First Direct regular saver

Sg28

ZeroSum said:

martinm1 said:

Wheres_My_Cashback said:

Band7 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.

HSBC doesn't allow you to choose your own SO date, either.

The fact that you can now open an RS instantly, does !

But ok for the first year, but next year it takes 5 days to close, during which time you can't open another.  How in this day and age can it take a week to close.

It also takes 5 days to open for some weird reason. They shouldn’t be allowed to advertise it at 7% given there's effectively 10 extra days with no (or virtually) no interest.

Although the actual amounts are small this is a tight pain. I had planned to use the money elsewhere upon maturity and didnt realise it too a week! 

I wont bother with a FD reg saver again.

surreysaver

Bridlington1 said:

surreysaver said:

Band7 said:

stuarta99 said:

Ok thanks all. Hadn't read it properly yet and wasn't aware of funding from the current account but makes sense.

Just need to work out where's it best to put it. Reluctant to stash it all away for too long just in case I need it but then it's a lot to need in emergencies.

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.

6.25% is what Club Lloyds pays for its Regular Saver 

It does pay 6.25% now but @Band7 posted that on 3/12/22, when the Club Lloyds RS still paid 5.25%. They increased the rate to 6.25% in March if my memory serves me well.

Sorry, hadn't realised it was an old thread!

wmb194

Sg28 said:

ZeroSum said:

martinm1 said:

Wheres_My_Cashback said:

Band7 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.

HSBC doesn't allow you to choose your own SO date, either.

The fact that you can now open an RS instantly, does !

But ok for the first year, but next year it takes 5 days to close, during which time you can't open another.  How in this day and age can it take a week to close.

It also takes 5 days to open for some weird reason. They shouldn’t be allowed to advertise it at 7% given there's effectively 10 extra days with no (or virtually) no interest.

Although the actual amounts are small this is a tight pain. I had planned to use the money elsewhere upon maturity and didnt realise it too a week! 

I wont bother with a FD reg saver again.

It doesn't take a week. My last one matured on Saturday 29/04/23 and the balance was available to withdraw on Sunday 30/04/23 and I didn't phone or 'chat.'

ZeroSum

wmb194 said:

Sg28 said:

ZeroSum said:

martinm1 said:

Wheres_My_Cashback said:

Band7 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.

HSBC doesn't allow you to choose your own SO date, either.

The fact that you can now open an RS instantly, does !

But ok for the first year, but next year it takes 5 days to close, during which time you can't open another.  How in this day and age can it take a week to close.

It also takes 5 days to open for some weird reason. They shouldn’t be allowed to advertise it at 7% given there's effectively 10 extra days with no (or virtually) no interest.

Although the actual amounts are small this is a tight pain. I had planned to use the money elsewhere upon maturity and didnt realise it too a week! 

I wont bother with a FD reg saver again.

It doesn't take a week. My last one matured on Saturday 29/04/23 and the balance was available to withdraw on Sunday 30/04/23 and I didn't phone or 'chat.'

Well, mine matures tomorrow so I'll see what the situation is. My last 2 have both been a week later.

wmb194

ZeroSum said:

wmb194 said:

Sg28 said:

ZeroSum said:

martinm1 said:

Wheres_My_Cashback said:

Band7 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.

HSBC doesn't allow you to choose your own SO date, either.

The fact that you can now open an RS instantly, does !

But ok for the first year, but next year it takes 5 days to close, during which time you can't open another.  How in this day and age can it take a week to close.

It also takes 5 days to open for some weird reason. They shouldn’t be allowed to advertise it at 7% given there's effectively 10 extra days with no (or virtually) no interest.

Although the actual amounts are small this is a tight pain. I had planned to use the money elsewhere upon maturity and didnt realise it too a week! 

I wont bother with a FD reg saver again.

It doesn't take a week. My last one matured on Saturday 29/04/23 and the balance was available to withdraw on Sunday 30/04/23 and I didn't phone or 'chat.'

Well, mine matures tomorrow so I'll see what the situation is. My last 2 have both been a week later.

Do you also have an instant access savings account? That's important factor in speeding things along.

400ixl

Mine went from the regular saver to the existing save account overnight. No loss in ability to access it (at least not noticeable).

Just requested a new regular saver, lets see how long that takes to be created.

ZeroSum

wmb194 said:

ZeroSum said:

wmb194 said:

Sg28 said:

ZeroSum said:

martinm1 said:

Wheres_My_Cashback said:

Band7 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.

HSBC doesn't allow you to choose your own SO date, either.

The fact that you can now open an RS instantly, does !

But ok for the first year, but next year it takes 5 days to close, during which time you can't open another.  How in this day and age can it take a week to close.

It also takes 5 days to open for some weird reason. They shouldn’t be allowed to advertise it at 7% given there's effectively 10 extra days with no (or virtually) no interest.

Although the actual amounts are small this is a tight pain. I had planned to use the money elsewhere upon maturity and didnt realise it too a week! 

I wont bother with a FD reg saver again.

It doesn't take a week. My last one matured on Saturday 29/04/23 and the balance was available to withdraw on Sunday 30/04/23 and I didn't phone or 'chat.'

Well, mine matures tomorrow so I'll see what the situation is. My last 2 have both been a week later.

Do you also have an instant access savings account? That's important factor in speeding things along.

I did but think FD closed it due to lack of activity. But it's strange how other banks manage it, but 'great service' FD can't 

gele

I have to say FD have been very efficient for us. Hubby's account matured on 30th. Money into a saver that they set up a day later.[1st] New reg saver applied for on the same day [Fri] and its there in his app today with first payment from current account credited. Cant complain at that. 

subjecttocontract

As you need an FD current account in order to get the regular saver why the hell on maturity can't they just move the the balance into the current account ?

Middle_of_the_Road

subjecttocontract said:

As you need an FD current account in order to get the regular saver why the hell on maturity can't they just move the the balance into the current account ?

I was just thinking the same. After all, that's where they insist it's funded from. A lot of banks do the same though, maybe to encourage saving rather than spending.