Regular Savings accounts 12 or 13 deposits?

JohnSwift10

I have quite a few regular savings accounts all maturing in March or April and all have had 12 deposits paid into them

None of the deposit dates were at the beginning or end of the month.

All the deposits, except the first ones were by standing order 

Is it worth while and will I be able to make a 13th deposit into the accounts by not cancelling the standing orders or will the payments be rejected?

Hattie627

Check the t and c's of each account. Some have a maximum deposit figure (typically £3000 for a £250 max monthly allowance) which may have been reached after 12 deposits if the maximum allowed has been deposited every month. If nothing stated, a 13th payment should be okay. 

JGB1955

I've had a couple of Regular Saver accounts where I've been able to sneak in 2 payments in the first month... Nationwide in particular.

onomatopoeia99

My Club Lloyds regular saver took a 13th standing order last year with no ill-effects.  Can't speak for any of the other banks / accounts.

Barkin

Personally, I don't think it's worth it.

The interest gained on the last couple of deposits usually only amounts to pennies.

Better, if you can, to forgo the last couple and make them the first couple of a new account, where they'll earn the going interest rate for months rather than days.

I've also had it happen (can't recall who with - sorry) that because I'd made a 13th deposit, it wouldn't let me make another deposit in that same calendar month into a new account.
So I gained a few days interest on the 13th deposit, against not being able to fund the new account for almost a full month.

Kim_13

From memory:

Principality, Skipton, Saffron, Cambridge, Market Harborough, YBS - Maximum figure stated

Monmouthshire - I tried to put a 13th payment into an account with no stated maximum, but they rejected it anyway.

13th payments - Nationwide, Lloyds, Halifax, BOS, TSB

Most of Coventry’s accounts are account month, so a 13th payment isn’t possible, but it should work for accounts that use calendar months (First Home Saver, Sunny Day.)

allegro120

Hattie627 said:

Check the t and c's of each account. Some have a maximum deposit figure (typically £3000 for a £250 max monthly allowance) which may have been reached after 12 deposits if the maximum allowed has been deposited every month. If nothing stated, a 13th payment should be okay. 

Yes, that's how it works.  However, there are some exceptions. Two springs to mind.
1. Gatehouse didn't state any limit in their t&c, people sent 13th payments and the money were returned.  
2. TSB states £3k limit, but I always make 13th payment, it has never been returned and earned interest as normal.

Bobblehat

I can see where Barkin is coming from about questioning the value of the 13th payment. If the RS is a calendar month type and you can time it to be opened and funded near the end of a month and add a 2nd payment at the beginning of the next month, and at the beginning of all following months, that is where the bulk of the extra interest is to be had (by the end of the full term).

Sure, a 13th payment will add a little more in interest, but try a hypothetical spreadsheet and compare the return with and without the 13th payment and you'll see the 13th payment only adds a small amount of extra interest. I say go for it, if you want, but don't beat yourself up if for some reason you'd rather not or can't add that 13th payment.

where_are_we

"Is it worth while and will I be able to make a 13th deposit into the accounts by not cancelling the standing orders or will the payments be rejected?"

I always select a specific date to end my standing orders after establishing whether 12 or 13 monthly payments are allowed, so there is no cancelling involved. All my RS`s pay a better interest rate than the Easy Access account where the funds come from and because selecting a date allowing 13 payments is no more onerous than that for 12 payments, if 13 payments are allowed then it`s beneficial everytime with no more work involved.

trickydicky14

Barkin said:

Personally, I don't think it's worth it.

The interest gained on the last couple of deposits usually only amounts to pennies.

Better, if you can, to forgo the last couple and make them the first couple of a new account, where they'll earn the going interest rate for months rather than days.

I've also had it happen (can't recall who with - sorry) that because I'd made a 13th deposit, it wouldn't let me make another deposit in that same calendar month into a new account.
So I gained a few days interest on the 13th deposit, against not being able to fund the new account for almost a full month.

I think what you say about forgoing final payments and opening new ones is a valid point of view.

But a lot depends on your situation, if you have limited cash to put into RS’s and there are new accounts you don’t have with a good rate, then it works.

A lot of folks on this site are not what you would call normal savers, many have 10,20+ RS’s and shift amounts of anything from a few grand up to as much as 7 grand a month in to these accounts.

These folks can and do both, open new accounts that are currently worth opening and squeeze in extra payments.

What you say is interesting and I’ve never thought about it in that way, good point.

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1

A well maintained list of all the RS accounts currently available. There's usually info in the first page about which ones allow a 13th payment or not.