After 1st direct regular saver

anoncol

My first year is nearly up with my first direct regular saver. What happens after the year? Do they transfer it all back into my 1st current account automatically? How soon can i open another?

gt94sss2

They transfer the matured funds to a savings account - if you don't have one, they will convert the regular saver to one.

You can open a new regular saver as soon as existing one has matured.

Regards
Sunil

fuzzgun19

gt94sss2 wrote: »

They transfer the matured funds to a savings account - if you don't have one, they will convert the regular saver to one.

You can open a new regular saver as soon as existing one has matured.

Regards
Sunil

When they transfer the matured funds, how quick is it, is it on the first day after the year is up?

My first payment to the reg saver was 31/10/14, just wondering how quick they do it.

alanq

See "Regular Savings Account" in Ts&Cs for answers to your questions.
http://www1.firstdirect.com/content_static/pdf/account_terms_1015.pdf

badger09

alanq wrote: »

See "Regular Savings Account" in Ts&Cs for answers to your questions.
http://www1.firstdirect.com/content_static/pdf/account_terms_1015.pdf

Actually, I'm not sure it does answer OP's question, or if it does, I've missed it:o.

fuzzgun19 wrote: »

When they transfer the matured funds, how quick is it, is it on the first day after the year is up?

My first payment to the reg saver was 31/10/14, just wondering how quick they do it.

It can take 'up to 5 working days' , but you can speed this up with a phone call

numbers123

My account matured this morning. It disappeared from online banking yesterday and this morning it had returned with the interest. I couldn't transfer the money to my current account in online banking so I called them and they moved the money for me straight away.

I was also able to open a new Regular Savings account in online banking straight away.

EarthBoy

Mine matured two weeks ago. The interest was showing on the account on the anniversary date, and it let me open a new account the same day. The following day, the old regular saver disappeared and the money had been transferred to my e-saver.

In previous years it hasn't always happened so quickly. As already said, it can take up to five working days for the old account to close, but they will do it straightaway over the phone if you ask them.

anoncol

fuzzgun19 wrote: »

When they transfer the matured funds, how quick is it, is it on the first day after the year is up?

My first payment to the reg saver was 31/10/14, just wondering how quick they do it.

Thanks, but this answer is WAY too late for me. Thanks though. Did you not see when i posted the question?

fuzzgun19

anoncol wrote: »

Thanks, but this answer is WAY too late for me. Thanks though. Did you not see when i posted the question?

I was not answering your question.

My RS was not near maturing then, and my question was different to yours, but along the same lines hence why I asked in this thread rather than starting a new one.

fuzzgun19

My regular saver has matured today, and interest has been added, but the reg saver account is still there with all the money in when I log in.

Is it supposed to have been closed today - If I move some of the money myself and transfer it to a different bank, would I be penalised in any way?

Kernel_Sanders

fuzzgun19 wrote: »

My regular saver has matured today, and interest has been added, but the reg saver account is still there with all the money in when I log in.

Is it supposed to have been closed today - If I move some of the money myself and transfer it to a different bank, would I be penalised in any way?

Are you sure the name of the account hasn't changed, and you somehow missed it? If not, I'd wait until tomorrow as I lost a whole year's bonus interest on a Derbyshire regular saver last year due to withdrawing on the day of maturity.

I don't have a First Direct a/c but was thinking of switching this weekend. If I do it this evening, I presume it'll be too late to also open the 6% reg saver and have the first payment go in today?