First Direct Regular Savings Account

miketaff1408

Me and Mrs MikeTaff hold a HSBC current account, and their regular savings account currently only pays 4% interest.

We are both interested in opening a first direct current account to get the £100 bonus, and then open two regular savings accounts @ 8%

Can we open a regular savings account in each of our names whilst holding one joint first direct account? Or do we have to have two individual current accounts?

And if we did have two first direct current accounts, can the £1500 that has to be credited monthly be recycled? Ie. £1500 credited from my wages into my account, then the £1500 transferred to Mrs Mike Taff's account?

Vortigern

miketaff1408 wrote: »

We are both interested in opening a first direct current account to get the £100 bonus, and then open two regular savings accounts @ 8%

Can we open a regular savings account in each of our names whilst holding one joint first direct account?

Yes, you can.

marlot

Yes, my wife and I have a joint account and it feeds a regular saver for each of us.

bugbyte_2

Yes you can. And further more, you can use your HSBC branch for paying in money, cheques and over the counter stuff. I did the exact same thing as you from Santander so I am bound to say the customer service is better, but FD really are good at sorting out problems.

VfM4meplse

bugbyte wrote: »

FD really are good at sorting out problems.

FD are an incredible bank, which is why I've been a customer for nearly 20 years.

I'm just disappointed at the news about HSBC's money-laundering this morning.....

anselld

miketaff1408 wrote: »

Me and Mrs MikeTaff hold a HSBC current account, and their regular savings account currently only pays 4% interest.

We are both interested in opening a first direct current account to get the £100 bonus, and then open two regular savings accounts @ 8%

Can we open a regular savings account in each of our names whilst holding one joint first direct account? Or do we have to have two individual current accounts?

And if we did have two first direct current accounts, can the £1500 that has to be credited monthly be recycled? Ie. £1500 credited from my wages into my account, then the £1500 transferred to Mrs Mike Taff's account?

As others have said one joint current account for two sole reg is fine.

You can avoid the need for monthly £1500 credit by placing £1 in an online saver account. The online saver is also useful at the end of the regsaver because it avoids a delay getting the mature funds out. They will automatically transfer funds to online saver on maturity. Hence I would say the ideal setup is:
One joint first account ( each individual has separate online logins)
Two sole regsavers
Two sole online savers with £1 each.

The sole accounts can all be set up online instantly once the first account is set up.

You might want to try for the £100 switching bonus too, though the terms for that seem to keep changing so check carefully.

anselld

VfM4meplse wrote: »

FD are an incredible bank, which is why I've been a customer for nearly 20 years.

I'm just disappointed at the news about HSBC's money-laundering this morning.....

It is certainly a big mistake, but at least this one hasnt been funded by the taxpayer!

marathon_man_3

^^
Not a mistake.
A breakdown in anti-money laundering procedures that, quite rightly, was found out by the regulators.

m0ns00n

anselld wrote: »

You can avoid the need for monthly £1500 credit by placing £1 in an online saver account.

You don't even need the £1 in there. I have £0 in mine - even confirmed this was ok over the phone with them.

anselld

m0ns00n wrote: »

You don't even need the £1 in there. I have £0 in mine - even confirmed this was ok over the phone with them.

Yes, that is true. Mine are the same come to think.