When to pay money into Nationwide Flex & Club Lloyds Regular Savers each month

info_maniac
info_maniac Posts: 185
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edited 26 November 2023 at 8:28PM in Savings & investments
Recently opened a Nationwide Flex Regular Saver Issue 2 (8%, £200 a month) and a Club Lloyds Monthly Saver (6.25%, £400 a month) and have made the initial deposit of £200 and £400 soon after account opening by manual bank transfer.

As I have made the initial payments, I am now looking to set-up the Standing Orders for the remaining 11 monthly payments I plan to make into these accounts.

The first payment of £200 to Nationwide Flex Regular Saver was made on 16th Nov
The first payment of £400 to Club Lloyds Monthly Saver was made on 26th Nov

Do I need to wait for 30 days in each of the above cases to make the next payment? Or can I pay-in the next instalments on 1st December?

Thank You!
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  • Nationwide chat support have been giving me conflicting responses. Two advisors told me that I cannot pay in the second £200 instalment before 16th December. While a third advisor has told me that I can pay in £200 on 1st December itself.

    The "Flex Regular Saver Issue 2 Terms and Conditions" page tells me that:

    https://www.nationwide.co.uk/savings/help/terms/flex-regular-saver-issue2/

    Paying money into your account

    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.

    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.

  • wmb194
    wmb194 Posts: 3,126
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    edited 26 November 2023 at 8:33PM
    Recently opened a Nationwide Flex Regular Saver Issue 2 (8%, £200 a month) and a Club Lloyds Monthly Saver (6.25%, £400 a month) and have made the initial deposit of £200 and £400 soon after account opening by manual bank transfer.

    As I have made the initial payments, I am now looking to set-up the Standing Orders for the remaining 11 monthly payments I plan to make into these accounts.

    The first payment of £200 to Nationwide Flex Regular Saver was made on 16th Nov
    The first payment of £400 to Club Lloyds Monthly Saver was made on 26th Nov

    Do I need to wait for 30 days in each of the above cases to make the next payment? Or can I pay-in the next instalments on 1st December?

    Thank You!
    You don't have to wait as deposits are per calendar month so 1st of the month is fine. Always better to read and understand the T&Cs yourself. As you've discovered, frontline staff are often clueless.
  • info_maniac
    info_maniac Posts: 185
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    edited 26 November 2023 at 8:34PM
    You don't have to wait as deposits are per calendar month so 1st of the month.
    Thanks, does this apply for both Nationwide and Lloyds Regular Savers?
  • wmb194
    wmb194 Posts: 3,126
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    You don't have to wait as deposits are per calendar month so 1st of the month.
    Thanks, does this apply for both Nationwide and Lloyds Regular Savers?
    What do the T&Cs say? (Yes.)
  • boingy
    boingy Posts: 1,166
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    Yeah, per calendar month. If you are canny you can make 13 deposits in the 12 month period.
  • jimjames
    jimjames Posts: 17,498
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    1st of the month is best to get the money in for maximum amount of time
    Remember the saying: if it looks too good to be true it almost certainly is.
  • boingy said:
    Yeah, per calendar month. If you are canny you can make 13 deposits in the 12 month period.
    How can I do that?
  • masonic
    masonic Posts: 22,900
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    boingy said:
    Yeah, per calendar month. If you are canny you can make 13 deposits in the 12 month period.
    How can I do that?

    How many calendar months does your account year span?..
  • boingy said:
    Yeah, per calendar month. If you are canny you can make 13 deposits in the 12 month period.
    How can I do that?
    The deposit limits are based on calendar months, so in the absence of maximum balance restrictions, you just make another deposit in the 13th calendar month of the fixed term.
  • where_are_we
    where_are_we Posts: 975
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    edited 27 November 2023 at 10:35AM
    boingy said:
    Yeah, per calendar month. If you are canny you can make 13 deposits in the 12 month period.
    How can I do that?

    When setting up your SO`s for both accounts choose start date 1/12/23 and set a specific end date of 1/11/24.
    That will mean you make 12 SO`s that when added to your initial deposit which makes 13 payments in all.
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