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Regular Savings Accounts: The Best Currently Available List!

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  • Rich2808
    Rich2808 Posts: 1,385 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 22 April 2022 at 4:45PM
    I have £3000 in mine so won’t be closing as will get a paltry interest rate
    First Direct

    Raise a complaint and ask them to close and cite lots of other saving institutions who allow this, closing without penalty and opening the higher rate (or just applying the higher rate) to their current RS holders.

    First Direct are supposed to be a bit better aren't they?  That's what they keep telling us.

    Its a fixed rate and the terms are clear.

    • sorry - you can't make partial withdrawals. If you close your account before the end of the 12 month period, we'll only pay you interest at our standard Savings Account variable rate
    Imagine if they let every one on a fixed rate account close it early and transfer the funds to another fixed rate paying a higher amount penalty free? 

    You can close it - but you would lose the 1% on the sums invested for 10 months which I presume is typistretired's concern. If the 3.5% RS account is still around in 2 months they will be free to open it.

  • typistretired
    typistretired Posts: 2,099 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I have spoken to first direct via chat and they can close the regular saver and open a new one for me but I would only get the low interest rate on closure
    "Look after your pennies and your pounds will look after themselves"
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 22 April 2022 at 5:45PM
    Rich2808 said:
    I have £3000 in mine so won’t be closing as will get a paltry interest rate
    First Direct

    Raise a complaint and ask them to close and cite lots of other saving institutions who allow this, closing without penalty and opening the higher rate (or just applying the higher rate) to their current RS holders.

    First Direct are supposed to be a bit better aren't they?  That's what they keep telling us.

    Its a fixed rate and the terms are clear.

    • sorry - you can't make partial withdrawals. If you close your account before the end of the 12 month period, we'll only pay you interest at our standard Savings Account variable rate
    Imagine if they let every one on a fixed rate account close it early and transfer the funds to another fixed rate paying a higher amount penalty free? 

    You can close it - but you would lose the 1% on the sums invested for 10 months which I presume is typistretired's concern. If the 3.5% RS account is still around in 2 months they will be free to open it.

    I don't think you understand.

    The terms have been clear on a number of other RS that have had their rates increased from other institutions.

    But they've waived these terms and either let savers close without detriment or raise the rate on their 'fixed' existing account.

    I'd expect a company that espoused how good they were to do likewise.

    Maybe we have different expectations of 'walking the walk'.

    Anyway I've taken this thread off thread enough now...

  • Gers
    Gers Posts: 13,159 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I have spoken to first direct via chat and they can close the regular saver and open a new one for me but I would only get the low interest rate on closure
    I had only made two payments so have closed it via chat. 
  • bristolleedsfan
    bristolleedsfan Posts: 12,645 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 22 April 2022 at 7:45PM
    Rich2808 said:
    I have £3000 in mine so won’t be closing as will get a paltry interest rate
    First Direct

    Raise a complaint and ask them to close and cite lots of other saving institutions who allow this, closing without penalty and opening the higher rate (or just applying the higher rate) to their current RS holders.

    First Direct are supposed to be a bit better aren't they?  That's what they keep telling us.

    Its a fixed rate and the terms are clear.

    • sorry - you can't make partial withdrawals. If you close your account before the end of the 12 month period, we'll only pay you interest at our standard Savings Account variable rate
    Imagine if they let every one on a fixed rate account close it early and transfer the funds to another fixed rate paying a higher amount penalty free? 

    You can close it - but you would lose the 1% on the sums invested for 10 months which I presume is typistretired's concern. If the 3.5% RS account is still around in 2 months they will be free to open it.

    I don't think you understand.

    The terms have been clear on a number of other RS that have had their rates increased from other institutions.

    But they've waived these terms and either let savers close without detriment or raise the rate on their 'fixed' existing account.

    I'd expect a company that espoused how good they were to do likewise.

    Maybe we have different expectations of 'walking the walk'.

    Anyway I've taken this thread off thread enough now...


    Can you name a 1 year fixed rate regular saver provider where terms either state no withdrawals or if a withdrawal gets made/account closed will be paid at .xxx.... rate who has waived these terms and either let savers close without detriment or raise the rate on their 'fixed' existing account.?
  • Newly_retired
    Newly_retired Posts: 3,184 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You could just reduce your SO to the minimum payment which is £25 I think and wait till the 12 months is up.
  • You could just reduce your SO to the minimum payment which is £25 I think and wait till the 12 months is up.
    Did that when Chase came along. Only have to wait until July until it matures and by that time the 3.5% will have increased back to 5%  ;)
  • Newly_retired
    Newly_retired Posts: 3,184 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I am sure we all hope so!
  • typistretired
    typistretired Posts: 2,099 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I have been with first direct since launch they used to pay a interest on the account but they stated some blub about wanting to give better etc etc thinking about switching them off as my nominal account
    "Look after your pennies and your pounds will look after themselves"
  • Bigwheels1111
    Bigwheels1111 Posts: 3,037 Forumite
    1,000 Posts Third Anniversary Name Dropper
    I have been with first direct since launch they used to pay a interest on the account but they stated some blub about wanting to give better etc etc thinking about switching them off as my nominal account
    I would never leave FD, their customer service is the best.
    23 years with them.

    I have multiple accounts with other banks, just for switching from time to time.
    The only one that comes close is Chase, interest, Cashback and support are good.





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