First Direct Regular Saver

sidharthnayyar

Hi,
I've been thinking of getting the First Direct's Regular Saver - which requires a monthly payment of between £25-300.

The article mentions

The maximum balance allowed increases monthly by £300. If you deposit £100 in month one, you could deposit £500 in month two (as the max balance allowed will be £600). Technically, in the final month, you could deposit £3,600 minus the amounts you've already put in, though as the rate's paid daily, you'd miss all the benefits.

Does that mean it's better, to maximise the interest, to deposit £3300 at the start and then pay a monthly amount of £25?

Kind regards
Sidharth

Vortigern

No. You can't do that. Max in month one is £300

Ifts

I don't think the account T&C's allow you to put £3300 in at the start because it says 'The maximum balance allowed increases monthly by £300.' - so you can catch up in the following months if you have not paid in the full £300 in any month.

Like in the bit you have quoted it says 'If you deposit £100 in month one, you could deposit £500 in month two (as the max balance allowed will be £600)'

1st month max balance £300, 2nd month max bal £600 and 3rd month max bal £900 and so on to a maximum of 3600.

colsten

sidharthnayyar wrote: »

Does that mean it's better, to maximise the interest, to deposit £3300 at the start and then pay a monthly amount of £25?

It would be against the T&Cs but sometimes banks don't enforce their T&Cs even if they are broken and then work in favour of the account holder. Why not give it a try and let everyone know how you got on?

skid112

colsten wrote: »

It would be against the T&Cs but sometimes banks don't enforce their T&Cs even if they are broken and then work in favour of the account holder. Why not give it a try and let everyone know how you got on?

it doesnt work, i set my standing order to £3000 in error, £2700 was kindly returned next day

planteria

welcome sidharthnayyar
it's a good savings account, no doubt, but the quote you have provided answers your question fairly clearly imo.. no, you can't do that i'm afraid

Biggles

skid112 wrote: »

it doesnt work, i set my standing order to £3000 in error, £2700 was kindly returned next day

Could've been much worse - my reading of some T&Cs is that they can keep the money if they choose but, if you've not complied, they won't pay any interest!

sidharthnayyar

Hi everyone,
Thanks to everyone for their replies and advice - it's much appreciated. Looking back at the quote I guess it does answer my question! I guess I just didn't quite understand it!
Thanks again for the advice.
Kind regards
Sidharth