Funding the 7% first direct regular saver? P.S. Changing the standing order date will lose you cash

intalex

Mine matures end of next week, I wonder if 7% will still be on offer after this week's BoE decision... anyone know if the FD RS can be terminated early?

wmb194

intalex said:

Mine matures end of next week, I wonder if 7% will still be on offer after this week's BoE decision... anyone know if the FD RS can be terminated early?

it can be closed early but the interest rate applied is that if its instant access account. Not a major issue if it's early in the term.

"If you choose to close your account before the end of the 12 month period you will receive interest up to the date of closure at our Savings Account variable rate."

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

Chloe_G

Do they email you to ask if you want to start another?  Mine is due to mature around 15th May and I can't remember the process from last year.  Thanks.

wmb194

Chloe_G said:

Do they email you to ask if you want to start another?  Mine is due to mature around 15th May and I can't remember the process from last year.  Thanks.

 No, you need to remember to apply for a new one. If you already have a FD savings account for the matured funds to be transferred to, diarise trying to apply on the 16th.

intalex

wmb194 said:

intalex said:

Mine matures end of next week, I wonder if 7% will still be on offer after this week's BoE decision... anyone know if the FD RS can be terminated early?

it can be closed early but the interest rate applied is that if its instant access account. Not a major issue if it's early in the term.

"If you choose to close your account before the end of the 12 month period you will receive interest up to the date of closure at our Savings Account variable rate."

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

Hmm.. I hope they aren't as speedy with cutting rates after Thursday's BoE announcement...

If not for lack of automation requiring manual processing queues for both maturity and new account opening, which has gradually pushed back the maturity date by a few days each year, I'd be on a new cycle at 7% already...

masonic

intalex said:

wmb194 said:

intalex said:

Mine matures end of next week, I wonder if 7% will still be on offer after this week's BoE decision... anyone know if the FD RS can be terminated early?

it can be closed early but the interest rate applied is that if its instant access account. Not a major issue if it's early in the term.

"If you choose to close your account before the end of the 12 month period you will receive interest up to the date of closure at our Savings Account variable rate."

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

Hmm.. I hope they aren't as speedy with cutting rates after Thursday's BoE announcement...

If not for lack of automation requiring manual processing queues for both maturity and new account opening, which has gradually pushed back the maturity date by a few days each year, I'd be on a new cycle at 7% already...

They might not cut the 7% rate following the MPC decision. They didn't after the last three. Conversely, there's nothing to stop them cutting it tomorrow if they want.