First Direct regular saver

1356

Comments

  • ZeroSum
    ZeroSum Posts: 998 Forumite
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    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
    trevjl Posts: 222 Forumite
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    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
    Swipe Posts: 5,083 Forumite
    Name Dropper First Post First Anniversary
    edited 6 December 2022 at 9:49AM
    wmb194 said:
    eskbanker 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
    isasmurf Posts: 1,999 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    edited 6 December 2022 at 11:23AM
    ZeroSum 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
    phillw Posts: 5,593 Forumite
    First Anniversary Name Dropper First Post
    edited 6 December 2022 at 11:33AM
    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
    k_man Posts: 1,636 Forumite
    First Anniversary First Post Name Dropper
    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%.
  • guli
    guli Posts: 184 Forumite
    Name Dropper First Post First Anniversary
    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
    guli Posts: 184 Forumite
    Name Dropper First Post First Anniversary
    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
    Band7 Posts: 2,285 Forumite
    First Post Name Dropper
    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.
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