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    • apt
    • By apt 20th Jul 16, 11:37 AM
    • 3,041 Posts
    • 1,705 Thanks
    apt
    You don't have to ring anyone at maturity. Your old RS gets automatically closed and the money transferred to a savings account. You can do as you please with that money, incl transferring it out (via the FD current account) to a non-FD account.
    Originally posted by colsten
    True, but it tends to save a day or two if you ring up.
    • Flobberchops
    • By Flobberchops 20th Jul 16, 12:29 PM
    • 380 Posts
    • 229 Thanks
    Flobberchops
    We have made the big decision to send our little one to private education - we are looking for a good savings account where we can maximise our regular monthly savings, but that allows us to withdraw the cash 3x per year in order to pay school fees (NB will require interest to be applied monthly, rather than annually).
    Originally posted by beegee757
    Could I ask why you need monthly interest rather than annually? The monthly interest payment on most regular savers will be on the order of single-digit pounds due to the maximum monthly deposit, which is a drop in the ocean compared to the kind of fees you indicate in another post.

    If you're dead-set on monthly payments, Barclays have a couple of children's products.
    - Children's regular saver: 3.5% AER, pay in £5-£100 monthly, compounded monthly, 12 month term, no restriction on withdrawals BUT interest reduced to 1.51% on months where withdrawal is made
    - Children's instant saver: 1.51% AER, balance from £1 with no upper cap, no restriction on withdrawals

    You'd probably be better off with a selection of adult regular savings accounts and interest-paying current accounts held in your and/or your partner's name. The accounts above would have the benefit of not cutting into your £500/£1000 personal savings allowance.

    The best (i.e. highest rate) children's savings products on the market are probably Halifax's Kid's regular saver, Junior ISA, and Young Saver accounts, which have rates of 4%, 3% and 2.25% respectively, however these all have interest paid *annually* and only the Young Saver offers unlimited withdrawals. The Regular Saver may still be of interest as a way of accruing a lump sum on an annual basis, and the JISA as a way of earmarking funds for when your child turns 18, though I'm aware that's not really what you asked for!

    In summary: the usual adult accounts and investment options will give you the best and most flexible returns. Some children's savings accounts may be of use as a way of supplementing the interest and taking pressure off your own Personal Savings Allowance.
    • beegee757
    • By beegee757 21st Jul 16, 8:32 AM
    • 10 Posts
    • 0 Thanks
    beegee757
    Could I ask why you need monthly interest rather than annually? The monthly interest payment on most regular savers will be on the order of single-digit pounds due to the maximum monthly deposit, which is a drop in the ocean compared to the kind of fees you indicate in another post.

    If you're dead-set on monthly payments, Barclays have a couple of children's products.
    - Children's regular saver: 3.5% AER, pay in £5-£100 monthly, compounded monthly, 12 month term, no restriction on withdrawals BUT interest reduced to 1.51% on months where withdrawal is made
    - Children's instant saver: 1.51% AER, balance from £1 with no upper cap, no restriction on withdrawals

    You'd probably be better off with a selection of adult regular savings accounts and interest-paying current accounts held in your and/or your partner's name. The accounts above would have the benefit of not cutting into your £500/£1000 personal savings allowance.

    The best (i.e. highest rate) children's savings products on the market are probably Halifax's Kid's regular saver, Junior ISA, and Young Saver accounts, which have rates of 4%, 3% and 2.25% respectively, however these all have interest paid *annually* and only the Young Saver offers unlimited withdrawals. The Regular Saver may still be of interest as a way of accruing a lump sum on an annual basis, and the JISA as a way of earmarking funds for when your child turns 18, though I'm aware that's not really what you asked for!

    In summary: the usual adult accounts and investment options will give you the best and most flexible returns. Some children's savings accounts may be of use as a way of supplementing the interest and taking pressure off your own Personal Savings Allowance.
    Originally posted by Flobberchops
    Big thank you Flobberchops! When we started looking at fees we thought we had to pay the fees 3x per annum (ie didn't know that we could pay annually), so assumed that an account that allowed regular withdrawals and paid interest monthly would earn more interest than an annual interest a/c.


    I had not even thought about opening a kids a/c to pay school fees!! (That's why these posts are so helpful, gives us lots to think about!)
    • TomJ
    • By TomJ 2nd Aug 16, 12:18 PM
    • 199 Posts
    • 89 Thanks
    TomJ
    The article is a little misleading in suggesting you need a 1-2-3 Account to get the Santander Regular eSaver, though it does not state it outright. Any Santander current account will do. Granted, the woman in the branch I spoke to was under the same misapprehension to start with, but by showing her the relevant part of the bank's documentation I was able to set one up with an Everyday current account.
    I am not a financial advisor or other expert. All posts are purely my thoughts at the time for discussion, not advice. Bear in mind, even most of this disclaimer is ripped off another forum user. Please check out the facts first before doing anything.
    • magicrichard5
    • By magicrichard5 3rd Aug 16, 9:45 AM
    • 83 Posts
    • 24 Thanks
    magicrichard5
    Santander regular e-saver now pays 3% interest. It's on issue 2.

    http://www.santander.co.uk/uk/savings/regular-esaver
    • clivep
    • By clivep 3rd Aug 16, 10:19 AM
    • 87 Posts
    • 21 Thanks
    clivep
    As the rate on a new Santander Regular esaver is now 3%. I just checked the t's & c's for my account and it does say "5% AER/Gross rate (variable)" so as it is variable I wondered if my rate would go down to 3%. Looking at the Santander interest rate finder shows a Regular esaver at 5% and a Regular esaver (issue 2) at 3% so it appears to me that existing accounts will continue to get 5% (I've certainly not had anything from Santander to the contrary).
    • magicrichard5
    • By magicrichard5 4th Aug 16, 1:37 PM
    • 83 Posts
    • 24 Thanks
    magicrichard5
    Yes, sorry - I should have said that the issue is for new people signing up, which I was going to.

    It's also now only worth it for people who have exhausted the £20k limit in the main account.
    • Nigbob
    • By Nigbob 16th Sep 16, 7:59 PM
    • 80 Posts
    • 33 Thanks
    Nigbob
    FYI- For those who live in the East Midlands, I've received notification that the 3.1% on the Nottingham BS Go for Gold Saver highlighted on this site will be reduced to 2.1% on 1st October. Time to look elsewhere!
    • skitskut
    • By skitskut 16th Sep 16, 9:55 PM
    • 143 Posts
    • 66 Thanks
    skitskut
    FYI- For those who live in the East Midlands, I've received notification that the 3.1% on the Nottingham BS Go for Gold Saver highlighted on this site will be reduced to 2.1% on 1st October. Time to look elsewhere!
    Originally posted by Nigbob
    You mean their original Regular Saver (Issue 1). Go for Gold Saver is still 3%. Mentioned here...http://forums.moneysavingexpert.com/showthread.php?t=608697&page=218#4350
    • Dewpoint
    • By Dewpoint 12th Oct 16, 8:51 AM
    • 80 Posts
    • 19 Thanks
    Dewpoint
    Day three after applying to First Direct for a regular Savings account and still not opened. £300 (meant to be in my Regular Saver) still languishing in my current account earning no interest.

    And MSE considers this bank "and has won every customer service poll we've ever done, that's not a bad move."
    Absolute rubbish - just like FD, and its parent company the HSBC bank. Shockingly bad service.

    I'm giving them 24 hrs to get it fixed or I'm off elsewhere.
    • badger09
    • By badger09 12th Oct 16, 12:56 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    Day three after applying to First Direct for a regular Savings account and still not opened. £300 (meant to be in my Regular Saver) still languishing in my current account earning no interest.

    And MSE considers this bank "and has won every customer service poll we've ever done, that's not a bad move."
    Absolute rubbish - just like FD, and its parent company the HSBC bank. Shockingly bad service.

    I'm giving them 24 hrs to get it fixed or I'm off elsewhere.
    Originally posted by Dewpoint

    I had a similar issue when I opened my first First Direct RS account a few years ago. It appeared to have been opened but at some stage the process had stalled. After a couple of days, I phoned and the person I spoke to had no idea why it had stalled, but he pressed a couple of buttons and got it sorted.

    If I hadn't been checking, it would have languished in the ether indefinitely
    • Dewpoint
    • By Dewpoint 12th Oct 16, 2:12 PM
    • 80 Posts
    • 19 Thanks
    Dewpoint
    First Direct are rubbish - their incompetence also cost me 1% interest rate. I'm beginning to suspect that commercial interests are now taking priority over others since MSE was hived off by Lewis for £87m to MoneySupermarket! I just wonder how much FD has paid MSE to promote their rubbish bank.
    I sent a secure message first thing this morning asking for the status of my application - still no reply. They've got until tomorrow morning to fix it or I'm off.

    By contrast, I applied for a similar savings account online last month with Nationwide, and in the same online session, I opened and transferred the initial deposit (10 mins) and was able to view the account information online the following morning! Effortless and quick.
    Don't see N/W being promoted by MSE - just wonder if they refused to pay?
    • eskbanker
    • By eskbanker 12th Oct 16, 7:51 PM
    • 3,641 Posts
    • 3,259 Thanks
    eskbanker
    I just wonder how much FD has paid MSE to promote their rubbish bank.
    <snip>
    Don't see N/W being promoted by MSE - just wonder if they refused to pay?
    Originally posted by Dewpoint
    If you read http://www.moneysavingexpert.com/banking/compare-best-bank-accounts you'll see that both First Direct and Nationwide have affiliate links from MSE and the explanation at the foot of the page clarifies (or at least claims) that "the editorial line (the things we write) is NEVER impacted by these links".

    MSE considers this bank "and has won every customer service poll we've ever done, that's not a bad move."
    Originally posted by Dewpoint
    To be fair to MSE, they're not promoting FD as such, they're saying that those who choose to vote in MSE customer satisfaction polls consistently rate FD highly, that's not the same thing....
    • Dewpoint
    • By Dewpoint 12th Oct 16, 9:57 PM
    • 80 Posts
    • 19 Thanks
    Dewpoint
    From my experience as a customer of both Nationwide and FD, the former is streets ahead of the latter in terms of customer service, online system usability and customer responsiveness - and I don't think I'm alone.
    The latest MSE missive on regular savings accounts states for FD: "And as its bank account also pays a £100 bonus to switchers and has won every customer service poll we've ever done, that's not a bad move." So where does that put MSE surveys?
    That's not promoting FD? Come on! A £1000 bonus wouldn't entice me to transfer my accounts to them.
    • taktikback
    • By taktikback 12th Oct 16, 10:43 PM
    • 267 Posts
    • 185 Thanks
    taktikback
    been with FD since 1992 -never had a problem with them - consistently good. Nothing wrong with Nationwide, but they are rarely competative. FD are not rubbish. You wait 3 days to get a new account opened paying 6% and then threaten to "take your business elsewhere in 24 hours." if they don't get it sorted"...do me a favour...

    I recommend you try dealing with MBNA...never mind 24 hours ...that bunch of B&*^%rds will just tie you into a nice deal and then steal your money...
    • YorkshireBoy
    • By YorkshireBoy 12th Oct 16, 11:05 PM
    • 28,338 Posts
    • 16,138 Thanks
    YorkshireBoy
    been with FD since 1992 -never had a problem with them - consistently good. Nothing wrong with Nationwide, but they are rarely competative.
    Originally posted by taktikback
    With a 5% on £2.5K paying current account*, a 5% regular saver taking another £6K over a year, free UK/EU travel insurance, a very good overseas use credit card, a 'Plus' account paying 3% on £2.5K and giving a host of other benefits for £10 a month, a decent regular saver ISA a couple of years ago, and the chance to make £1K per year in referral incentives I'd have to disagree with you!
    I recommend you try dealing with MBNA...never mind 24 hours ...that bunch of B&*^%rds will just tie you into a nice deal and then steal your money...
    They only "steal your money" if you breach the T&Cs (if I understand your point correctly). If you stay within the T&Cs you win...every time!


    * For a great many families in the UK, this means they make 5% AER on every penny they have in the world...until they spend it!
    • taktikback
    • By taktikback 12th Oct 16, 11:19 PM
    • 267 Posts
    • 185 Thanks
    taktikback
    OK -fair point on Nationwide...they do seem to have upped their game recently...

    and yes MBNA are fine as long as you don't "breach their T+C's"...but then they deliberately make it easy to do that and then clean up...fair enough -technically correct...but then, I don't see that as ethical business...just trying to fleece anyone they can...I hate that..and hope they never get any business from anyone ever...unfortunately...life ain't like that...but there you go...if you dance with the devil in the pale moonlight...
    • eskbanker
    • By eskbanker 12th Oct 16, 11:39 PM
    • 3,641 Posts
    • 3,259 Thanks
    eskbanker
    So where does that put MSE surveys?
    Originally posted by Dewpoint
    Right in the hands of those who choose to participate in them, I'd say....

    And for the record, I'm not trying to defend FD in any way, and recall posting on a previous thread that I was unimpressed when opening accounts with them and so didn't/don't buy into any hype about them, real or perceived - some brands just happen to attract passionate or even blinkered advocates (see also Apple). However, I also don't buy the conspiracy theory angle that MSE are somehow ramping them for financial gain, or indeed at all.
    • badger09
    • By badger09 13th Oct 16, 1:11 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    I don't rate First Direct particularly high in any aspect, apart from their market leading regular saver, which is the only reason I have accounts with them.

    I haven't found their telephone service to be any better or worse than other banks. I don't like their online banking, but the app does all I need.

    It is not just MSE polls where they consistently come top. Which? also rates them as the top current account provider. In the latest Money Which? First Direct is their only current account 'Recommended Provider'. The reasons cited are:
    1)The cheapest overdraft in our scenario (Annual cost of £500 authorised overdraft for 2 weeks a month)
    2)Customers love its UK based call centres with no automated systems

    I suspect that to most of the regular posters on this forum, neither of those reasons is important or even relevant. However, to some people, they must be
    • missymouse
    • By missymouse 13th Oct 16, 8:42 PM
    • 314 Posts
    • 308 Thanks
    missymouse
    I've just done the F D saver account no problem and it's all set up I have some other money to invest as it has been left in the offset for a while but paying off mortgage shortly. the rates are a joke. Any advice?
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