First Direct Regular Saver

Ultrasonic

Does anyone know whether at the end of a year of paying into a First Direct Regular Saver it is possible to then open and start paying into a new Regular Saver for the following year? Or is it a one time only thing?

I ask as I'm considering moving my current account to First Direct and I'm just trying to work out if the ability to then open a Regular Saver with them is likely to be a one off benefit or a more long term one. Obviously I appreciate they could change the rules/interest rate etc. at any time.

Biggles

Ultrasonic wrote: »

Does anyone know whether at the end of a year of paying into a First Direct Regular Saver it is possible to then open and start paying into a new Regular Saver for the following year?

Yes, I've just done it. Opened it online, no problems.

nearlyrich

I have had 3 before my current one, I though you had to be a current account customer to get one?

Ultrasonic

Biggles wrote: »

Yes, I've just done it. Opened it online, no problems.

I love it when a question can be answered that simply, thanks .

Ultrasonic

nearlyrich wrote: »

I though you had to be a current account customer to get one?

That's my understanding. I would open a regular saver if I moved my current account to First Direct.

psychic_teabag

You don't have to "move" your account to FD to get the regular saver - merely open a current account with them.

Ifts

Also just so you know, you can get away with having to cycle £1500 through the First Direct current account every month if you have one of their savings accounts or any of their other qualifying products*

If you want to have their 8% RS then you have to have their current account, which you have to fund with £1500 each month or you have to pay a monthly fee to have it, but if you also have one of their savings accounts (even with £1 in it) then you can get around the monthly funding requirement of the FD current account.

*Discussed in this thread:
http://forums.moneysavingexpert.com/....php?t=2830388 (page 2 post 39)

alanq

The anniversary of opening my Regular Saver occurred yesterday. I expected that, as stated in the Ts&Cs, the balance including interest would be automatically transferred to my Everyday e-Saver account. This did not happen.

I queried this by secure message and was informed that this was because I was still earning a 1% bonus on my Everyday e-Saver account.

If no suitable account exists the Regular Saver account must be converted into a savings account and this can take up to 5 days.

It is ridiculous that it takes up to 5 days to do the conversion (earning no interest?) but it is mentioned in the Ts&Cs so this is not a valid cause for complaint.

The agent that I spoke with today could see no reason that the bonus should make my existing Everyday e-Saver account unsuitable to receive the funds.

I was able to obtain my funds today by manual intervention when I rang First Direct. As ever excellent service from the agent concerned but I think that the systems could be improved. If you have a Regular Saver maturing I recommend that you check on the day to ensure what has occurred.

oldfella

same happened to me last year, rang up and told them I wanted it transferred today - no problem they said, and it was done immediately

seems like if you are on the ball they do the right thing, otherwise they gain a few days interest - usual story

pqrdef

What I found last year was

anniversary date, 7 am - interest credited, but not able to move money or open new Regular Saver

7 pm - could open new Regular Saver online, but still not move money

7 am next morning - could move money from matured account to current account. The empty matured account then disappeared later.

alanq

In my case interest credited on anniversary - 1 day.

On anniversary I tried to transfer funds myself but was unable to do so.

On anniversary + 1 still no joy. Even the agent I spoke with had to consult a colleague to find the dodge to release the funds.