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

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  • B0bbyEwing
    B0bbyEwing Posts: 1,571 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Band7 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:
    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.
    Agreed with this poster. Or at least my experience mirrored this. 
  • intalex said:
    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?
    I should have asked this question while dealing with CS for the SO amendment, however, was concerned it would cause confusion, so didn't in the end.
  • Albermarle
    Albermarle Posts: 27,820 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    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.

    Just opened this today as we have a joint current account. Worth noting that you can not open the regular saver ( and probably any other savings account) jointly, even if the linked current account is a joint one. 
  • SJMALBA
    SJMALBA Posts: 1,064 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    edited 30 November 2022 at 12:50PM
    I would be a first time customer of First Direct; I started an application, but encountered the 'Let's Check Your ID' page - are they able to ID you with online methods, as is the norm with savings accounts, or are ID documents (passport, photocard ID etc.) mandatory?
    There is a 'Skip' option, but will they likely ask for documents afterwards? (FWIW, I've never had any documents requested when opening any other bank/BS accounts, including Nationwide's Flex Direct Current Account)

    EDIT: Clicked on 'Skip' and...
    Looks like a non-starter for me, then.

  • Can this be opened now in advance?
    Im pretty sure I had done form of FD account years ago. 
    Or do I need to wait till the 1st and open/add it to whatever account I have/had with them?

    thanks
  • As far as I know you can alter the SO amount within the app, I've done this previously on past RS with FD.

    If you have an amount lower than the £300 set as your SO  you can make up the difference in future months. See below...

    I've never done this i don't know whether you can pay say £400 in the next month because you only paid £200 the previous month.

    Minimum/Maximum Balance:

    • the minimum deposit in month 1 is £25
    • the maximum balance is £3,600 at the end of the 12 month term.

    Regular Payments:

    • regular deposits must be made by standing order each month
    • the minimum monthly deposit is £25 per month
    • the maximum monthly deposit is £300 per month
    • if you don't pay in the maximum allowed in any month, you can carry over any unused subscriptions and catch up in future months.

  • Does anyone know if you have to switch to get this ?
    I've already had the switch bonus a few years back so don’t want to switch to them again. 
    User name should now read NowWhereIWantToBe  

    Amount overpaid so far £8298 (2022)

    Overpayment ready to add to funds when fixed deal runs out July 2027 £23768


    Mortgage end date when taken out : July 2050
    Mortgage current end date : January 2047

    MFW #83 Overpayments for 2025
    Jan £304 Feb £346 Mar £298 April £344 May £214 June £200

    Daily interest £3.38
    Percentage owned 48.4%
  • Rudyson
    Rudyson Posts: 347 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Does anyone know if you have to switch to get this ?
    I've already had the switch bonus a few years back so don’t want to switch to them again. 
    You don't have to switch, you do have to have, or open, a current account with them.

  • ColdIron
    ColdIron Posts: 9,823 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    Does anyone know if you have to switch to get this ?
    I've already had the switch bonus a few years back so don’t want to switch to them again. 
    No

    Eligibility:

    • you must already hold a first direct 1st Account, our current account.
    • this account can only be opened in sole names
    • only one account per person permitted
  • intalex
    intalex Posts: 985 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    intalex said:
    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?
    Seems that deposits into the FD RS are restricted to each monthiversary of the account opening, so they amended my SO back to the full value and also set up a one-off future transaction for the next monthiversary to add the £275 (this is allowed apparently).
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