When Do I get the Interest?

WhoisDannie

I opened a BoS regular savings account on 23rd March 2023 and paid in the final £250 on 26th Feb 2024.
When will the interest be paid so I can withdraw the £3000 plus interest?

eskbanker

The account terms should clarify the maturity date, which will probably be the 23rd March....

ColdIron

You can put another £250 in for this month

WhoisDannie

ColdIron said:

You can put another £250 in for this month

And how much interest will I get on that £250?

eskbanker

WhoisDannie said:

ColdIron said:

You can put another £250 in for this month

And how much interest will I get on that £250?

The published gross interest rate, divided by 365, multiplied by the number of days it's in the account up to maturity, multiplied by £250....

ColdIron

Not as much as you would have got by adding your second and subsequent £250s on the 1st of the month instead of the 23rd

WhoisDannie

ColdIron said:

Not as much as you would have got by adding your second and subsequent £250s on the 1st of the month instead of the 23rd

So 1st of month to 1st of next month is not the same as 23rd of month to 23rd of next month?

ColdIron

WhoisDannie said:

ColdIron said:

Not as much as you would have got by adding your second and subsequent £250s on the 1st of the month instead of the 23rd

So 1st of month to 1st of next month is not the same as 23rd of month to 23rd of next month?

No. Let's take the example of the 31st. 1st deposit on the 31st and the second a day later on the 1st. So for your first month(ish) you have £500 earning interest, £750 for the second, instead of £250, £500 etc. Your final (13th) calender month would have £3,250. Essentially you have an extra £250 earning interest for a whole year. It's worth nearly £14 extra over the year

It's the same for any of the 'calender month' type regular savers such as Halifax

WhoisDannie

ColdIron said:

WhoisDannie said:

ColdIron said:

Not as much as you would have got by adding your second and subsequent £250s on the 1st of the month instead of the 23rd

So 1st of month to 1st of next month is not the same as 23rd of month to 23rd of next month?

No. Let's take the example of the 31st. 1st deposit on the 31st and the second a day later on the 1st. So for your first month(ish) you have £500 earning interest, £750 for the second, instead of £250, £500 etc. Your final (13th) calender month would have £3,250. Essentially you have an extra £250 earning interest for a whole year. It's worth nearly £14 extra over the year

It's the same for any of the 'calender month' type regular savers such as Halifax

I thought that when I opened a regular savings account that there had to be 1 month between deposits i.e 23rd Feb, 23rd March etc.

So when I open the replacement for this one I should open it on the last day of the month, deposit £250 (or whatever) that day then deposit £250 the next day if it is the 1st of the month then every 1st of the month?

I thought you could only deposit £3000 in total on a £250 monthly regular saver.

WhoisDannie

ColdIron said:

You can put another £250 in for this month

So I can do that tonight even though a month has not passed since my payment  on 23rd Feb?

ColdIron

WhoisDannie said:

ColdIron said:

WhoisDannie said:

ColdIron said:

Not as much as you would have got by adding your second and subsequent £250s on the 1st of the month instead of the 23rd

So 1st of month to 1st of next month is not the same as 23rd of month to 23rd of next month?

No. Let's take the example of the 31st. 1st deposit on the 31st and the second a day later on the 1st. So for your first month(ish) you have £500 earning interest, £750 for the second, instead of £250, £500 etc. Your final (13th) calender month would have £3,250. Essentially you have an extra £250 earning interest for a whole year. It's worth nearly £14 extra over the year

It's the same for any of the 'calender month' type regular savers such as Halifax

I thought that when I opened a regular savings account that there had to be 1 month between deposits i.e 23rd Feb, 23rd March etc.

Not with Calender Month type RSs like Halifax, BoS, Lloyds, Nationwide etc

Others, Santander, First Direct etc will insist on monthly deposits on the same date as opening

Check the T&Cs of the particular RS

So when I open the replacement for this one I should open it on the last day of the month, deposit £250 (or whatever) that day then deposit £250 the next day if it is the 1st of the month then every 1st of the month?

For Halifax, yes

I thought you could only deposit £3000 in total on a £250 monthly regular saver.

It only applies if they say that, some do, Halifax doesn't