First Direct's 7% Savings Account

User36750

Reg_Smeeton said:

OP is obviously too wealthy to bother with picking up an easy £130 (ish) or indeed to do their own calculations 

No, I just don't think it's worth the effort it would take to:
Set up accounts (we're on longer members of First Direct, so would need to set up their account first)
Administer (set up the monthly payment of £300, make sure it goes in the first time)

Remember to put everything back when the year is over.
Close the accounts afterwards.

User36750

surreysaver said:

User36750 said:

Thanks all.

Not sure it's really worth it for £135ish.

But thank you for showing workings out too!

What would make it worth it?

At least £200.

grumbler

User36750 said:

Reg_Smeeton said:

OP is obviously too wealthy to bother with picking up an easy £130 (ish) or indeed to do their own calculations 

Close the accounts afterwards.

For many years FD regular saver has been in the top lines of comparison tables for this sort of accounts.

ColdIron

User36750 said:

surreysaver said:

User36750 said:

Thanks all.

Not sure it's really worth it for £135ish.

But thank you for showing workings out too!

What would make it worth it?

At least £200.

A 10% regular saver? Good luck with that

masonic

ColdIron said:

User36750 said:

surreysaver said:

User36750 said:

Thanks all.

Not sure it's really worth it for £135ish.

But thank you for showing workings out too!

What would make it worth it?

At least £200.

A 10% regular saver? Good luck with that

Those were the days.

Stargunner

User36750 said:

Reg_Smeeton said:

OP is obviously too wealthy to bother with picking up an easy £130 (ish) or indeed to do their own calculations 

No, I just don't think it's worth the effort it would take to:
Set up accounts (we're on longer members of First Direct, so would need to set up their account first)
Administer (set up the monthly payment of £300, make sure it goes in the first time)

Remember to put everything back when the year is over.
Close the accounts afterwards.

I did the whole thing one evening on my phone,  whilst sitting watching tv. Was no effort at all and it was very quick to complete. 

masonic

User36750 said:

Administer (set up the monthly payment of £300, make sure it goes in the first time)

I suppose you've never held one, so you wouldn't know the process, but with this account First Direct sets up the monthly payment based on the amounts you specify during the application. Same with other HSBC group regular savers.

Band7

User36750 said:

surreysaver said:

User36750 said:

Thanks all.

Not sure it's really worth it for £135ish.

But thank you for showing workings out too!

What would make it worth it?

At least £200.

You can get quite close to £200. 

More importantly, though, there is nowhere else you can get £200 for £3,600 in a year. The best currently available 1 year fix would pay ££155.88.

AmityNeon

User36750 said:

Reg_Smeeton said:

OP is obviously too wealthy to bother with picking up an easy £130 (ish) or indeed to do their own calculations 

No, I just don't think it's worth the effort it would take to:
Set up accounts (we're on longer members of First Direct, so would need to set up their account first)
Administer (set up the monthly payment of £300, make sure it goes in the first time)

Remember to put everything back when the year is over.
Close the accounts afterwards.

I used to have an account with First Direct and wanted to re-apply, and their website recommends former customers call instead of applying online (app only now). How convenient I thought...

Except my surname has since changed, so they would have to post a form for me to complete, which I'd have to return along with certified copies of the relevant documents, and I should also include a cover letter informing them I was a former customer wishing to open an account again. I asked if I could just apply as a new customer; "no".

🤔

I just re-downloaded the app and applied as a new customer, at 8 PM in the evening. 15 minutes later, I was registered with a new account number and sort code, fully accessible via mobile and online banking. I transferred £300 and immediately applied for the Regular Saver, although I was expecting to wait at least several working days for it to process considering previous reports of delayed openings. To my pleasant surprise, the next morning, the Regular Saver was already open and funded, and the Standing Order had been automatically created.

Sometimes the burden of overthinking can weigh you down.

surreysaver

User36750 said:

surreysaver said:

User36750 said:

Thanks all.

Not sure it's really worth it for £135ish.

But thank you for showing workings out too!

What would make it worth it?

At least £200.

You can. Make the effort now, and then the interest on the second year's regular saver (interest rate depending) will take it to over £200