Nationwide's 8% reg saver - issue paying in.

B0bbyEwing

Now my Nationwide current account is dry I'm looking to switch which account puts up the payment each month & tried to do this from my HSBC only to get an error saying that the account details aren't valid (yes - they are, no - I haven't entered them incorrectly, yes - i'm sure).

So I thought ok this is where I usually don't bother with the T&Cs but since everyone likes to say check the T&Cs, I'll go searching...

https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/savings/terms-and-conditions/p4180-flex-regular-saver-issue2.pdf?rev=440b352469ab4e6fa2593c78fee5ddc9

Paying money into your account

You can only pay money into your account by electronic transfer.

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.

Any interest calculated on your account balance and added to your account doesn’t count towards the monthly limit.

You can take money out of your account and pay it back in without affecting your monthly limit, as long as you do this in the same Calendar

Month. If you pay the money back in during a later Calendar Month, it will count towards your limit for that Calendar Month.

If you try to pay money into your account, and the payment would increase the balance by more than £200 in that Calendar Month, we’ll

reject the whole of the payment. We’ll return any rejected electronic payments to the account the payment was made from.

And that's all I could find on the matter.

Nowhere there does it say it HAS to come from a Nationwide account.

When you go to the main page of it: https://www.nationwide.co.uk/savings/flex-regular-saver/

It says not for savers who don't have a Nationwide current account, which could be interpreted as having to come from a Nationwide current account but also others may interpret it as - well I have one so that box is ticked but I'm not using it to do the paying in because it doesn't say I have to.

There wasn't even an option to ignore the warning from HSBC, it just simply wouldn't let me as it says the details aren't valid.

What gives?

Side note - no idea what's going on with the quoting system. I highlighted the whole thing that I copied & pasted from their website & it only quoted a small section. Tried highlighting the rest, hit quote but it didn't do it so I give up.

friolento

It takes a day or two for the RS to become known to other banks. If you want to deposit today, you should be able to do it via your current account - assuming you opened that one at least 2 or more days ago.

I remember it said something along those lines at the end of the RS application process

Wheres_My_Cashback

As Frio stated, it does mention on the 'opening' page at the end of application that you will need to wait 24 hours. In reality that can be 2-3 hours (maybe not on a weekend) so just fund now from your NW current and set up the S/O from HSBC in the next day or two to go on Weds.

refluxer

When I set mine up, I did exactly as others mentioned - made the initial payment from my Nationwide current account as soon as the RS appeared in online banking (to quickly get a payment in before the end of the month) and then set up a direct debit for the remaining payments from my other current account a few days later, by which time the CoP check recognised the RS account details.

Payments into the Nationwide Flex Regular Saver don't necessarily need to come from a Nationwide current account.

B0bbyEwing

Thanks for the info. I'll take another look on Monday evening then.

While I'm here & talking about regular savers....

What is 'the optimal' date to open a regular saver in a month & also the funding habits?

Not that I'll make a difference to however I may open them in future. I'd open one if I was going to open one because waiting on a set date could end up with it being pulled before the date comes around. 

So I'm just asking out of curiosity, nothing else - and also because I remember one First Direct RS that I opened & then my wife was a few days later. At the end of it all she got a few pence more than I did & I always wondered why.

Also - with FD your payment date is auto & dictated by your opening date (AFAIK) but with many others you just need to make the payment within the calendar month - so I could open on 30th November, pay in the maximum & then make next months payment 1st November with all other payments on the 1st of the month. I always assumed this was the optimal way for maximum interest but I recently read the smaller print on one RS where the projected interest assumed you made the payment in the middle of the month.

Again, I know we'll only be talking pence, I just wondered.

Wheres_My_Cashback

FD / Coventry (some) / SAN / HSBC are NOT PCM, most others are so open and deposit 1-3 days before month end and then deposit again on 1st.
That is the most optimal way to maximise interest and then it can be enhanced again with many accounts and a 13th payment.
You can ignore banks examples of interest as they NEVER show the max possible gain, they only show an average based on 'normal' depositing routines.

B0bbyEwing

Wheres_My_Cashback said:

FD / Coventry (some) / SAN / HSBC are NOT PCM, most others are so open and deposit 1-3 days before month end and then deposit again on 1st.
That is the most optimal way to maximise interest and then it can be enhanced again with many accounts and a 13th payment.
You can ignore banks examples of interest as they NEVER show the max possible gain, they only show an average based on 'normal' depositing routines.

Ok you've got me....

How do you get in a 13th payment?

Albermarle

8% Nationwide Regular Saver - 13 payments? — MoneySavingExpert Forum

molerat

B0bbyEwing said:

Ok you've got me....

How do you get in a 13th payment?

Open an account today and make the first monthly contribution.

Account matures 27th October 2024

Payments are limited to one per calendar month

Future payments made on 1st monthly

12 more payments 1st Nov 2023 to 1st October 2024

B0bbyEwing

molerat said:

B0bbyEwing said:

Ok you've got me....

How do you get in a 13th payment?

Open an account today and make the first monthly contribution.

Account matures 27th October 2024

Payments are limited to one per calendar month

Future payments made on 1st monthly

12 more payments 1st Nov 2023 to 1st October 2024

Thanks. 

I always set up the SO under the 'number of payments' offering & selected 11, assuming you couldn't make one in the final month as you were capped at 12.

Looks like I've been selling myself short. 

35har1old

molerat said:

B0bbyEwing said:

Ok you've got me....

How do you get in a 13th payment?

Open an account today and make the first monthly contribution.

Account matures 27th October 2024

Payments are limited to one per calendar month

Future payments made on 1st monthly

12 more payments 1st Nov 2023 to 1st October 2024

Does not apply to all regular savers
For example Principality Regular states can,t exceed £3000 limit 12 x 250 maximum but in theory you could make 3000 payments 
The Cambridge states payments should be made between 1st and the 25th to insure payment for that month