13th Regular Savings Payment Trick

Kim_13

I hadn't seen a maximum for the Monmouthshire Exclusive or the Monnmouthshire Issue 2 in the way that the Coronation RS had - anyone else?

jameseonline

Think I'm done for now, hopefully it's useful to people, feel free to suggest other providers, think I've got the main ones though.

allegro120

Kim_13 said:

I hadn't seen a maximum for the Monmouthshire Exclusive or the Monnmouthshire Issue 2 in the way that the Coronation RS had - anyone else?

Christmas also had a maximum balance, but Exclusive doesn't (no maximum mentioned in t&c for Exclusive).

CrickJon

What is the 'trick'?

allegro120

CrickJon said:

What is the 'trick'?

It's not really a 'trick', just depositing your monthly allowance on the 1st of the month.  I've always been doing this when t&c allows.

friolento

CrickJon said:

What is the 'trick'?

Open the account and make your first month's deposit as close as possible to the end of a month. Then make another 12 deposits, starting on the 1st of the next month.

allegro120

friolento said:

CrickJon said:

What is the 'trick'?

Open the account and make your first month's deposit as close as possible to the end of a month. Then make another 12 deposits, starting on the 1st of the next month.

I open then them as soon as they go live and fund them straight away, can't see much advantage in delaying the first deposit to the end of the month.  

Catplan

allegro120 said:

friolento said:

CrickJon said:

What is the 'trick'?

Open the account and make your first month's deposit as close as possible to the end of a month. Then make another 12 deposits, starting on the 1st of the next month.

I open then them as soon as they go live and fund them straight away, can't see much advantage in delaying the first deposit to the end of the month.  

So say for example you open a RS on the 28th of the month and pay the maximum allowed, let’s just say it £250 a month then on 1st of the month you pay another £250 in, you’ve started off after a few days with £500 earning interest for more or less the 12 months, so gain a bit extra….. by having double the first payment in for as long as possible.

i tend to open and fund when I’m aware of a new product, but some like to try and maximise it,

ColdIron

allegro120 said:

friolento said:

CrickJon said:

What is the 'trick'?

Open the account and make your first month's deposit as close as possible to the end of a month. Then make another 12 deposits, starting on the 1st of the next month.

I open then them as soon as they go live and fund them straight away, can't see much advantage in delaying the first deposit to the end of the month.  

If you leave it until the end of the month your first month (ish) has an extra month's cash earning interest, same with the 2nd etc. For something like the Club Lloyds RS with £400 at 6.25% it's worth about an extra £25 over the term

surreysaver

Some will allow a 13th payment if they have a maximum total contribution, but there's one month or more where you haven't contributed the maximum monthly amount 

Without checking the T&Cs, Principality spring to mind