First Direct Savings Accounts

Pepperoni

Hi,

With regards to the 5% fixed for 12 months - I understand the account closes at the end of the 12 months. Can you open another (if the interest is still as good) or is it a case of you only get one chance with it as a customer?

I ask as I don't know whether to open now (on maternity leave, may be able to squirrel a bit away) or wait until next year when I can definitely save the £300 you're allowed to each month.

I already have the 5% Nationwide account that is maxed out.

Thanks.

EarthBoy

Pepperoni wrote: »

I ask as I don't know whether to open now (on maternity leave, may be able to squirrel a bit away) or wait until next year when I can definitely save the £300 you're allowed to each month..

You're better deciding what you want to do now, rather than what you might want to do next year. The FD Regular saver might not be available next year, especially at 6%. The rate has gone up and down over the years, -it was only 4% at one time, so I wouldn't be in the least surprised if they reduce it soon.

You don't have to save the full £300 per month; just save as much as you can afford. If the rate is still good in a year's time, you can always open another one then.

djpailo

Open up a FD regular saver now (once again). Deposit however much you feel comfortable though there is probably a minimum. Open a FlexDirect account with 5% interest fixed for a year and lump the rest of your money in that and treat it like an easy access savings account with 5% for a year. Increase the deposits to FD regular saver when you are in better financial circumstances.

Sus59

I'm on my third FD Regular Saver account (seem to remember the first one I had gave me 8% at one time). They close it down and convert it to a normal savings account (currently 0.05%) once the 12 months is up and they have paid the bonus).

You can then open a new one (and either keep or close the 0.05% account).

Pincher

Pepperoni wrote: »

I ask as I don't know whether to open now (on maternity leave, may be able to squirrel a bit away) or wait until next year when I can definitely save the £300 you're allowed to each month.

I already have the 5% Nationwide account that is maxed out.

Assuming you are paying £500 per month into a Nationwide 5% Regular Saver.

1. Open a First Direct 6% R.S. on 1st September 2016.

2. Deposit £300 a month into the FD R.S. , and £200 into the Nationwide R.S.

Given the choice, earn 6%, instead of 5%.

If Janice is a 5, and Mavis is a 6, I would sleep with Mavis, right?
Monica Bellucci is a 10, but she won't sleep with me, but if I had a choice, Janice and Mavis will have to wait.