Closing First Direct Accounts?

EarthBoy

If the account has matured, and the interest has been added, they can close the account over the phone for you, without having to wait a few days for it to be closed automatically. You can then open another regular saver, either over the phone or online. You have to make to make the first deposit immediately though, whichever way you open it, and the account always runs for 12 months from that date.

Nine_Lives

Looks like i'm lucky - the regular saver has been auto-closed today & the funds transferred to my eSaver account.


Which is annoying as i've just remembered i've been chasing something similar with Santander for about a month now & they wont reply to me online. Time to make an in-branch visit.

[Deleted User]

Isn't it technically only 4% because to start with you've a balance of £0.00? Or is the 8% paid on the whole lump at the end?

Nine_Lives

AFAIK there's no £0.00 at all. I've just opened one for my 2nd year & it had to be opened with a deposit (mine was £300).

The way i understand it is for one month you receive 8% on £300. Then the 2nd month you receive 8% on £600 and so on.

Gromitt

It's 8% per year, so

£300 + (8%/12)
£600 + (8%/12)
etc.

So at the end, you'll end up with about £154 interest.

Nine_Lives

Gromitt wrote: »

It's 8% per year, so

£300 + (8%/12)
£600 + (8%/12)
etc.

So at the end, you'll end up with about £154 interest.

gross or net?

I got £125 interest.

Well actually, i got about £124.90 interest. Which is strange as the gf had the same account & deposited the same figures as i did. The only thing is she applied the day after i did - so hers matured the day after mine.

She ended up with £124.70. I know it's only £0.20, but i would've thought it'd be exactly the same.

Gromitt

Gross, so £124 net assuming your on basic tax.

Interest is calculated daily, so it is possible to get a slight variation in the amount payed at the end of the term.