MSE News: First Direct doubles interest on regular saver to 7% – how to get the new rate

gt94sss2

intalex said:

Seems a bit variable when the account opening (and therefore monthiversary) might fall. Anyone managed to open it real-time (or at least same day) by calling them?

Yes, you can open a RS on the same day by calling them. Be prepared for a long call though as they need to read out the small print for regulatory reasons.

ForumUser7

gt94sss2 said:

intalex said:

Seems a bit variable when the account opening (and therefore monthiversary) might fall. Anyone managed to open it real-time (or at least same day) by calling them?

intalex said:

Seems a bit variable when the account opening (and therefore monthiversary) might fall. Anyone managed to open it real-time (or at least same day) by calling them?

Yes, you can open a RS on the same day by calling them. Be prepared for a long call though as they need to read out the small print for regulatory reasons.

Aw man, I asked them specifically if that could be done and they said no! I now have 2 random SOs in the middle of the month (HSBC - told could select SO date and -> 'account month' after the application was accepted, FD - they said up to 3 WD and nothing could be done to choose a certain date).

At least I know for next time

intalex

Lately I'm finding FD lacking more and more features versus its peers... no instant online account opening, no app transaction notification, no instant notification / dealing of large transfers held by (HSBC's) security team, to name a few... a bit shocking for a predominantly online / telephone / mobile bank... 

intalex

Just had my regular saver disappear from online banking 1 day early (maturity tomorrow). I called them and they said it should have the interest added tomorrow and should re-appear in online banking tomorrow. Then I asked about the ability to open a new one on a specific date to coincide with a regular inbound payment, and the agent said there was no guaranteed way to have it opened on a specific date as it would depend on the queues at the time. Also confirmed the account cannot be opened over the phone and it has to be via the app or online banking, so even phoning in is not an option to achieve a desired opening / monthiversary date. So backward!

Millyonare

First Direct is still a brilliant bank, but not quite as good as it once was. The changes in CEOs between 2015 and 2020 seemed to be the turning point. Since then, helpline calls are slower to answer, app is not updating occasionally in real-time, and so on.

Their Regular Saver needs up to 5 working days to mature, pay out, transfer, and close down. Not clear why it takes so long, but the process is stated openly in their T&Cs.

As soon as the old one closes down, it takes seconds to open a new one in the app or website.

fabsaver

https://forums.moneysavingexpert.com/discussion/comment/80029183#Comment_80029183

Not in my experience does it take seconds to open the new one. After 5 days I'm still waiting…

My regular saver matured on Friday. The funds were paid out on Saturday and I applied for a new one straight away on the app. No sign of the new account yet and the £300 first payment is still there in my current account waiting to be taken.

I could contact CS but they'll no doubt just tell me I have to wait 5 working days 😫

Millyonare

If the old one matured on Fri 28 Apr, 2023, then the system may not be ready to accept or open a new one until Weds 10 May (5 working days)

fabsaver

https://forums.moneysavingexpert.com/discussion/comment/80029353#Comment_80029353

A recent post on the banking section on here suggests they can act quicker in some cases.

https://forums.moneysavingexpert.com/discussion/comment/80025065#Comment_80025065

Not sure why they can't treat all customers consistently 😕

Millyonare

Yes, some of their RSs mature and close quickly... Others are much slower.

As above, FD is not quite as good as it used to be.

The bottom line is, your cash could arrive any time between Apr 28 and May 10. Just gotta sit tight and be patient 

wmb194

Millyonare said:

If the old one matured on Fri 28 Apr, 2023, then the system may not be ready to accept or open a new one until Weds 10 May (5 working days)

Mine matured on Saturday, funds were available for withdrawal on Sunday, I applied for a new regular saver that day and it's open and the money transferred into it today, possibly delayed a day for the Bank Holiday but who knows. 

Rather than reflecting real systems constraints, the timescales FD gives appear to enable it to try to manage expectations (because it's a bit rubbish but improving).