Regular saving. : Maximum interest with limited funds.

[Deleted User]

Hello.
I opened a RS yesterday  with the max amount allowed my question is if l fund the next few months with the maximum  allowance, say 4-5 months then reduce to say half will l get the best interest  l can?

Dazed_and_C0nfused

[Deleted User] said:

Hello.
I opened a RS yesterday  with the max amount allowed my question is if l fund the next few months with the maximum  allowance, say 4-5 months then reduce to say half will l get the best interest  l can?

No, you will get less than if you funded the maximum each month.

But the interest you will receive will no doubt be correct for the amount  you have deposited.

[Deleted User]

Dazed_and_C0nfused said:

[Deleted User] said:

Hello.
I opened a RS yesterday  with the max amount allowed my question is if l fund the next few months with the maximum  allowance, say 4-5 months then reduce to say half will l get the best interest  l can?

No, you will get less than if you funded the maximum each month.

But the interest you will receive will no doubt be correct for the amount  you have deposited.

I meant to say by putting the max l can at the beginning  of the account it will generate more interest for the longest time before reducing my contribution  amount.
If l funded £50 per month for one year l get £600 plus interest 
But If l funded £50 per month for six months then £20 per month l get £420 plus interest 
Was my question, if l got it right how regular savers work?
The more you can put in for the longest time you get the best interest  you can, if you can't fund  the max every  month?

Thank you for replying 

qbadger

Yes that's correct.

ColdIron

[Deleted User] said:

Dazed_and_C0nfused said:

[Deleted User] said:

Hello.
I opened a RS yesterday  with the max amount allowed my question is if l fund the next few months with the maximum  allowance, say 4-5 months then reduce to say half will l get the best interest  l can?

No, you will get less than if you funded the maximum each month.

But the interest you will receive will no doubt be correct for the amount  you have deposited.

The more you can put in for the longest time you get the best interest  you can, if you can't fund  the max every  month?

Yes that's right, the longer it's earning interest the more interest you earn. £50 for the first 6 months at, say, 7% will earn you just above £16 over a year

Altior

[Deleted User] said:

Dazed_and_C0nfused said:

[Deleted User] said:

Hello.
I opened a RS yesterday  with the max amount allowed my question is if l fund the next few months with the maximum  allowance, say 4-5 months then reduce to say half will l get the best interest  l can?

No, you will get less than if you funded the maximum each month.

But the interest you will receive will no doubt be correct for the amount  you have deposited.

I meant to say by putting the max l can at the beginning  of the account it will generate more interest for the longest time before reducing my contribution  amount.
If l funded £50 per month for one year l get £600 plus interest 
But If l funded £50 per month for six months then £20 per month l get £420 plus interest 
Was my question, if l got it right how regular savers work?
The more you can put in for the longest time you get the best interest  you can, if you can't fund  the max every  month?

Thank you for replying 

Yes that's right, if you can't or don't want to fully fund the RS for the whole term, then maximising the contributions at the start of the term will maximise the interest over the whole term. Just ensure that you still satisfy the conditions of the account in regard to regular/minimum contributions up until the end of the term. 

[Deleted User]

qbadger said:

Yes that's correct.

Thanks for replying. 

[Deleted User]

ColdIron said:

[Deleted User] said:

Dazed_and_C0nfused said:

[Deleted User] said:

Hello.
I opened a RS yesterday  with the max amount allowed my question is if l fund the next few months with the maximum  allowance, say 4-5 months then reduce to say half will l get the best interest  l can?

No, you will get less than if you funded the maximum each month.

But the interest you will receive will no doubt be correct for the amount  you have deposited.

The more you can put in for the longest time you get the best interest  you can, if you can't fund  the max every  month?

Yes that's right, the longer it's earning interest the more interest you earn. £50 for the first 6 months at, say, 7% will earn you just above £16 over a year

OK, thank you for information. 

[Deleted User]

Altior said:

[Deleted User] said:

Dazed_and_C0nfused said:

[Deleted User] said:

Hello.
I opened a RS yesterday  with the max amount allowed my question is if l fund the next few months with the maximum  allowance, say 4-5 months then reduce to say half will l get the best interest  l can?

No, you will get less than if you funded the maximum each month.

But the interest you will receive will no doubt be correct for the amount  you have deposited.

I meant to say by putting the max l can at the beginning  of the account it will generate more interest for the longest time before reducing my contribution  amount.
If l funded £50 per month for one year l get £600 plus interest 
But If l funded £50 per month for six months then £20 per month l get £420 plus interest 
Was my question, if l got it right how regular savers work?
The more you can put in for the longest time you get the best interest  you can, if you can't fund  the max every  month?

Thank you for replying 

Yes that's right, if you can't or don't want to fully fund the RS for the whole term, then maximising the contributions at the start of the term will maximise the interest over the whole term. Just ensure that you still satisfy the conditions of the account in regard to regular/minimum contributions up until the end of the term. 

Thank you for replying.
I thought that's how they work but wasn't sure.