First Direct regular saver

Rich1976

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 ?

Maybe because they hope most people will leave it in the savings account instead of transferring out of the current account 

gele

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

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 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%).

Bigwheels1111

As soon as my regular savers pay out.
Off to Santander they go at 5.08%.
Then fund my other regular savers.

Sg28

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.'

Mine matured on 30th Nov and its still showing as a regular saver but with 2% interest. No option to withdraw.

wmb194

Sg28 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.'

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

wmb194 said:

Sg28 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.'

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.

Ballard

I had a regular saver mature over the weekend (can't recall which day) and was very surprised to see the funds credited to my savings account this morning. I was expecting Thursday at best. Hopefully this has become the norm.

surreysaver

Ballard said:

I had a regular saver mature over the weekend (can't recall which day) and was very surprised to see the funds credited to my savings account this morning. I was expecting Thursday at best. Hopefully this has become the norm.

I had my First Direct Regular Saver as maturing yesterday (Sunday), yet the funds were available Saturday 

Nebulous2

Ballard said:

I had a regular saver mature over the weekend (can't recall which day) and was very surprised to see the funds credited to my savings account this morning. I was expecting Thursday at best. Hopefully this has become the norm.

My recent one was much more straightforward than previous years. It helped that I had kept a savings account open.