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

youngretired

No it won't allow withdrawals and won't allow a new regular saver to be opened. I had a live chat yesterday with them and they just said be patient and allow 5 working days for the new saving account to be opened. I said it's converted not opened and that the regular saver still  showed online with interest added and 1.3%. I just wanted to check everything was happening as it should, but was just told to wait. 

housebuyer143

youngretired said:

No it won't allow withdrawals and won't allow a new regular saver to be opened. I had a live chat yesterday with them and they just said be patient and allow 5 working days for the new saving account to be opened. I said it's converted not opened and that the regular saver still  showed online with interest added and 1.3%. I just wanted to check everything was happening as it should, but was just told to wait. 

Is that how long it's taking? I applied on Wednesday and it's not open yet 🙄

wmb194

youngretired said:

No it won't allow withdrawals and won't allow a new regular saver to be opened. I had a live chat yesterday with them and they just said be patient and allow 5 working days for the new saving account to be opened. I said it's converted not opened and that the regular saver still  showed online with interest added and 1.3%. I just wanted to check everything was happening as it should, but was just told to wait. 

FD is weird. Including this weekend, I'd just keep trying everyday.

housebuyer143

youngretired said:

No it won't allow withdrawals and won't allow a new regular saver to be opened. I had a live chat yesterday with them and they just said be patient and allow 5 working days for the new saving account to be opened. I said it's converted not opened and that the regular saver still  showed online with interest added and 1.3%. I just wanted to check everything was happening as it should, but was just told to wait. 

I read it's a good idea to open a normal savings account before maturity as they will move it there almost instantly. As per the T&C's if you don't have one they will open one for you and it will take up to 5 working days

gizz_10

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.

Wow - mine disappeared on the 8th - I applied for a new account on the 9th. The new account appeared yesterday on the 11th but there is still no sign of my matured funds and interest anywhere....

EDIT - Oh what a palavar - I called them up and they said the funds have been moved into an old savings account of mine from 2008 which had gone dormant - so that's why i cant see it on online banking.  As far as I knew I had no dormant accounts with them as i had closed them all. But now I have to speak to another team who can transfer the funds from the dormant account into my First account so I can access them immediately.  In this day and age I have no idea why their maturity process is so antiquated....

katejo

My RS matures on May 17th and I got a letter yesterday to say that it would happen very soon. I assume that my existing one won't 'disappear' before the 17th. I have had an RS with FD before but can't remember how long it took. 

RG2015

katejo said:

My RS matures on May 17th and I got a letter yesterday to say that it would happen very soon. I assume that my existing one won't 'disappear' before the 17th. I have had an RS with FD before but can't remember how long it took. 

I assume that you do have an instant access First Direct savings account as do I.

If your maturity process follows my pattern your maturity balance will appear in your instant access savings account on Wednesday. I only looked at mine at about 23:55 and hadn't at that point decided where I was putting it.

If I had looked earlier and had a plan I could have got it into a higher rate account elsewhere in time to earn interest on the maturity day.

In my case I transferred it to my First Direct current account the next day and then to a high interest account. I immediately applied for a new First Direct regular saver which was open the next working day. 

masonic

gizz_10 said:

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.

Wow - mine disappeared on the 8th - I applied for a new account on the 9th. The new account appeared yesterday on the 11th but there is still no sign of my matured funds and interest anywhere....

EDIT - Oh what a palavar - I called them up and they said the funds have been moved into an old savings account of mine from 2008 which had gone dormant - so that's why i cant see it on online banking.  As far as I knew I had no dormant accounts with them as i had closed them all. But now I have to speak to another team who can transfer the funds from the dormant account into my First account so I can access them immediately.  In this day and age I have no idea why their maturity process is so antiquated....

That's annoying for you. I had been getting letters about my savings account potentially being made dormant a while ago, so I transferred a penny in and out of it to keep it alive.

masonic

katejo said:

My RS matures on May 17th and I got a letter yesterday to say that it would happen very soon. I assume that my existing one won't 'disappear' before the 17th. I have had an RS with FD before but can't remember how long it took. 

Mine disappeared the day before the stated maturity date, and I found I could apply for my next one at that point.

TheBanker

I am just about to open this account.

Am I right to think that when I open the account, I have to make my first deposit straight away and that then becomes my monthly deposit date which I cannot change? I only ask because I like to have my standing orders lined up with my pay-day, so if I'm right I'll wait until my next pay day to open the account.