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

mac20

intalex said:

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... 

What's ridiculous is that they've been advertising push notifications as 'coming soon' for literal years at this point... Maybe next decade.

allegro120

wmb194 said:

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).

Similar time frame for me, even one day quicker.  Matured on Sunday, funds were available on Monday bank holiday, applied for a new one on that day and it was opened today. Fair play, 7% rate mitigates 3 days delay. 

ashteadgirl

Mine matured Sunday 30th. Shows interest paid but still a regular saver and can not access it. Only regular saver I have ever had that appears to mature so very slowly, Not very impressed at all. 

Bigwheels1111

Called FD on Saturday and close mine and the wifes RS.

Asked for account closure team.

Asked for money to be placed into current account.

Money was in our accounts 5 minutes later. Old account closed yesterday and 2 new ones opened.

I think it should close on day it matures, they had a years notice to sort it.

katejo

ashteadgirl said:

Mine matured Sunday 30th. Shows interest paid but still a regular saver and can not access it. Only regular saver I have ever had that appears to mature so very slowly, Not very impressed at all. 

I have one due to mature this month but didn't think it would happen until later in the month. Mine isn't showing the interest yet (or wasn't yesterday). 

isasmurf

ashteadgirl said:

Mine matured Sunday 30th. Shows interest paid but still a regular saver and can not access it. Only regular saver I have ever had that appears to mature so very slowly, Not very impressed at all. 

I'm guessing you do not have a savings account open with FD? If you don't then there is nowhere for the maturity balance to go and the account will be frozen on maturity and go into the work flow for FD to open a savings account to move the balance in to. These delays can usually be avoided by having an open savings account at maturity. When you already have an open savings account then the balance will usually be transferred and regular saver closed on maturity day.

ashteadgirl

isasmurf said:

ashteadgirl said:

Mine matured Sunday 30th. Shows interest paid but still a regular saver and can not access it. Only regular saver I have ever had that appears to mature so very slowly, Not very impressed at all. 

I'm guessing you do not have a savings account open with FD? If you don't then there is nowhere for the maturity balance to go and the account will be frozen on maturity and go into the work flow for FD to open a savings account to move the balance in to. These delays can usually be avoided by having an open savings account at maturity. When you already have an open savings account then the balance will usually be transferred and regular saver closed on maturity day.

Isasmurf, absolutely correct no savings account open. Other institutions manage to rename/rebrand account overnight. Thought FD should be able to have done it by now. May ring later today.  

Sparky95

ashteadgirl said:

isasmurf said:

ashteadgirl said:

Mine matured Sunday 30th. Shows interest paid but still a regular saver and can not access it. Only regular saver I have ever had that appears to mature so very slowly, Not very impressed at all. 

I'm guessing you do not have a savings account open with FD? If you don't then there is nowhere for the maturity balance to go and the account will be frozen on maturity and go into the work flow for FD to open a savings account to move the balance in to. These delays can usually be avoided by having an open savings account at maturity. When you already have an open savings account then the balance will usually be transferred and regular saver closed on maturity day.

Isasmurf, absolutely correct no savings account open. Other institutions manage to rename/rebrand account overnight. Thought FD should be able to have done it by now. May ring later today.  

I'm in exactly the same situation and not too happy with my funds stuck in account paying 1.3%. 

ashteadgirl

Sparky95 said:

ashteadgirl said:

isasmurf said:

ashteadgirl said:

Mine matured Sunday 30th. Shows interest paid but still a regular saver and can not access it. Only regular saver I have ever had that appears to mature so very slowly, Not very impressed at all. 

I'm guessing you do not have a savings account open with FD? If you don't then there is nowhere for the maturity balance to go and the account will be frozen on maturity and go into the work flow for FD to open a savings account to move the balance in to. These delays can usually be avoided by having an open savings account at maturity. When you already have an open savings account then the balance will usually be transferred and regular saver closed on maturity day.

Isasmurf, absolutely correct no savings account open. Other institutions manage to rename/rebrand account overnight. Thought FD should be able to have done it by now. May ring later today.  

I'm in exactly the same situation and not too happy with my funds stuck in account paying 1.3%. 

I have been in contact via their chat system. Immediately offered to close account and transfer funds to current account. All done very quickly except they have only transfered maturity value and forgotten about interest earned since 30 April.  Know this is not much but it is the principle. Now still conversing with them about that. Very old fashioned system for newish bank.

ColdIron

ashteadgirl said:

Sparky95 said:

ashteadgirl said:

isasmurf said:

ashteadgirl said:

Mine matured Sunday 30th. Shows interest paid but still a regular saver and can not access it. Only regular saver I have ever had that appears to mature so very slowly, Not very impressed at all. 

I'm guessing you do not have a savings account open with FD? If you don't then there is nowhere for the maturity balance to go and the account will be frozen on maturity and go into the work flow for FD to open a savings account to move the balance in to. These delays can usually be avoided by having an open savings account at maturity. When you already have an open savings account then the balance will usually be transferred and regular saver closed on maturity day.

Isasmurf, absolutely correct no savings account open. Other institutions manage to rename/rebrand account overnight. Thought FD should be able to have done it by now. May ring later today.  

I'm in exactly the same situation and not too happy with my funds stuck in account paying 1.3%. 

Very old fashioned system for newish bank.

Newish?

First Direct was formed on 1 October 1989 by Midland Bank