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Post by dan1 on May 25, 2017 17:07:21 GMT
No, nothing definitive I'm afraid (do your own research and all that) but I'm sure they'll bounce the payments if necessary, in which case I'd amend the standing order and reduce the number of payments by 1. It's difficult to enforce a particular day because of weekends and bank hols. I probably would dump a significant propoprtion into P2P but my better half may find out! I assumed any extra money would just not qualify for their rate? Maturity date is 22/5/18 so I went with 1st July for the SO (instead of 21/6) as reminder with other payments, so losing week or rather than doubling up on 1st payment. May have to revert to MSE! As I understand regular savers it's simply a matter of how much you can deposit and when (per month for most, anniversary of account opening,...) with the addition of a total cap. So, for this account you can deposit £250 each month (calendar I assume) but not more than £3k in total. So, I deposited £250 straight away followed by a SO for June 17 - April 18 inclusive. No extra money as such. Some regular savers don't have a cap, I think Nationwide is one so you can actually make 13 payments in total (final payment will earn less than a months interest but, every little helps!).
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jonah
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Post by jonah on May 25, 2017 19:27:02 GMT
Lloyds club regular saver lets you have 13 payments each year too.
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Post by sayyestocress on May 25, 2017 21:55:42 GMT
When I spoke to them on the phone the guy I got through to said the month period was based on the date the initial payment was recieved, i.e. if you deposited today you wouldn't be able to deposit again until 25th June.
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Post by dan1 on May 25, 2017 22:08:07 GMT
When I spoke to them on the phone the guy I got through to said the month period was based on the date the initial payment was recieved, i.e. if you deposited today you wouldn't be able to deposit again until 25th June. Interesting. The terms & conditions are ambiguous (definition required of a 'month'): How much you can save
You can deposit between £25 and £250 each month for 12 months.
The minimum deposit value is £25.
There is no limit to the number of deposits you can make each month as long as you don’t exceed £250 in total over a month. Deposits can be made by Standing Order.
You can amend the amount you deposit by Standing Order at any point in the 12 month period.
There is no loss of interest if you miss a month’s deposit.
Any missed deposits or unused allowance will not be carried over to the following month.Contrast this with the Santander Regular eSaver, an extract from the Key Facts (my bold): There is no minimum monthly deposit. You can save up to a maximum of £200 each month for 12 months by standing order from your Santander current account.
You can make any number of payments via standing order and you don’t have to make a deposit every month. The amount can vary each month, provided the monthly limit isn’t exceeded.
Your month is calculated by the date that you open your Regular eSaver, e.g. you open the Regular eSaver on the 16th of a month, your month will run from 16th of one month to the 15th of the next month.
I suspect Ford Money will be bouncing quite a few standing orders on 1 Jun.
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elliotn
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Post by elliotn on May 26, 2017 0:00:52 GMT
Will they bounce SOs or would an extra payment not qualify for the full period in the interest calc?
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Post by sayyestocress on May 26, 2017 15:48:30 GMT
When I spoke to them on the phone the guy I got through to said the month period was based on the date the initial payment was recieved, i.e. if you deposited today you wouldn't be able to deposit again until 25th June. Interesting. The terms & conditions are ambiguous (definition required of a 'month') Yeah, that's why I asked them the question; I imagine I'm neither the first or the last to do so! Their call centre seems pretty good so far to be honest; I've called them in the evening twice so far and didn't have to queue at all. It's in the UK judging by the two people I have spoken to, so didn't have any accent issues I've had with some companies.
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elliotn
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Post by elliotn on May 27, 2017 15:27:19 GMT
Just to confirm above, it's the anniversary of your 1st payment and must be received before 4pm on a work day otherwise carried over to next work day:
"I can confirm that your funding window for deposits is on the anniversary of your first initial deposit. As you funded your account on 25th May, you can fund this again on or after 25th of each month".
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