First Direct regular saver

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Comments

  • Rich1976
    Rich1976 Posts: 528 Forumite
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    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 ?
    Maybe because they hope most people will leave it in the savings account instead of transferring out of the current account 
  • gele
    gele Posts: 274 Forumite
    First Anniversary First Post Combo Breaker
    I get your point but Its only the click of a button to transfer between accounts so done in seconds. And yes maybe they hope the funds will stay with them that bit longer that way
  • AmityNeon
    AmityNeon Posts: 897 Forumite
    First Anniversary First Post Name Dropper
    edited 4 December 2023 at 8:45PM

    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 like how Halifax does it; they open an Everyday Saver alongside their Regular Saver. By default, the matured RS balance is moved to the Everyday Saver and the Regular Saver renews automatically (with the same sort code and account number) so there isn't a single second of downtime.

    As a quirk, Halifax somehow accidentally paid me an extra day of interest on the closing balance of the day of maturity, which was the first day of the new 12-month period, so it was only £0.04 (one day of £250 at 5.5%).

  • As soon as my regular savers pay out.
    Off to Santander they go at 5.08%.
    Then fund my other regular savers.
  • Sg28
    Sg28 Posts: 376 Forumite
    First Anniversary First Post Name Dropper
    wmb194 said:
    Sg28 said:
    ZeroSum said:
    martinm1 said:
    Band7 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.'
    Mine matured on 30th Nov and its still showing as a regular saver but with 2% interest. No option to withdraw.
    Ex Sg27 (long forgotten log in details)

    Massive thank you to those on the long since defunct Matched Betting board.
  • wmb194
    wmb194 Posts: 3,308 Forumite
    First Post First Anniversary Name Dropper Photogenic
    Sg28 said:
    wmb194 said:
    Sg28 said:
    ZeroSum said:
    martinm1 said:
    Band7 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.'
    Mine matured on 30th Nov and its still showing as a regular saver but with 2% interest. No option to withdraw.
    It's weird that there's so much variation. A suspicion that's been voiced is that there is a manual step on FD's side and we're victims of how quickly someone gets around to doing whatever it is they need to do.
  • Sg28
    Sg28 Posts: 376 Forumite
    First Anniversary First Post Name Dropper
    wmb194 said:
    Sg28 said:
    wmb194 said:
    Sg28 said:
    ZeroSum said:
    martinm1 said:
    Band7 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.'
    Mine matured on 30th Nov and its still showing as a regular saver but with 2% interest. No option to withdraw.
    It's weird that there's so much variation. A suspicion that's been voiced is that there is a manual step on FD's side and we're victims of how quickly someone gets around to doing whatever it is they need to do.
    I just went on live chat and the bot gives the option of requesting immediate access which I did and someone has just transferred it onto my current account straight away.
    Ex Sg27 (long forgotten log in details)

    Massive thank you to those on the long since defunct Matched Betting board.
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