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Money matters

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When should I pay in to a savings account if it says monthly?

5 replies

AllBranEater · 28/12/2024 16:16

I've just started a savings account where you save up to £200 a month for 12 months. So I was wondering what dates I should pay in? I think I made the first payment on 24th December.
TIA

OP posts:
OhhYoureSpikey · 28/12/2024 16:17

I have a standing order set up so it pays into mine the day after my pay day, when I have most in my account.

PashaMinaMio · 28/12/2024 16:17

Try 24th of every subsequent month? Would that be a good fit for you. Regular date via standing order?
Ask bank for advice?

verycloakanddaggers · 28/12/2024 16:17

Any date within each month is fine.

Many people do it on the same day each month, either by standing order or transfer, but there's no rule.

DrMadelineMaxwell · 28/12/2024 16:18

Read the terms it came with. I have an online saver and it wants the payments before the middle of each month, so I pay it in on the 1st. I'm not sure what it would do to the interest earned if I paid it in at the end of each month.

AllBranEater · 28/12/2024 18:38

Thanks all - I asked on internet banking and they were helpful.

OP posts:
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