First Direct Regular Saver 8%

Cash-Strapped.T32

Ah I see, sorry. Of course you're right! Muppetry.


So, looks like I'll be doing..;

FD Reg-Saver
1) £25 (initial deposit)
2) £300
3) £300
4) £40
5) 800
6) 300
7) 300
8) 300
9) 100
10) etc..

Cheers mate, I knew I was overlooking something, but could not for the life of me put my finger on it. Many thanks, you've saved me an embarrassing phone call in a month or two's time..

Eco_Miser

And don't forget that by month 9 you've also got five times your normal contribution to go in, so that would be £300 as well.

Cash-Strapped.T32

Yup I hadn't forgotten that bit too - I gotta admit, "contribution" is actually just a fancy-pants word for whatever I had left over that month, but you get the gyst mate.

dave_allen77

Hi,

I am about to open a FD acc for the Reg Saver. I am planning to flash £1500 from my savings for the 1st 3 months and also switch my current account from a blank current acc for the switching service to get th £100. I will open an esaver acc with the £1 and after 3 months stop flashing the £1500. I also will transfer £300 to the Reg Saver each month. Does this make sense to get the £100 for switching, not pay £10 account fee as I have an esaver and get the full 8% on my savings of £3600 after 12 months??

blueberrypie

Yes, it will work.

Bear in mind that as it's a Regular Saver, you won't get 8% of £3600 at the end of 12 months - interest is only paid on what's actually in the account each day, so while you'll earn 8% on the full £3600 in the final month, in the first month you'll be earning 8% on £300, in the second month 8% on £600 and so on. It will work out to be about £154 - the equivalent of about 4.3% of £3600.

KTF

dave_allen77 wrote: »

Hi,

I am about to open a FD acc for the Reg Saver. I am planning to flash £1500 from my savings for the 1st 3 months and also switch my current account from a blank current acc for the switching service to get th £100. I will open an esaver acc with the £1 and after 3 months stop flashing the £1500. I also will transfer £300 to the Reg Saver each month. Does this make sense to get the £100 for switching, not pay £10 account fee as I have an esaver and get the full 8% on my savings of £3600 after 12 months??

You dont need to switch to get the incentive. Just transfer £1500 a month.

Wurly

I have just opened my 1st account and esaver (RS, i will setup soon).
When i last called First Direct i was told that i need to have my wages of at least £1500 paid in directly to qualify, which surprised me somewhat, because (unless i have missed it) everything i've read so far indicates you can fund the account by simply transferring the cash into the account each month. Maybe it was the robotic way in which the information was being relayed to me over the phone...she was quite 'direct' and 'adamant' about it.
(I see your post above KTF)
Can someone also please confirm? I really don't want to contact my paygroup to change where my wages get paid unnecessarily. Thanks

bundly

I am thinking of doing the same as you Wurly, but I am self employed so I need to know whether this "salary" has to come from a "company" that is not my own company.

The wording on FD website says

"Open a 1st Account and transfer your monthly salary/income of at least £1,500 within three months and we will add £100 to your account."

So they are separating salary from income, seeing them as two different things and accepting both.

blueberrypie

bundly wrote: »

I am thinking of doing the same as you Wurly, but I am self employed so I need to know whether this "salary" has to come from a "company" that is not my own company.

It doesn't. My FD account has never been funded by a salary - I have always funded it by a transfer from a personal account elsewhere. I received the joining bonus.

bundly

Thanks Blue, are we sure they haven't changed the roolz since you opened yours?