13th Regular Savings Payment Trick

jameseonline

Just wondering if there's a list of providers that allow/don't allow it somewhere just like you have lists for other things on here.

Thinking it might be useful.

jameseonline

If not here's a start, feel free to contribute, add, correct 

Standard Regular Savers (1 year/2 year, paying yearly/after 2 year)
Allow:
Aldermore 
Bank Of Scotland 
Co Operative 
Gatehouse 
Halifax
Lloyds
Nationwide

Don't Allow (due to standing orders/max deposit limits etc):
Coventry 
First Direct 
HSBC
Leeds
Principality
Saffron
Santander 
Skipton
The Cambridge 
TSB
YBS

To determine:
?

Bridlington1

One thing I will mention is that it's not quite as clear cut as one bank/building society allows a 13th payment, one doesn't though, it depends on the individual regular saver. E.g. Coventry FHS issue 2 lasts 36 months but their terms state:

implying that a 37th payment is possible.

But their Regular Saver 6 goes by account month and doesn't allow a 13th payment.

jameseonline

Bridlington1 said:

One thing I will mention is that it's not quite as clear cut as one bank/building society allows a 13th payment, one doesn't though, it depends on the individual regular saver. E.g. Coventry FHS issue 2 lasts 36 months but their terms state:

implying that a 37th payment is possible.

But their Regular Saver 6 goes by account month and doesn't allow a 13th payment.

I was going to focus on the standard ones, happy to try compiling for other types eg home savers

flaneurs_lobster

Others may be like the MonBS Coronation Saver, allow 13 payments but limit the maximum holding to 12 x mth max.

ColdIron

Nationwide allow, Santander don't

jameseonline

ColdIron said:

Nationwide allow, Santander don't

Updated the list, thanks 👍

ColdIron

My Skipton was opened on the 1st so not obvious but T&Cs say max £3,000 over the 12-month term so presumably not

jameseonline

ColdIron said:

My Skipton was opened on the 1st so not obvious but T&Cs say max £3,000 over the 12-month term so presumably not

I'd think that too

Bridlington1

From the regular savers that I'm aware have existed:

Aldermore, Co-op, Gatehouse allow a 13th payment

Bath BS are either open ended or mature when you reach a set age. They allow you to make as many deposits as you like but do set a maximum balance for you to get the interest, e.g. Bath BS Regular Saver is open ended and has a maximum balance of £100k (400 months worth of contributions excluding interest), Bath 16-25 RS matures on 26th birthday but has a max balance of £7k (140 months of contributions excluding interest) etc.

I'd be inclined to put Bath in it's own miscellaneous category, e.g. something along the lines of ``no maximum account balance but has a max balance for the rate". You could possibly extend this to include the other open ended ones such as NatWest, RBS etc which only cap the balance you can earn the top rate of interest on.

Leek is open ended but set a max balance.

To save time searching for regular savers and in the interests of completeness of this thread if you haven't seen it already the Archived List of Regular Savers thread has links to the summary boxes, which should tell you if a regular saver allows 13th payments or not.

jameseonline

Was thinking of leaving out NatWest/RBS tbh as they pay out monthly, not yearly.

Not planning to include Barclays, Santander Edge etc either, if you even call them a Regular Saver, more of a regular payout for maxing to start with for me.