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

RG2015

TheBanker said:

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. 

Yes, as far as I know, this is all correct.

The only caveat from my experience of 4 or 5 of these accounts, is that the first deposit may be taken on the day after you apply. This day though will remain the same for the next 11 standing order payments.

housebuyer143

TheBanker said:

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. 

Yes and no. You apply to open the account and need the money in the current account. Once they open the account that is your standing order date.
Problem being they are delayed at the moment, so I applied to set mine up on Wednesday, got a text to say they are behind the 3 day turn around and will open asap. 
The standing order date is whatever date they eventually open it, not when you apply.

intalex

TheBanker said:

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. 

You could apply today, but they’ll open it when your application is next in the queue and that will be the date when they’ll take the first payment and also the same day of month for future payments, no flexibility to change it. It’s very difficult to time the application so you end up with your desired payment date. Best bet is to apply on the salary inbound date (or late on the previous day) and see how many days you could end up waiting.

TheBanker

Thanks to both of the two previous posters. I haven't funded my current account yet (I need to pay in the £1k to qualify for the switch incentive). I was going to pay in the £1k when I get paid, and use part of that for the initial deposit to the savings account. So I guess if I pay in on pay-day and apply for the savings account, my standing order will end up perhaps 4 - 5 days after my payday. That's not a huge problem. 

The posts earlier in this thread suggest it's also worth opening a Savings Account to avoid delays on maturity. I assume there's no problem opening a Savings Account with a £1 balance and just leaving it there? 

RG2015

@TheBanker,

Yes, re opening the savings account, That’s what I did a few years back. Only ever had £1 and then £3,600 plus interest for a few hours or a day at R/S maturity time.

Back in the day you needed a savings account to avoid the current account monthly fee. That fee of course is long gone now.

masonic

TheBanker said:

The posts earlier in this thread suggest it's also worth opening a Savings Account to avoid delays on maturity. I assume there's no problem opening a Savings Account with a £1 balance and just leaving it there? 

No need for a balance, and no problem waiting until nearer maturity to open.

TheBanker

masonic said:

TheBanker said:

The posts earlier in this thread suggest it's also worth opening a Savings Account to avoid delays on maturity. I assume there's no problem opening a Savings Account with a £1 balance and just leaving it there? 

No need for a balance, and no problem waiting until nearer maturity to open.

Problem with waiting is I'll forget to do it

bgr62

My regular saver was opened within an hour of me doing it on the app this week, guess that was lucky.

flaneurs_lobster

masonic said:

TheBanker said:

The posts earlier in this thread suggest it's also worth opening a Savings Account to avoid delays on maturity. I assume there's no problem opening a Savings Account with a £1 balance and just leaving it there? 

No need for a balance, and no problem waiting until nearer maturity to open.

Can't see any reference to a regular savings account in the app, is it available online?

PloughmansLunch

flaneurs_lobster said:

masonic said:

TheBanker said:

The posts earlier in this thread suggest it's also worth opening a Savings Account to avoid delays on maturity. I assume there's no problem opening a Savings Account with a £1 balance and just leaving it there? 

No need for a balance, and no problem waiting until nearer maturity to open.

Can't see any reference to a regular savings account in the app, is it available online?

You should be able to apply for the regular 7% saver through the chat in the app. 

Same for the 1.3% saver for the 7% regular saver to mature into. Applying via the in-app chat allows the boggo saver to have a zero balance to as I’m sure I read in the T&Cs it’s £1 minimum if opened via phone. Online banking just sent me round in circles so app is deffo easiest. Still takes an age to open though: