First Direct Regular Saver 8%

alanq

apt wrote: »

There's a very very small advantage in choosing a date of the month that falls on as few weekends as possible in the following months.

Untrue. My statements show transfers leaving my First Account and arriving in my Regular Saver at weekends.

Correction: I turns out that it was my statement above that was untrue not the one quoted. Sorry.

peteron

Untrue. My statements show transfers leaving my First Account and arriving in my Regular Saver at weekends.

Strange?! In my case, the payments moved to the next working day.

alanq

My apologies to apt and thanks to peteron. I was mistaken.

newDude

I have an account with First Direct, and have opened this Reg Saver with the initial £300. Will £300 come out of my 1st account into reg saver automatically every subsequent month, or do i have to set it up myself?

buffman

newDude wrote: »

I have an account with First Direct, and have opened this Reg Saver with the initial £300. Will £300 come out of my 1st account into reg saver automatically every subsequent month, or do i have to set it up myself?

It comes out automatically every month.

adindas

My nregular saving hasmatured and was ocnverted to become an everyday e-Saver.

Just manege to opne a new Regular Saver today over the phone and ir already confirmed that the a/c is open. So another 8% interest for at least one year ...

emuzeg

I have a 1st Account and everyday e saver. Can I open the regular saver as well and just put £300 in manually each month (some months might not be able to do it)?

blueberrypie

emuzeg wrote: »

I have a 1st Account and everyday e saver. Can I open the regular saver as well and just put £300 in manually each month (some months might not be able to do it)?

I think it has to be done by Standing Order from your 1st Account, but you can easily change the amount for the next SO (£50 minimum, if I remember correctly) on on-line banking.

blue_eyes

I thought £50 too, but I checked and initial opening amount must be at least £25

You can also overpay on future months, as long as the total doesn't go over the max (so by month three you shouldn't have more than 900 in it), and you can only pay in one SO per month (so not a basic £25 then an occasional £250 separately in the same month)
but missing a payment completely could be seen as (but phone them to check) breaking t&cs and cause closure , which would lose the 8% rate completely.

Sounds like you could do it as long as you plan to always have enough to make a basic payment, and remember to keep on top of adjusting the SO amount monthly when needed. And you could top up if you had more than 300 to spare one month if you'd underpaid up to that point.

emuzeg

Hmm, I see. I'm having difficulty though in working out how much interest I would get if I, say, put 300 in for 2 months then 25 thereafter making a total of 850. £68 for the year? That works out at only just above the current 1.6% rate I get on my Lloyds current account with 2800 in.