Regular Savings Accounts: The Best Currently Available List!

Bridlington1

wiseonesomeofthetime said:

jameseonline said:

Just cashed out my First Direct Regular Saver £3735.38, so £3600 + £135.38 interest, not bad but not best either, it's advertised as £136.50 interest though, does say based on paying 1st of each month though but yeah.

Still it's better than last year's amount of £3710.44.

Also when did First Direct get push notifications?, took them long enough.

Mine was the same today but, unlike BigWheels1111, I cannot be bothered with chasing £1.12 tbh

I'd be more than happy to chase the £1.12 if they had underpaid me by that much but I do draw the line at trying to get them to pay me an extra £1.12 if they've already paid me the correct amount of interest in the first place.

RG2015

Bridlington1 said:

wiseonesomeofthetime said:

jameseonline said:

Just cashed out my First Direct Regular Saver £3735.38, so £3600 + £135.38 interest, not bad but not best either, it's advertised as £136.50 interest though, does say based on paying 1st of each month though but yeah.

Still it's better than last year's amount of £3710.44.

Also when did First Direct get push notifications?, took them long enough.

Mine was the same today but, unlike BigWheels1111, I cannot be bothered with chasing £1.12 tbh

I'd be more than happy to chase the £1.12 if they had underpaid me by that much but I do draw the line at trying to get them to pay me an extra £1.12 if they've already paid me the correct amount of interest in the first place.

I was paid the same amount and the interest was not incorrect.

What may be regarded as incorrect is that the £300 standing order was not made on a weekend or bank holiday.

AmityNeon

Assuming it was a set and forget Standing Order for the full monthly amount, £135.38 is a little low even when taking into account delayed deposits due to weekends and bank holidays.

I was paid £140.40 interest when my FD regular saver matured (although I did change the SO date to the beginning of each month, which results in a net loss considering top easy access rates).

gt94sss2

RG2015 said:

I'd be more than happy to chase the £1.12 if they had underpaid me by that much but I do dr

What may be regarded as incorrect is that the £300 standing order was not made on a weekend or bank holiday.

That is following the rules that govern standing orders. 

I would say that the small number of financial organisations which ignore this and make the payments on non working days are the one who are incorrect.

On the broader point, the First Direct website states:

Projection provided for illustrative purposes only and does not take into account individual circumstances.

It does not mean that they are paying you less interest than you earned.

masonic

AmityNeon said:

I was paid £140.40 interest when my FD regular saver matured (although I did change the SO date to the beginning of each month, which results in a net loss considering top easy access rates).

I thought the FD RS worked on account months and didn't permit the payment date to be moved earlier.

AmityNeon

masonic said:

AmityNeon said:

I was paid £140.40 interest when my FD regular saver matured (although I did change the SO date to the beginning of each month, which results in a net loss considering top easy access rates).

I thought the FD RS worked on account months and didn't permit the payment date to be moved earlier.

Technically, the interest window is based on account months* but the payment window is based on calendar months. The account terms include a provision for account balance exceeding the Maximum Monthly Balance: "If you save more than the Maximum Monthly Balance, we'll pay you interest on the extra at the relevant Savings Account rate."

*https://forums.moneysavingexpert.com/discussion/comment/80760541#Comment_80760541

friolento

AmityNeon said:

masonic said:

AmityNeon said:

I was paid £140.40 interest when my FD regular saver matured (although I did change the SO date to the beginning of each month, which results in a net loss considering top easy access rates).

I thought the FD RS worked on account months and didn't permit the payment date to be moved earlier.

Technically, the interest window is based on account months* but the payment window is based on calendar months. The account terms include a provision for account balance exceeding the Maximum Monthly Balance: "If you save more than the Maximum Monthly Balance, we'll pay you interest on the extra at the relevant Savings Account rate."

*https://forums.moneysavingexpert.com/discussion/comment/80760541#Comment_80760541

Are you saying the FD FAQ is incorrect when it says you cannot change the SO date? How did you get your date changed?

AmityNeon

friolento said:

AmityNeon said:

masonic said:

AmityNeon said:

I was paid £140.40 interest when my FD regular saver matured (although I did change the SO date to the beginning of each month, which results in a net loss considering top easy access rates).

I thought the FD RS worked on account months and didn't permit the payment date to be moved earlier.

Technically, the interest window is based on account months* but the payment window is based on calendar months. The account terms include a provision for account balance exceeding the Maximum Monthly Balance: "If you save more than the Maximum Monthly Balance, we'll pay you interest on the extra at the relevant Savings Account rate."

*https://forums.moneysavingexpert.com/discussion/comment/80760541#Comment_80760541

Are you saying the FD FAQ is incorrect when it says you cannot change the SO date? How did you get your date changed?

Technically, the FAQ and account terms are correct. Whilst the SO date cannot be changed, the SO itself can be cancelled altogether, and you can create a new SO as desired. Their standard Savings Account rate is far lower than the top easy access rates though so it's not worth depositing earlier than the start of the account month. It's also unlikely that any monthly SO will map perfectly to the (account) monthly periods anyway.

Bigwheels1111

jameseonline said:

Bigwheels1111 said:

jameseonline said:

Just cashed out my First Direct Regular Saver £3735.38, so £3600 + £135.38 interest, not bad but not best either, it's advertised as £136.50 interest though, does say based on paying 1st of each month though but yeah.

Still it's better than last year's amount of £3710.44.

Also when did First Direct get push notifications?, took them long enough.

Ask for your £1.12, they will give it to you.

Just me or do you like complaining?

I love it.
Gives me things to do in the early hours, as a live in carer I’m on call 24/7.
Stops me getting board.

friolento

AmityNeon said:

friolento said:

AmityNeon said:

masonic said:

AmityNeon said:

I was paid £140.40 interest when my FD regular saver matured (although I did change the SO date to the beginning of each month, which results in a net loss considering top easy access rates).

I thought the FD RS worked on account months and didn't permit the payment date to be moved earlier.

Technically, the interest window is based on account months* but the payment window is based on calendar months. The account terms include a provision for account balance exceeding the Maximum Monthly Balance: "If you save more than the Maximum Monthly Balance, we'll pay you interest on the extra at the relevant Savings Account rate."

*https://forums.moneysavingexpert.com/discussion/comment/80760541#Comment_80760541

Are you saying the FD FAQ is incorrect when it says you cannot change the SO date? How did you get your date changed?

Technically, the FAQ and account terms are correct. Whilst the SO date cannot be changed, the SO itself can be cancelled altogether, and you can create a new SO as desired. Their standard Savings Account rate is far lower than the top easy access rates though so it's not worth depositing earlier than the start of the account month. It's also unlikely that any monthly SO will map perfectly to the (account) monthly periods anyway.

OK, I get you. Nice little trick ;-)