First Direct's 8% regular saver...?

Nine_Lives

I've just had interest paid to mine dated today. I was just wondering when is the best time to begin one again?

Am i right in thinking that the best time would be the final day of the month - 30th November if i'm to do it again this month? Or does it make no difference at all on what date of the month you begin it?

Yorkie1

I don't think it makes any difference - what makes you think that it might?

dtsazza

From an interest perspective I can't see that it would make a difference which day you started it - you'd still get a year's worth of interest a year later. So in that case the best answer would be "as soon as possible", since you'll earn less than 8% interest for the days you delay.

The only reason I can see for holding off would be to make the monthly payments fall on a convenient date, e.g. the day after you're paid. If your payments over the last year were convenient, you may as well restart one straight away.

ctdctd

Start it as soon as you can.

It's a market leader and rates have been falling - you'll kick yourself if you wait a week and find the rate has dropped!

HTH

Nine_Lives

My last payment to the account was 25th October. I wondered if you paid in on the last day of the month you'd gain an extra months lot of interest, sort of for free. I must've understood wrong.

Thanks for the clear up. I'll sign up again later tonight.

MoneySaverLog

Interest is calculated daily and not monthly so the day you open it will not matter.

Agree, start it today. HSBC have already dropped their regular saver from 6% to 4% if you're not a premier account customer.

First Direct also part of HSBC might follow them. Got to wait until the 6th April next year before I can open another one :-(

Careful_ly

You cannot gain by waiting with First Direct as your payments will all be made on the same date as you opened the account. So open asap incase they drop the rate!!!

fiesta04

Open it ASAP as £300pm might not be around for new accounts soon!!!

F4

Nine_Lives

I can't remember what i did when my 1st regular saver expired.

The date has passed, the interest paid. It was auto-transferred into my everyday esaver & i've now booted it out of my first direct accounts into my highest savings account.

My regular saver account remains showing. Does it disappear itself (matured on Saturday, so maybe it's waiting on its first working day being tomorrow>??) or do i have to get in touch with FD to close/delete it?

MoneySaverLog

Why not call them and ask?

noh

The original one will disappear in a couple of days.
You can apply for a new one immediately as long as the old one has matured ie the interest hasbeen paid.