week (first of October) as well. What more do you need? YES, you can pay for 13 months and YES the interest will be in the region of £119 (104 if you start paying next week). In case you are drip-feeding from the new Santader account obviously the total money earned will be higher. There is no 'extra' payment. It is just one payment per CALENDAR month. It happens often with Coventry as well just to name another BS.
Lloyds, for example, is different and the 6.25% regular saver allows you to deposit 12 times in a year with 'the new month' starting the day after the anniversary of the account opening. In my case I opened it the 25th of February so am allowed to deposit again the 25th of March and so on ...

My Lloyds Regular Saver deposits have alwasy been working on a calendar month basis.

ColdIron

francoghezzi said:

Lloyds, for example, is different and the 6.25% regular saver allows you to deposit 12 times in a year with 'the new month' starting the day after the anniversary of the account opening. In my case I opened it the 25th of February so am allowed to deposit again the 25th of March and so on ...

That's not how Lloyds works (or BoS or Halifax)

You can add money on the 1st even if you first payment was only a day or so ago. You can make 13 payments. I've been doing it for years. You've been losing out

francoghezzi

ColdIron said:

francoghezzi said:

Lloyds, for example, is different and the 6.25% regular saver allows you to deposit 12 times in a year with 'the new month' starting the day after the anniversary of the account opening. In my case I opened it the 25th of February so am allowed to deposit again the 25th of March and so on ...

That's not how Lloyds works (or BoS or Halifax)

You can add money on the 1st even if you first payment was only a day or so ago. You can make 13 payments. I've been doing it for years. You've been losing out

Great to hear. I will change my deposit on Lloyds as well :-) Just got confused with Fd 7%. Thanks for letting me know, I edited my first comment so as not to add up to the general confusion

metrobus

I know it’s a maximum of £200 per calendar month, but is it only 1 deposit or can I do multiple deposits during the month to make up the £200?
Thank You.