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

ctdctd

noh wrote: »

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.

As noh said - and you can do it online.
Don't delay, apply today

Nine_Lives

noh wrote: »

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.

Thanks for that information.

As for why not call that instant - i've a lot on today so it was easier to just ask online on the chance someone on here would know the answer.

jahalamo

If you opened the HSBC regular when it was 6% will the rest of the payments from whatever day it dropped only be calculated to 4%??

So confused only just saw today that it had dropped and don't earn enough to qualify for a first direct account

poolforever

I chose the Halifax - £100 for joining and £5 a month ( that's 6% after tax a year)

anselld

poolforever wrote: »

I chose the Halifax - £100 for joining and £5 a month ( that's 6% after tax a year)

6% of what ? Percentage is meaningless for Halifax because you need no money in it to get free fivers.

And why choose - have both!

innovate

anselld wrote: »

6% of what ? Percentage is meaningless for Halifax because you need no money in it to get free fivers.

And why choose - have both!

Well, it isn't quite correct that you need no money in it to get the free fivers - you do need to pay in a total of £1K a month to get it. The fact that you can withdraw that money again is neither here nor there. So you can calculate the AER for that money, and it would be at least 6% after basic rate tax. More if you use less than £1K to achieve the required funding, and/or if your funding money also earns interest elsewhere.

I do agree wholeheartedly though - why choose, have both, if you can possibly afford it!

Gromitt

poolforever wrote: »

I chose the Halifax - £100 for joining and £5 a month ( that's 6% after tax a year)

My Halifax account average balance is £0, so I get infinity percent interest per year.

innovate

jahalamo wrote: »

If you opened the HSBC regular when it was 6% will the rest of the payments from whatever day it dropped only be calculated to 4%??

So confused only just saw today that it had dropped and don't earn enough to qualify for a first direct account

You get 6% at HSBC if your account started before the rate dropped to 4% (for new accounts).

You do not need the earn any given sum to qualify for the FD account. The monthly funding requirement for the current account is waived if you open a normal savings account (which counts as a "selected first direct additional product") with them.

Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in at least £1,500 to your 1st Account each month, maintain an average monthly 1st Account balance of £1,500, or hold a selected first direct additional product. Take a look at our interest rates and charges section for more details of other eligible accounts.