First Direct regular saver

ZeroSum

Wheres_My_Cashback said:

To me the most annoying thing about the FD RS is that you can't set your own payment date because you're at the mercy of their opening date. It's good and keep things simple to set the S/O s to go out on the 1st.
Hopefully by the time mine matures in Oct they will have instigated the new, very easy and simple HSBC format.

The most annoying thing is actually that they're equally as bad at maturity, in that they withhold your money for a week without interest as it takes them that long to move the money to an instant access account. Every other establishment I've held a RS with, you can access the cash on the day of maturity. I've known nothing like it, totally bizarre. But apparently they have top notch service, yeah right!!!

trevjl

Well if you don't like them don't use them, easy, that's the beauty, you have a choice. I've been with them 30 years no issues

Swipe

wmb194 said:

eskbanker said:

Albermarle said:

When you apply it says it will probably take about three days due to high demand. I applied on last Wednesday and it was opened today.
No issue for me .

Exactly the same timescales for me - not surprising that a product that's well ahead of its competitors attracts a lot of interest (!) and I suspect that FD's account opening process, which includes initial funding with the first deposit and setting up a SO for subsequent ones, is more convoluted than most.

What's interesting is that HSBC itself now has a slick, apparently automated and immediate opening and SO set-up process for its regular saver. I'm not sure when it was introduced but I opened one last week using this new process. I expect it'll be rolled out to FD at some point.

Thanks, I wasn't aware they were now paying 5%. I check about a week ago and it was still 1%. Just opened one.

isasmurf

ZeroSum said:

Wheres_My_Cashback said:

To me the most annoying thing about the FD RS is that you can't set your own payment date because you're at the mercy of their opening date. It's good and keep things simple to set the S/O s to go out on the 1st.
Hopefully by the time mine matures in Oct they will have instigated the new, very easy and simple HSBC format.

The most annoying thing is actually that they're equally as bad at maturity, in that they withhold your money for a week without interest as it takes them that long to move the money to an instant access account. Every other establishment I've held a RS with, you can access the cash on the day of maturity. I've known nothing like it, totally bizarre. But apparently they have top notch service, yeah right!!!

You get around that by opening a FD easy access account before the RS matures. The matured funds should then be available in the Easy Access account the next (working?) day after maturity. 

phillw

Band7 said:
If you want a regular saver with penalty-free access, have a look at the Club Lloyds RS. It pays 'only' 5.25% but you can pay in up to £400 a month, and there are some optional goodies that come with the Club Lloyds.

Or do both, or better still.

barclays rainy day saver 5.12%	£5,000
hsbc online bonus saver 3%	£9,770

and every month:

bank of scotland regular saver 4.5%	£250
first direct 7%	£300
halifax regular saver 4.5%	£250
hsbc regular saver 5%	£250
lloyds club lloyds monthly saver 5.25%	£400
nationwide start to save 5%	£50
natwest digital saver 5.12%	£150
principality christmas saver 5%	£125
rbs digital saver 5.12%	£150

total of £1925 per month.

So in six months all the money will be earning 4.5% or more, with most either allowing withdrawals or early closing. The payments can also be reduced (on some of them to £0). The natwest and rbs digital saver don't expire at the end of the year either, you can keep paying into it (over £5000 and the interest isn't 5.12% though).

In the mean time I would store the rest in an al rayan savings account at 2.84% (2.81% gross)

k_man

phillw said:

Band7 said:
If you want a regular saver with penalty-free access, have a look at the Club Lloyds RS. It pays 'only' 5.25% but you can pay in up to £400 a month, and there are some optional goodies that come with the Club Lloyds.

Or do both, or better still.

barclays rainy day saver 5.12%	£5,000
hsbc online bonus saver 3%	£9,770

and every month:

bank of scotland regular saver 4.5%	£250
first direct 7%	£300
halifax regular saver 4.5%	£250
hsbc regular saver 5%	£250
lloyds club lloyds monthly saver 5.25%	£400
nationwide start to save 5%	£50
natwest digital saver 5.12%	£150
principality christmas saver 5%	£125
rbs digital saver 5.12%	£150

total of £1925 per month.

So in six months all the money will be earning 4.5% or more, with most either allowing withdrawals or early closing. The payments can also be reduced (on some of them to £0)

In the mean time I would store the rest in an al rayan savings account at 2.84% (2.81% gross)

You missed YBS (for those who could get it) £500/m @5%.

Band7

I raise you to £3,375 per month 😎

guli

Band7 said:

I raise you to £3,375 per month 😎

How do we get BOS and Hali 2nd? Any tricks to bypass the system checks?

guli

Band7 said:

I raise you to £3,375 per month 😎

I raise you to £4,100 per month by virtue of other half's mirror RS accounts to mine

Band7

guli said:

How do we get BOS and Hali 2nd? Any tricks to bypass the system checks?

It's been discussed here in the last few days.

guli said:

I raise you to £4,100 per month by virtue of other half's mirror RS accounts to mine

My figure is for one person.