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

cricidmuslibale

ZeroSum said:

Was going to switch out my FD account. Might aswell keep it now

I wonder whether that was a key factor in HSBC and First Direct deciding to dramatically quintuple and double respectively their “fixed” regular savings interest rates? - both these ‘sister’ banks were perhaps seriously concerned about losing a significant number of current account customers to a major rival bank (or building society) through one of the several attractive switching offers currently available? I suspect it may well have been.

Also, at ground (customer-facing) level, with their regular savings interest rate doubling to 7%, First Direct will have successfully stolen at least some of the limelight away from HSBC’s decision to quintuple their regular savings interest rate on the very same day (Dec 1)! I don’t believe for one single minute that this was purely accidental!

isasmurf

cricidmuslibale said:

Also they (First Direct) have successfully grabbed at least some of the limelight away from HSBC’s decision to quintuple their regular savings interest rate on the very same day (Dec 1)! I don’t believe for one single minute that this was purely accidental!

It cannot
Definitely not accidental. But it can hardly be surprising that 2 different trading names of HSBC UK have similar strategies and coordinated announcements on consecutive days. This will be a decision at the top of HSBC UK. 

cricidmuslibale

isasmurf said:

cricidmuslibale said:

Also they (First Direct) have successfully grabbed at least some of the limelight away from HSBC’s decision to quintuple their regular savings interest rate on the very same day (Dec 1)! I don’t believe for one single minute that this was purely accidental!

It cannot
Definitely not accidental. But it can hardly be surprising that 2 different trading names of HSBC UK have similar strategies and coordinated announcements on consecutive days. This will be a decision at the top of HSBC UK. 

Yes of course it will be! - I’m not daft, you know! However, despite being ‘sister’ banks, there still appears to be quite a bit of ‘friendly’ rivalry between HSBC and First Direct at ground level at least!

wiseonesomeofthetime

If only First Direct would allow you to amend your standing order without having to deal with CS.

Band7

wiseonesomeofthetime said:

If only First Direct would allow you to amend your standing order without having to deal with CS.

You can amend the amount, just not the date.

VXman

Is this available for all current FD customers?  I don't remember seeing a regular savers account available. Maybe I have just been remis. Can I open a new one on 1st Dec at 7%

Bigwheels1111

VXman said:

Is this available for all current FD customers?  I don't remember seeing a regular savers account available. Maybe I have just been remis. Can I open a new one on 1st Dec at 7%

Yes all FD account holders.
It might take 3-7 day to open.
It did in April I think it was when they launched the 3.5% regular saver this year.

dcs34

wiseonesomeofthetime said:

If only First Direct would allow you to amend your standing order without having to deal with CS.

You can make the 'extra' payment by a transfer in online banking, doesn't have to be a standing order.

(In my experience - yours may vary)

wiseonesomeofthetime

Band7 said:

wiseonesomeofthetime said:

If only First Direct would allow you to amend your standing order without having to deal with CS.

You can amend the amount, just not the date.

Sadly, you cannot.

After amending and clicking confirm, it states there is an error and to use chat.

dcs34 said:

wiseonesomeofthetime said:

If only First Direct would allow you to amend your standing order without having to deal with CS.

You can make the 'extra' payment by a transfer in online banking, doesn't have to be a standing order.

(In my experience - yours may vary)

Again, sadly you cannot, as the regular saver does not appear as an option for the destination account.


I did get it amended via Help Chat, once past the Dot bot.

intalex

If one has reduced their monthly standing order from £300 to £25, does this account allow you to pay in the difference (£275 for 1 month) separately as a manual transfer?