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

Bigwheels1111

hoc said:

I opened and funded my account a few days ago. I notice my first SO date is March 1 not Feb 1. Having read the fine print now it looks like this is because my first payment was after the 25th of January so FD counts it as a "February" payment. Is that right? In that case, if I were to transfer manually by FP would it be rejected because it is not by SO? If I were to set up a second SO just for Feb would it still be rejected?

That is not right.
I’ve had at least 10 of these regular saver with FD over the years.
Every Year the DD is taken the same date each month, ie 29th this year for mine.
Give or take a weekend like today.
Was due yesterday but went in today.
Just checked.
I would call them to get it sorted.

RG2015

hoc said:

I opened and funded my account a few days ago. I notice my first SO date is March 1 not Feb 1. Having read the fine print now it looks like this is because my first payment was after the 25th of January so FD counts it as a "February" payment. Is that right? In that case, if I were to transfer manually by FP would it be rejected because it is not by SO? If I were to set up a second SO just for Feb would it still be rejected?

If you funded it late on Fri 27 Jan it may have registered the SO date as the next working day, ie the 30th.

Since Feb has no 30th the 1st SO would be 1 March. Either way it could never be 1 Feb as the SO is always 1 month or thereabouts after the first payment.

Nevertheless a call to FD would clear it up.

RG2015

Bigwheels1111 said:

hoc said:

I opened and funded my account a few days ago. I notice my first SO date is March 1 not Feb 1. Having read the fine print now it looks like this is because my first payment was after the 25th of January so FD counts it as a "February" payment. Is that right? In that case, if I were to transfer manually by FP would it be rejected because it is not by SO? If I were to set up a second SO just for Feb would it still be rejected?

That is not right.
I’ve had at least 10 of these regular saver with FD over the years.
Every Year the DD is taken the same date each month, ie 29th this year for mine.
Give or take a weekend like today.
Was due yesterday but went in today.
Just checked.
I would call them to get it sorted.

I thought it was funded by SO, not DD.

Bigwheels1111

Miss typed, your right standing order. Should have remembered as 2 went out this morning.
Main point call them.
One call and all will be sorted.
Their customer service is great.

AmityNeon

hoc said:

I opened and funded my account a few days ago. I notice my first SO date is March 1 not Feb 1. Having read the fine print now it looks like this is because my first payment was after the 25th of January so FD counts it as a "February" payment. Is that right? In that case, if I were to transfer manually by FP would it be rejected because it is not by SO? If I were to set up a second SO just for Feb would it still be rejected?

First Direct automatically creates the monthly SO for you, and the account will only receive 12 deposits via this SO. It is not based on calendar months. Set and forget until maturity basically, unless you want to adjust the amount.

hoc

It's actually Lloyds Club with the "must reach your account before the 25th of the month" rule not FD, I got them mixed up. I see I applied on Wed 25 so they must have completed over the weekend, it wasn't there when I checked Thu 26 evening. It doesn't matter too much, I lose a few days interest on 300. Other providers allow choosing the day within a calendar month giving opportunity to find the second earlier than a full month from the last so I wanted to do that but I see FD is more restrictive also with the withdrawal conditions but they have the best rate so I won't complain too much. At least in the app it doesn't confirm the effective to date for the SO, only shows the next payment date and allows changing amount. I'll see in 11 months if it automatically gets canceled.

intalex

Anyone know if FD has made the opening of this account automated / real-time now?

Last year I "opened" it online on 30th April, but it wasn't opened until 4th May (presumably via manual intervention and queue) and so the monthiversary fell on 4th. This time I'd like to have a specific monthiversary, which would be easiest to achieve if online opening is now automated / real-time.

ForumUser7

intalex said:

Anyone know if FD has made the opening of this account automated / real-time now?

Last year I "opened" it online on 30th April, but it wasn't opened until 4th May (presumably via manual intervention and queue) and so the monthiversary fell on 4th. This time I'd like to have a specific monthiversary, which would be easiest to achieve if online opening is now automated / real-time.

It's not automated.

I applied Saturday 15th, and then it was opened late on Sunday 16th.

HSBC seemed to open right away

allegro120

intalex said:

Anyone know if FD has made the opening of this account automated / real-time now?

Last year I "opened" it online on 30th April, but it wasn't opened until 4th May (presumably via manual intervention and queue) and so the monthiversary fell on 4th. This time I'd like to have a specific monthiversary, which would be easiest to achieve if online opening is now automated / real-time.

As much as I remember from previous years it opens on the next day, but shows online only a couple of days later.

intalex

Seems a bit variable when the account opening (and therefore monthiversary) might fall. Anyone managed to open it real-time (or at least same day) by calling them?