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First Direct 8% Regular Saver Nov 1st
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mary
Posts: 1,585 Forumite
Thanks to Dagobert, I rang First Direct yesterday to confirm that such a Regular Saver will be coming out on Nov 1st. 8% for 1 year, max £300 p.m.
I had closed my previous account with them when they started charging. However I was informed that I would need to open a current account with them in order for the matured funds to move into it at the end of the term but there would be no £10 monthly fee, as I would have an additional account with them (i.e. the REgular saver).
In any case you can have an account with them with £1 for up to 6 months without being charged the £10 fee, I was told. So I have applied over the phone for a current account now, so applying for the Regular Saver on Nov 1st will not waste any time. Simply apply online at that point or do it over the phone. Hope this helps someone.
I had closed my previous account with them when they started charging. However I was informed that I would need to open a current account with them in order for the matured funds to move into it at the end of the term but there would be no £10 monthly fee, as I would have an additional account with them (i.e. the REgular saver).
In any case you can have an account with them with £1 for up to 6 months without being charged the £10 fee, I was told. So I have applied over the phone for a current account now, so applying for the Regular Saver on Nov 1st will not waste any time. Simply apply online at that point or do it over the phone. Hope this helps someone.
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what would this make you, if you put the maximum £300 a month into the savings account? not very good at maths is it £3600 and £450 interest?dont wait for your boat to come in, get in a dingy and row out to it!!!0
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If you pay in £300 per month, you pay in a total of £3,600, and you will earn about £124 interest if you are a basic rate taxpayer.0
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SalsaDanca wrote: »If you pay in £300 per month, you pay in a total of £3,600, and you will earn about £124 interest if you are a basic rate taxpayer.
how much will it be if we dont pay tax ?:j MFi3 wannabee :j
mortgage owing 04.07 £36,000
mortgage owing 07.10 £0 !!!!
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Keep an eye out with what they are doing to their current account.
The Regular Saver is designed to hide and appease customers with the
changes to their current account such as reducing the interest rate to zero and lowering the interest free overdraft.0 -
Ever since the monthly £10 Banking Fee was introduced, all that has been required to avoid the fee was holding a savings account with a small amount.mary wrote:I had closed my previous account with them when they started charging. ...
In any case you can have an account with them with £1 for up to 6 months without being charged the £10 fee... there is no monthly charge for the first six months ...
After this time there is a £10 monthly banking fee unless you pay a minimum of £1,500 into your account each month (...), or maintain an average balance of £1,500 (...). Alternatively you could open another first direct account like our excellent e-Savings Account.Dagobert0 -
Interesting that FD have come along and joined the 'regular saver' party with a good offering. Their 'first bank to charge' philosophy will have lost them some customers, whilst loyal customers who stayed with them through lower interest rates than other banks (e.g. their online saver pays 0.5% less interest than HSBCs) will have questioned their choice of bank account. This is a sweetener but I assume that it's available to existing account holders and not merely new ones.......under construction.... COVID is a [discontinued] scam0
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Secret_Wookie_2 wrote: »Keep an eye out with what they are doing to their current account.
The Regular Saver is designed to hide and appease customers with the
changes to their current account such as reducing the interest rate to zero and lowering the interest free overdraft.
FD currently offer a £500 OD on opening, but this isn't interest free (unless I'm mistaken)????
Anyone see they're offering a 'service guarantee' to new customers - Move AWAY from FD within 12 months and they'll give you £100
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I've jusr received a mailing from FD and there are other changes in fact from 1st November:FD currently offer a £500 OD on opening, but this isn't interest free (unless I'm mistaken)????
Anyone see they're offering a 'service guarantee' to new customers - Move AWAY from FD within 12 months and they'll give you £100
- Accounts to be called 'First' accounts, no in-credit interest and interest-free overdraft on the first £250 (are they stupid?)
- 'Everyday e-saver' paying 5.5% (5.37% monthly rate) on £1 without the loss of interest restriction of their current 'e-saver' (Not sure if that becomes this new account, though, or they will continue it as a separate account. But in that case they can't seriously carry on paying just 5.75% can they?)
- Regular Saver Account confirmed as per this thread.....under construction.... COVID is a [discontinued] scam0 -
I rang FD yesterday to specifically ask if the existing esaver will stay in place and at 5.75%. They were a bit evasive at first but eventually said it would.
I suspect that it may be phased out or its rate reduced, so will be keeping a close eye.0
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