First Direct - Regular Saver Account - 2.75% AER/Gross p.a. fixed for 12 months

colsten

London7766551 said:

colsten said:

ZeroSum said:

One little niggle to add, is that once it has matured they hold onto your cash for another week only giving you 0.01%

I have had 9 FD Regular Savers (and am into my 10th now) - the matured balance wasn't held for another week in any of them. You are the first person I have seen mentioning this delay. If this happened to you, you appear to be very unfortunate.

Over the last 10 years or at once?

Over the last 10 years.

hoc

Regular savers from FD and similar like MS disappear for a few days following maturity before amounts reappear in relevant accounts. This is well documented in this forum and in the product terms.

clivep

hoc said:

Regular savers from FD and similar like MS disappear for a few days following maturity before amounts reappear in relevant accounts. This is well documented in this forum and in the product terms.

Indeed.

The t's & c's state:

"8. If you have one of our Everyday e-Saver or Savings Accounts in the same name as your Regular Saver, we’ll transfer your money and interest to that account. If you have both, we’ll transfer to the one with the highest interest rate at the time. If you don’t have one of these accounts, we’ll convert your Regular Saver into a new Savings Account in the same name. It can take up to 5 Working Days for the account to convert and you’ll earn interest at your new account’s rate during that time. If you need access to it while this is happening, please give us a call".

Having been caught out with the delay when my first HSBC regular saver matured, I followed the advice on here and opened a savings a/c in advance of the FD regular saver maturing. There is then no delay for converting the regular saver on maturity. The ordinary savings a/c is then kept open (with zero balance) to allow future years' regular savers maturity funds to be transferred.

Note: With M&S it's not a problem as regular saver maturity funds get transferred to your current a/c if you don't have another savings a/c with them.

pafpcg

thegentleway said:

colsten said:

ZeroSum said:

One little niggle to add, is that once it has matured they hold onto your cash for another week only giving you 0.01%

I have had 9 FD Regular Savers (and am into my 10th now) - the matured balance wasn't held for another week in any of them. You are the first person I have seen mentioning this delay. If this happened to you, you appear to be very unfortunate.

I had the same for the first time 3 days so I sent them a message and this is what they said:
"Re: Regular Saver
Thank you for your message dated 24-Aug-2020 regarding your Regular Saver.
Your Regular Saver matured on 22-Aug-2020.
The maturity process takes around 5 days to complete, during this process the funds will be moved and the account closed down.
Once you cannot see your Regular Saver account listed, you will be able to apply for another one online, and move your funds to the desired account.
Regards
Laura
Customer Service"

That's not been my experience* - the account disappears before maturity and I've always had to wait until after the funds arrived in my EasySaver account before the system would allow me to apply for a new regular saver account.  And then wait for the application to be processed and the new standing order set-up.  Another example of why we can't rely on customer service personnel?

*  I can't match ten years - I'm only on my seventh!

thegentleway

pafpcg said:

thegentleway said:

colsten said:

ZeroSum said:

One little niggle to add, is that once it has matured they hold onto your cash for another week only giving you 0.01%

I have had 9 FD Regular Savers (and am into my 10th now) - the matured balance wasn't held for another week in any of them. You are the first person I have seen mentioning this delay. If this happened to you, you appear to be very unfortunate.

I had the same for the first time 3 days so I sent them a message and this is what they said:
"Re: Regular Saver
Thank you for your message dated 24-Aug-2020 regarding your Regular Saver.
Your Regular Saver matured on 22-Aug-2020.
The maturity process takes around 5 days to complete, during this process the funds will be moved and the account closed down.
Once you cannot see your Regular Saver account listed, you will be able to apply for another one online, and move your funds to the desired account.
Regards
Laura
Customer Service"

That's not been my experience* - the account disappears before maturity and I've always had to wait until after the funds arrived in my EasySaver account before the system would allow me to apply for a new regular saver account.  And then wait for the application to be processed and the new standing order set-up.  Another example of why we can't rely on customer service personnel?

*  I can't match ten years - I'm only on my seventh!

You can access funds immediately if you call them but yeah you have to wait for the weird 5 day maturity process before you can apply for a new one.

colsten

pafpcg said:

thegentleway said:

colsten said:

ZeroSum said:

One little niggle to add, is that once it has matured they hold onto your cash for another week only giving you 0.01%

I have had 9 FD Regular Savers (and am into my 10th now) - the matured balance wasn't held for another week in any of them. You are the first person I have seen mentioning this delay. If this happened to you, you appear to be very unfortunate.

I had the same for the first time 3 days so I sent them a message and this is what they said:
"Re: Regular Saver
Thank you for your message dated 24-Aug-2020 regarding your Regular Saver.
Your Regular Saver matured on 22-Aug-2020.
The maturity process takes around 5 days to complete, during this process the funds will be moved and the account closed down.
Once you cannot see your Regular Saver account listed, you will be able to apply for another one online, and move your funds to the desired account.
Regards
Laura
Customer Service"

That's not been my experience* - the account disappears before maturity and I've always had to wait until after the funds arrived in my EasySaver account before the system would allow me to apply for a new regular saver account.  And then wait for the application to be processed and the new standing order set-up.  Another example of why we can't rely on customer service personnel?

*  I can't match ten years - I'm only on my seventh!

I think it changed this year. In June, could apply for a new FD RS immediately after the funds of the old one had vanished from display. Same at HSBC. Although the actual start dates of the new accounts were the working day after maturity of the previous RS. 

pafpcg

colsten said:

pafpcg said:

thegentleway said:

colsten said:

ZeroSum said:

One little niggle to add, is that once it has matured they hold onto your cash for another week only giving you 0.01%

I have had 9 FD Regular Savers (and am into my 10th now) - the matured balance wasn't held for another week in any of them. You are the first person I have seen mentioning this delay. If this happened to you, you appear to be very unfortunate.

I had the same for the first time 3 days so I sent them a message and this is what they said:
"Re: Regular Saver
Thank you for your message dated 24-Aug-2020 regarding your Regular Saver.
Your Regular Saver matured on 22-Aug-2020.
The maturity process takes around 5 days to complete, during this process the funds will be moved and the account closed down.
Once you cannot see your Regular Saver account listed, you will be able to apply for another one online, and move your funds to the desired account.
Regards
Laura
Customer Service"

That's not been my experience* - the account disappears before maturity and I've always had to wait until after the funds arrived in my EasySaver account before the system would allow me to apply for a new regular saver account.  And then wait for the application to be processed and the new standing order set-up.  Another example of why we can't rely on customer service personnel?

*  I can't match ten years - I'm only on my seventh!

I think it changed this year. In June, could apply for a new FD RS immediately after the funds of the old one had vanished from display. Same at HSBC. Although the actual start dates of the new accounts were the working day after maturity of the previous RS. 

Thanks for that!  I didn't even attempt to re-open a First Direct regular saver until the maturing funds had appeared, when last I did back in May.  At least the application was processed the same day, if I recall correctly.   I must update my calendar for next year to check the HSBC, FirstDirect & M&S accounts a day earlier.

But it certainly wasn't true for my M&S account three weeks ago - it still claimed I had an existing MonthlySaver account two days after the matured funds had appeared!  So I sent them a secure message and then it worked.  Maybe just a glitch in processing my account?

Ghostcrawler

jumping to a different question here, so once my 12 months are up and take out the money, can I open another RS account? So it has to be one after another but no 2 RS accounts at the same time, is my understanding correct?

george4064

Ghostcrawler said:

jumping to a different question here, so once my 12 months are up and take out the money, can I open another RS account? So it has to be one after another but no 2 RS accounts at the same time, is my understanding correct?

Your understanding is correct.