First Direct 3.5% regular saver

ccdorset

Just a quick update, I received a text today from first direct to say:

"Just to let you know, your new 1st Account is open - your welcome pack, sort code and account number are on their way."

This is the 7th working day since my application, so not the quickest, but at least it's under the original timescale they gave me!

Will wait for the documents to come through and then open the Regular Saver.

Bigwheels1111

ccdorset said:

Just a quick update, I received a text today from first direct to say:

"Just to let you know, your new 1st Account is open - your welcome pack, sort code and account number are on their way."

This is the 7th working day since my application, so not the quickest, but at least it's under the original timescale they gave me!

Will wait for the documents to come through and then open the Regular Saver.

Why ?

Did you not open it online ?

If so they should have taken the first £300 and setup a DD for the next 11 payments.

masonic

Bigwheels1111 said:

ccdorset said:

Just a quick update, I received a text today from first direct to say:

"Just to let you know, your new 1st Account is open - your welcome pack, sort code and account number are on their way."

This is the 7th working day since my application, so not the quickest, but at least it's under the original timescale they gave me!

Will wait for the documents to come through and then open the Regular Saver.

Why ?

Did you not open it online ?

If so they should have taken the first £300 and setup a DD for the next 11 payments.

I doubt it is possible to apply for the regular saver online until online access is set up using the info in the welcome pack (not yet received).

Bigwheels1111

masonic said:

Bigwheels1111 said:

ccdorset said:

Just a quick update, I received a text today from first direct to say:

"Just to let you know, your new 1st Account is open - your welcome pack, sort code and account number are on their way."

This is the 7th working day since my application, so not the quickest, but at least it's under the original timescale they gave me!

Will wait for the documents to come through and then open the Regular Saver.

Why ?

Did you not open it online ?

If so they should have taken the first £300 and setup a DD for the next 11 payments.

I doubt it is possible to apply for the regular saver online until online access is set up using the info in the welcome pack (not yet received).

Sorry miss read your comment ie new account. It’s been 25 year since I set up my account with them.

I set up 2 regular savers on the 28th of April, one for me and one for the wife.
Did them online and we’re opened and funded via fist accounts on the 29th of April.
Paperwork arrived 2 weeks later.
Two payments in and a third one due in 15 days.
Never needed paperwork as asks how much and which account to fund it with when you apply.

masonic

Bigwheels1111 said:

masonic said:

Bigwheels1111 said:

ccdorset said:

Just a quick update, I received a text today from first direct to say:

"Just to let you know, your new 1st Account is open - your welcome pack, sort code and account number are on their way."

This is the 7th working day since my application, so not the quickest, but at least it's under the original timescale they gave me!

Will wait for the documents to come through and then open the Regular Saver.

Why ?

Did you not open it online ?

If so they should have taken the first £300 and setup a DD for the next 11 payments.

I doubt it is possible to apply for the regular saver online until online access is set up using the info in the welcome pack (not yet received).

Sorry miss read your comment ie new account. It’s been 25 year since I set up my account with them.

I set up 2 regular savers on the 28th of April, one for me and one for the wife.
Did them online and we’re opened and funded via fist accounts on the 29th of April.
Paperwork arrived 2 weeks later.
Two payments in and a third one due in 15 days.
Never needed paperwork as asks how much and which account to fund it with when you apply.

Yes, the regular saver paperwork is a bit pointless and I do wish they'd allow a paper free option.

ccdorset

Yes just waiting for the welcome pack now and then I can get myself set up with Online/Mobile banking, and apply for the Regular Saver.

I've heard the amount of paperwork that arrives is quite something!

jwelly

ccdorset said:

I've seen the First Direct regular saver is offering 3.5%, but I don't have a current account with them.

It looks like I'd earn £68 in interest if I paid in the max £300 a month.

Hello, I'm just wondering how the £68 interest is calculated over the year? At a rate of 3.5% and a total annual deposit of £3,600 surely the interest earned is well above £68?

If anyone can shed a light for me that would be great!

Alistair31

jwelly said:

ccdorset said:

I've seen the First Direct regular saver is offering 3.5%, but I don't have a current account with them.

It looks like I'd earn £68 in interest if I paid in the max £300 a month.

Hello, I'm just wondering how the £68 interest is calculated over the year? At a rate of 3.5% and a total annual deposit of £3,600 surely the interest earned is well above £68?

If anyone can shed a light for me that would be great!

In month one you will have only £300 in and earning interest. Month 2, £600. And so on…

jwelly

Thanks, but if you earn 3.5% interest after one month, that is £300 + £10.60 interest, no?

Then with another deposit of £300 would the interest calculated be based on this second £300, or the accumulated balance? I.e. £610.60?

RG2015

jwelly said:

Thanks, but if you earn 3.5% interest after one month, that is £300 + £10.60 interest, no?

Then with another deposit of £300 would the interest calculated be based on this second £300, or the accumulated balance? I.e. £610.60?

It's 3.5% interest per year.

You need to divide by 12 to get the interest per month which is approximately 0.29167% per month.

Month 1 is £300 x 0.29167% = £0.87
Month 2 is £600 x 0.29167% = £1.75

and so on for 12 months.