Time to ditch the 123

firefox1956

xylophone wrote: »

Each of the joint account holders can have a regular saver.

I would be obliged if you could point me to First directs T & C's that confirm this point of view...........

bumpercars99

firefox1956 wrote: »

I would be obliged if you could point me to First directs T & C's that confirm this point of view...........

They're clear that the regular saver is for sole (not joint) use and that it's one per person. Why would it be one per account when it clearly says one per person?

System

The main website says so - you are indeed wrong..........
http://www1.firstdirect.com/1/2/savings/regular-savings-account

firefox1956 wrote: »

I think you are wrong here.
You can have only one Regular Saver Account with First Direct NOT two.
So you will only be able to put in a maximum of £300.00 per month.
Even if it is a joint account you can only have one Regular Saver Account.
Of course I may be wrong.............
HTH

metrobus

So what are the monthly funding and the DD requirements with FD

All I can see is deposit £1000 within 3 months.

Where does the £10'monthly charge come into play?

Thank you.

schiff

metrobus wrote: »

So what are the monthly funding and the DD requirements with FD

All I can see is deposit £1000 within 3 months.

Where does the £10'monthly charge come into play?

Thank you.

You really need to go through the T&Cs and the detailed discussions about just such issues.

schiff

Heng_Leng wrote: »

The main website says so - you are indeed wrong..........
http://www1.firstdirect.com/1/2/savings/regular-savings-account

This is the condition from their T&Cs:

'This account is for sole account holders only, and only one account is allowed per person.'

I suppose it could be argued that it's not totally clear with regard to joint accounts, unless 'for sole account holders only' (understandably in my view) means not for joint accounts. If husband and wife each have a sole account, then both can have the RS.

xylophone

I can assure you that each of the joint current account holders can have a regular saver.



The regular saver must be in a sole name.

Each joint account holder should open another of the basic savings accounts to which the maturing regular saver can be paid as it is slightly quicker than waiting for FD to do the conversion.

http://www1.firstdirect.com/1/2/savings/regular-savings-account/frequently-asked-questions

"On the anniversary of the date your Regular Saver Account was opened your account will cease to be a Regular Saver Account. If you have one of the following accounts with us in the same name as your Regular Saver Account, your money and any accrued interest will be transferred to that account:

Everyday e-Saver
Savings Account.
If you have both of the above accounts listed we will transfer your money to the account which pays the highest rate of interest. If you do not have either of these accounts with us, your Regular Saver Account will be converted to a new Savings Account."

The other advantage of having a basic savings accounts is that it obviates the need to fund the account with £1000 a month to avoid the account fee which is applicable after the account has been open for six months.

anotheruser

Or just give up?

With interest rates being so low, it's not worth my time finding out, just to get an extra couple of pounds a month. Until something majorly changes, is it really worth your time/stress/electricity costs getting a "good" deal?

bxboards

The obvious one to me is Nationwide, as their 5% is fixed for 12 months and they offer a 5% regular saver.

schiff

anotheruser wrote: »

Or just give up?

With interest rates being so low, it's not worth my time finding out, just to get an extra couple of pounds a month. Until something majorly changes, is it really worth your time/stress/electricity costs getting a "good" deal?

Depends how much you've got. If it's not a lot, I would perhaps agree. But not if you have five figures to look out for!