Regular Savings Accounts: The Best Currently Available List!

tg99

So got a maturity email from Cambridge including exclusive member offer of reinvesting into 5% fixed extra reward member regular saver upon maturity. Still not interested (in terms of the full £3k) at that rate given penalty for closure and withdrawals but might be worth doing the min balance to maintain membership rather than the easy access option as looks like although have to fund with at least £100 there is no requirement to fund every month so could just leave £100 sitting there.

Kim_13

tg99 said:

So got a maturity email from Cambridge including exclusive member offer of reinvesting into 5% fixed extra reward member regular saver upon maturity. Still not interested (in terms of the full £3k) at that rate given penalty for closure and withdrawals but might be worth doing the min balance to maintain membership rather than the easy access option as looks like although have to fund with at least £100 there is no requirement to fund every month so could just leave £100 sitting there.

I’d do the £100 at 5% then - it’s fixed if rates start dropping. It’s odd as 5% was what they were offering on Extra Reward when rates (including base) were on the floor. Reward at that time was 3%, so the differential for an extra 2 years of membership has narrowed, as well as not being available to those members who have reached the 3 years in the last year or so (IIRC.)

t1redmonkey

Just wondering does anyone know if we can open a new 7% First Direct RS when our current ones mature (assuming it is still available by then of course)?  Guessing we can but I don't know for sure.

francoghezzi

t1redmonkey said:

Just wondering does anyone know if we can open a new 7% First Direct RS when our current ones mature (assuming it is still available by then of course)?  Guessing we can but I don't know for sure.

You can, the same day the old one has matured

friolento

t1redmonkey said:

Just wondering does anyone know if we can open a new 7% First Direct RS when our current ones mature (assuming it is still available by then of course)?  Guessing we can but I don't know for sure.

Yes you can apply for whatever they offer at the time. Though you might have to wait a few days after your existing account has matured before the FD system will allow you to open a new one. I am on my thirteenth now....

allegro120

francoghezzi said:

t1redmonkey said:

Just wondering does anyone know if we can open a new 7% First Direct RS when our current ones mature (assuming it is still available by then of course)?  Guessing we can but I don't know for sure.

You can, the same day the old one has matured

It takes a couple days, at least in my experience. Funds arrive to other savings account next day after maturity and then you have to set up SO for new RS, which takes another working day to pay out.  From memory, last time it took longer because of the weekend and 1st May bank holiday.

francoghezzi

allegro120 said:

francoghezzi said:

t1redmonkey said:

Just wondering does anyone know if we can open a new 7% First Direct RS when our current ones mature (assuming it is still available by then of course)?  Guessing we can but I don't know for sure.

You can, the same day the old one has matured

It takes a couple days, at least in my experience. Funds arrive to other savings account next day after maturity and then you have to set up SO for new RS, which takes another working day to pay out.  From memory, last time it took longer because of the weekend and 1st May bank holiday.

Last year I applied the same day my old one had matured and the account was opened 2 days after. Application is accepted the same day the old one is matured thou. Obviously you must then wait for them to finish the process

subjecttocontract

I got my FD reg saver maturity letter today. It says it can take up to 5 working days from the maturity date for closure to complete.

geordiejon

subjecttocontract said:

I got my FD reg saver maturity letter today. It says it can take up to 5 working days from the maturity date for closure to complete.

hi, it will take less time if you have a savings account with them, mine matured last week and i got the money within one day which shocked me as it was a sunday.

subjecttocontract

Why they can't just transfer the balance into the current account I don't know !
They can make it as difficult, awkward and lengthy as they like but I'm still not leaving the money in FD.