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What now?

Hi all,

This time last year I decided to start opening bank accounts and switching to earn the incentives. First Direct account was opened along with the 6% regular saver.

My question is, do I close the current and regular saver now that the year is up? ( I only use it for the reg saver) As I understand it if I carry on with the account but do not pay anything in I will now be charged.

Thanks

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    babe-ruth wrote: »
    My question is, do I close the current and regular saver now that the year is up? ( I only use it for the reg saver)
    Why not start another 6% regular saver with them? Unless either you can't afford to?...or perhaps you've found an account paying more? If you have I'd like to know where.
    As I understand it if I carry on with the account but do not pay anything in I will now be charged.
    Your understanding is wrong. To see why it's wrong, you should read page 6 of the current T&Cs.
  • babe-ruth
    babe-ruth Posts: 191 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thanks Yorkshire boy, I didn't know I could open another reg saver with them. My experience In the past has been once the year is up that the 6% ends and the account reverts to a normal saving account.

    I haven't read the T&Cs since opening the account but from memory there was a monthly charge on the current account unless I paid in £1000 per month OR had an additional account with them ie reg saver to which I have been paying 300 pm.

    So do I just request that the reg saver continues at 6% or apply to open another one?
  • You need to apply to open a new Regular Saver.

    You're old RS should have been converted to a bog standard First Direct savings account. Keep £1 in this account and you won't have to pay the monthly fee on your FD current account.
  • babe-ruth
    babe-ruth Posts: 191 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thanks for your reply changearound
  • babe-ruth
    babe-ruth Posts: 191 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    For a minute there I thought you were telling me that I'm old!! My initials are RS :rotfl:
  • Oops. Clearly I'm homophonically challenged. You're = your.
This discussion has been closed.
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