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

allegro120

where_are_we said:

Small point - my literature states interim saver @1.2% - has that been increased to 1.3%?

Also got caught out by my first direct digital keypad`s battery being dead so couldn`t log in to process my RS maturity.

Had to phone up to process payment and open new RS.

Up to 10 days for new keypad or go into a branch - so decided to install the App.

I was told I couldn`t have a new keypad as well as installing the App. Does this mean I have lost online access?

My keypad died in April last year. I phoned FD, they recommended to instal the app instead of waiting for new keypad to arrive.  They also helped me with the process. I'm glad I did it, never missed my keypad.  You still have online access, the app generates the code for logging in.

geordiejon

Frogletina said:

I have just applied for a savings account thinking it might make the process easier. What a palaver.

Had to log into online banking, was given a link to outside of online banking to see how to open it - which said I needed to go back to online banking and go to chat, first with chat box who sent me numerous things to read, and lots of questions to answer, then passed to an agent, and then the account takes up to 5 days to open!

did this yesterday lots of checks but took about 10 minutes, savings account was on the app this morning;

TheWoodler

@Rudyson - that’s interesting. They’re not treating customers consistently (or fairly, if some can close the account immediately and others can’t). 

masonic

masonic said:

Mine disappeared today as it is due to mature tomorrow. I thought I'd give it a try to apply for a new one, and the application was accepted. It will be interesting to see what happens tomorrow. Worst case I have to wait and apply again after the bank holiday weekend, which I would have had to do otherwise.

Update: After applying for a new RS on the 4th when my existing one disappeared, the balance+interest appeared in my Savings Account late yesterday (5th) and this morning I have a new RS with the first payment credited today.

george4064

masonic said:

masonic said:

Mine disappeared today as it is due to mature tomorrow. I thought I'd give it a try to apply for a new one, and the application was accepted. It will be interesting to see what happens tomorrow. Worst case I have to wait and apply again after the bank holiday weekend, which I would have had to do otherwise.

Update: After applying for a new RS on the 4th when my existing one disappeared, the balance+interest appeared in my Savings Account late yesterday (5th) and this morning I have a new RS with the first payment credited today.

Thanks for the heads up. I'm doing the same now, my maturing RS is currently not showing, as expected.

Frogletina

TheWoodler said:

@Rudyson - that’s interesting. They’re not treating customers consistently (or fairly, if some can close the account immediately and others can’t). 

My interest got added today so I spoke online to an advisor today, but see what she said about the closure of the account. I'm waiting to open a new regular saver.

Thank you. I’ve arranged for your Regular Saver account to be closed, and this can currently take up to 8 working days. Your balance of £xxxxx has been transferred to your 1st Account ending xxxx with immediate effect. You’ll receive a closing statement in the post.

wiseonesomeofthetime

EIGHT working days!! Unreal 

masonic

I don't regret NOT speaking to an adviser and ignoring the advice to wait until RS is completely closed before applying for a new one, although YMMV. It's sometimes better to ask for forgiveness than permission.

Frogletina

masonic said:

I don't regret NOT speaking to an adviser and ignoring the advice to wait until RS is completely closed before applying for a new one, although YMMV. It's sometimes better to ask for forgiveness than permission.

@masonic

Can I ask how were you able to apply for a new regular saver. I tried that but the system would not let me open a new regular saver while the other one was still open, {albeit with a nil balance}.

Update - just noticed you said yours disappeared the day before maturity- mine didn't

I've been back to First Direct on line, who now say that if I had not asked for the funds to be transferred, then they would have gone into my savings account and closed within 5 working days.

However, as I asked for the funds to be transferred, the only option was for the funds to be transferred to my 1st account and that means it will take 8 working days for my empty regular saver to be closed as it is now a manual request.

Bonkers.

The only positive thing is that I have moved my savings out to a higher interest rate account.

masonic

Frogletina said:

masonic said:

I don't regret NOT speaking to an adviser and ignoring the advice to wait until RS is completely closed before applying for a new one, although YMMV. It's sometimes better to ask for forgiveness than permission.

@masonic

Can I ask how were you able to apply for a new regular saver. I tried that but the system would not let me open a new regular saver while the other one was still open, {albeit with a nil balance}.

Update - just noticed you said yours disappeared the day before maturity- mine didn't

I've been back to First Direct on line, who now say that if I had not asked for the funds to be transferred, then they would have gone into my savings account and closed within 5 working days.

However, as I asked for the funds to be transferred, the only option was for the funds to be transferred to my 1st account and that means it will take 8 working days for my empty regular saver to be closed as it is now a manual request.

Bonkers.

The only positive thing is that I have moved my savings out to a higher interest rate account.

Yes, I think the manual intervention may have made things worse, and they claim you will earn 7% interest up to the point the money is moved to your savings account (an earlier poster apparently had to chase them for this).

I think my workaround would need to be done before interest was added, taking advantage of the period the account is hidden for the purposes of processing maturity. It sounds like you may have missed this.