Funding a Nationwide RS - timings

lr1277

Hi

I have done a quick search of the forum and did not find the answer to the following so hoping you can help.

My mum and I were on the Nationwide website yesterday (11/01) and the RS paying 6.5% caught her eye.

So we opened the RS account and transferred £200 from her current account. So in my mind the 1st month is funded. We also set up a SO to fund the RS on the 11th of every month till 11/12/26.

I then went looking around at RS's from other institutions and they say you can earn so much interest if you open the account and fund it on the 1st of every month.

So my question is, from February onwards, does she have to fund the RS on the 11th of the month or can she fund it on the 1st of the month?

This post prompted me to read the Summary for the Regular saver and it states: 

You don't have to pay money in each month, but the maximum you can increase your balance by each calendar month is £200.

So I am guessing the funding date can be changed to the 1st of the month but would like somebody else to confirm this is acceptable to Nationwide.

Edited to add: looked up calendar month on the internet, and some people suggested it meant every month, like Jan, Feb etc.

Other people suggested it was from say the 11th to the 11th of 2 consecutive months.

Now I am confused so please help clarify my confusion.

Many thanks in advance.

masonic

For Nationwide it is per calendar month not account month, so you can fund again on the 1st of each month.

friolento

You shoukd change the SO to start on Feb 1.

Most RSs can be funded on the 1st of a month, regardless of when they were opened. You can squeeze out an extra few pennies interest if you open and initially fund your RS late in a month, and then immediately start the monthly deposits on the 1st of the next  month. You have missed that opportunity though - but don’t stress, it will be just a few pennies less for you this time.

Bridlington1

Unless otherwise stated you can assume a regular saver operates on a calendar month basis, thus you can change the date you fund to 1st of the month.

Page 1 of The Top Regular Savers Discussion Thread also makes a distinction between an ``account month" and a ``calendar month", if the listing says the monthly deposit is per calendar month then it doesn't matter what day you opened the account on, you can fund again on 1st of the next month.

lr1277

Thanks for all your advice, information and clarifications. We will change the SO date to the 1st of the month starting February.

surreysaver

lr1277 said:

Thanks for all your advice, information and clarifications. We will change the SO date to the 1st of the month starting February.

Remember that Nationwide process standing orders on non-working days as well to other Nationwide accounts, (in case you didn't know), just so that you ensure there's enough money in the current account for the standing order 

Bigwheels1111

I have a lot, 22 reg savers.

I try to open them on the last day of the month where possible.

That way I get 2 payments in the account in two days, a good jump start to higher interest rates.

If near a bank holiday I make manual payment, then set up a SO.

First Direct, Coventry & Zopa only accept payments on the day reg saver opened each month.

eskbanker

lr1277 said:

Edited to add: looked up calendar month on the internet, and some people suggested it meant every month, like Jan, Feb etc.

Other people suggested it was from say the 11th to the 11th of 2 consecutive months.

Now I am confused so please help clarify my confusion.

I have never seen a calendar that shows months starting on the 11th day of an actual month, so am baffled by that interpretation, but yes, have seen people choosing to perceive it that way!

surreysaver

Bigwheels1111 said:

I have a lot, 22 reg savers.

I try to open them on the last day of the month where possible.

That way I get 2 payments in the account in two days, a good jump start to higher interest rates.

If near a bank holiday I make manual payment, then set up a SO.

First Direct, Coventry & Zopa only accept payments on the day reg saver opened each month.

Not all Coventry accounts - it depends which account it is.
Plus you can add Santander and HSBC to that list as well