8% Nationwide Regular Saver - 13 payments?

flaneurs_lobster

metrobus said:

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.

Yes multiple deposits are fine.

2010

If I opened one today, can the first £200 be paid today or does the account update overnight.
Also would the payment not be taken by NW until Monday and count as October. (it would be an internal transfer).

Bazzalona13295

2010 said:

If I opened one today, can the first £200 be paid today or does the account update overnight.
Also would the payment not be taken by NW until Monday and count as October. (it would be an internal transfer).

Similar question but October related.
I see a lot of you have set up DD's for the 1st.
The 1st being a Sunday if I do an internal transfer does it make a difference if I do it Sun morning or Mon morning? 

zagfles

ColdIron said:

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

That would be nonsense - for accounts that pay interest annually (like the NW RS) the way they almost certainly do it is if the period over which the interest is accrued is 366 days then they use 366 days. So if you open the NW RS now or anytime up to end Feb 2024 you'd accrue interest over 366 days so the daily interest rate would be 8/366 = 0.021857923% (rather than 8/365 = 0.021917808%)

For accounts that pay interest monthly and have no fixed term I guess they'd have to make a decision when they switch the monthly interest to calculate the rate based on a 366 day year. I'll see what happens with the NatWest account RS account...currently they're using 365 days, I'll expect my monthly interest to drop by about 3p a month sometime... 

But this is getting a bit too trivial and nerdy for even me...

surreysaver

Bazzalona13295 said:

2010 said:

If I opened one today, can the first £200 be paid today or does the account update overnight.
Also would the payment not be taken by NW until Monday and count as October. (it would be an internal transfer).

Similar question but October related.
I see a lot of you have set up DD's for the 1st.
The 1st being a Sunday if I do an internal transfer does it make a difference if I do it Sun morning or Mon morning? 

SOs. Not DDs

MACKEM99

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.

No max balance?  Is the max not 13 x £200 plus interest?

MACKEM99

As the interest rate is variable what's to stop them decreasing the rate then your funds are stuck at the lower rate till it matures?

ColdIron

MACKEM99 said:

No max balance?  Is the max not 12 x £200 plus interest?

No. You can make 13 payments so the maximum balance is £2,600

There is a whole thread devoted to this subject, you can read it here

https://forums.moneysavingexpert.com/discussion/6475319/8-nationwide-regular-saver-13-payments/p1

Rollinghome

So we're all gonna be rich! The 8% NW RS pays another 2.8% over what I'd get in a 5.2% EA account. So if I pay in that extra £200 for the last month, I'll get a whopping extra £5.60/12 = 0.47p (ignoring the few missing days etc.) before the account matures. 

I haven't decided what to spend it on yet.

ColdIron

No, you can get an extra £16. Discussed at length in this thread