I made my first €1,000 lodgement on 15th July, the second on 2nd August. It wasn't rejected, so I think the "months" are indeed calendar.A 'month' begins as at the date that you make your first deposit, each subsequent monthly cycle then repeats in the same manner. For example, if your first lodgement is on the 10th, then each monthly cycle is from the 10th of each month to the 9th of the next month.
I made my first €1,000 lodgement on 15th July, the second on 2nd August. It wasn't rejected, so I think the "months" are indeed calendar.
CiaranT, the rules you quote in the Best savings guide for Nationwide Regular saver seem too complicated.
You wrote:
I made my first €1,000 lodgement on 15th July, the second on 2nd August. It wasn't rejected, so I think the "months" are indeed calendar.
The months are not calender months
It is very confusing but how I think it works is the second payment must be made within a month of the first. So.......
Say you opened on the 15th July, the Second payment had to be made on/ before the 14th August, the third on/ before 14th September.
The terms of the account state that you must not exceed a lodgement of €1,000 in any 30 day period.
The 15 month term of the account began the day your first lodgement was received into the account.
Therefore the monthly cycle does not run by calendar month, rather from the 8th to the 8th of every month as your first lodgement was received on the 8th.
*A 'month' does not correspond to a full calendar month. There are important points of note with this regarding (1) the first lodgement, (2) second lodgement and (3) then subsequent lodgements which is best explained by an example. (1) If the first lodgement is made on 4 February (Nationwide UK treated as a short 'month', 1 day), (2) the second lodgement can be made anytime between 5 February and 4 March, (3) The third lodgement anytime between 5 March and 4 April. Each subsequent monthly cycle then repeats in the same manner.
The terms and conditions of our Regular Saver account states that lodgements to a maximum of €1,000 per month are permitted. As you have lodged in excess of this amount during one month, the excess funds have been placed in a Regular Saver Call Account ... Please note that because the start date of your account was 7th April 2014, you are permitted to lodge between €100 and €1000 from the 7th to the 7th of each month.
Based on my own experience, I believe the above note in the Best Buys regarding the NWUK Regular Saver is wrong (or confusing, as I have interpreted it in a way contrary to the way NWUK operate the a/c.).
I opened a KBC regular saver a/c on 2nd Apr, made an opening lodgement of €1000 on 7th April, and a further lodgement of €1000 on 8th April. On the 9th April my second lodgement was transferred to a new call account earning only 0.5%.
Based on my own experience, I believe the above note in the Best Buys regarding the NWUK Regular Saver is wrong (or confusing, as I have interpreted it in a way contrary to the way NWUK operate the a/c.).
However, skimming the various posts on this, I don't believe anyone has posted to confirm that a second payment made within 30 days of the first was accepted.
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