First Direct regular saver isa- 7% don't bother

JYK

I saw this and was tempted to save up to £300 pm at 7% but, on going to their website it took a little while to become aware that it's only available if you already hold a current account with them or want to open one putting in at least £1500 pm.
This condition is not mentioned until you begin your online application.

staffie1

...on the other hand, for those of us who do have a FD current account, it sounds like a great rate :T

JYK

Agreed Staffie probably the best available at present, shame about the condition though.

hannahcallum

it worked for me...

noh

JYK wrote: »

I saw this and was tempted to save up to £300 pm at 7% but, on going to their website it took a little while to become aware that it's only available if you already hold a current account with them or want to open one putting in at least £1500 pm.
This condition is not mentioned until you begin your online application.

It is mentioned

"savings can only be paid by standing order from your first direct 1st Account for the first 12 months "

http://www.firstdirect.com/savings/regular-saver-isa-overview.shtml

Nigel

6022tivo

I can not find the deal on the site..?

jem16

Click on the link in Post 5.

trenchwars

JYK wrote: »

Agreed Staffie probably the best available at present, shame about the condition though.

HSBC are still doing 8% on their regular saver, although similar restrictions apply (i.e. you need to have a current account and pay in a mininum amount).

jem16

trenchwars wrote: »

HSBC are still doing 8% on their regular saver, although similar restrictions apply (i.e. you need to have a current account and pay in a mininum amount).

The FD offering is a Regular ISA so the 7% is tax-free. With HSBC you are going to lose 20% or 40% to the taxman.

apt

The big drawback with the FD Regular ISA is that you cannot transfer in and can only add a maximum of £300 each month. So if you opened an account on 7 February with £300 you would have to wait until 7 March to add another £300 etc and could only put in a total of £600 for this tax year. If FD keep the offer open it might be worth opening an account at the start of the next tax year. You'll need to transfer it in April 2010, though, as the ongoing rate is very low.

anselld

From the overview page ...
"transfers into this account from other cash ISAs are permitted"