RCI maturity options

slinger2

https://forums.moneysavingexpert.com/discussion/comment/82139124#Comment_82139124

About noon I think. Nationwide don't seem to give a time, but I notice that I transferred some of the money to Trading212 at 1pm, so clearly before then.

fuzzzzy

I had an RCI fix mature on Monday 10 August. My maturity instructions were to pay some to another RCI easy access account, which landed on the 10th, and to pay the rest to my nominated account, which landed on 11th.. Can't say if they were in my nominated account by noon as I did not check until 2:30pm, by which time they were there.

intalex

Eish, will it be on maturity date or the next day now (100% to nominated)…

fuzzzzy

When you give your maturity instructions it will tell you when the funds should arrive.

When I selected mine it told me that funds to my linked nominated account should arrive by the end of the working day following the maturity date.

When I check my nominated account statement though the funds are actually dated as having arrived on the maturity date. I know they were not in at midday as I checked, but I presume they must have arrived later that day ( I had spent that day tramping around every museum/shop in town that I thought may have sold solar eclipse glasses and was so knackered I guess I forgot to check later.)

So possibly your funds will arrive on the maturity date even though they specify it could be the next working day.

slinger2

I've just looked at my account statement for my 3 year fix. The annual interest was credited on 1 August (Saturday). Then they added 2 days more interest on the Monday (seemingly at the same interest rate) which was sent to my bank account the same day.

vic_sf49

https://forums.moneysavingexpert.com/discussion/comment/82139895#Comment_82139895

The information seems inportant to you, so why don't you contact RCI, and ask them.

intalex

https://forums.moneysavingexpert.com/discussion/comment/82141843#Comment_82141843

Because I generally find actual recent experiences more reliable in this sort of situation… written rules with terms like "completed by the end of the next working day" are not as definitive, and chances are the person picking up the phone will only repeat the written rules… anyway, I'm set now for either eventuality…

vic_sf49

Between 0900-1200 on the first working day (Monday) after my account matured on a Saturday...

• Interest is in my nominated account as one payment.
• Remaining funds, including extra interest for the 2 days-ish gap, is in my nominated account as a separate payment.

@intalex