First Direct regular saver

carly

My 12th payment  comes out today.   When can I transfer the money out to another account without losing  the  7%interest?  Does it need to stay there until the complete 12 months has elapsed ?  The first payment was made   7 May 2022.

ColdIron

• When does my Regular Saver Account mature and when will I get the interest?
• Exactly one year after you opened your Regular Saver Account interest will be added to the balance and the maturity process will begin. The maturity process can take up to 5 days.

• Can I make withdrawals?
• Our Regular Saver Account is for 12 months so, as you'd expect, you can only withdraw your money after a year. You can access your money before then, but you'll have to close the account. If you choose to do this. we'll pay interest up to that day and you'll receive interest equivalent to our Savings Account variable rate

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

carly

Yes, thank you for your reply,   I just found the info re maturity on the FD website too myself.  Somehow I had missed it before.  

jon81uk

Once the regular saver ends it will change to a standard saving account, you should then be able to move the money.

ZeroSum

For some weird reason they withhold the money for a week without interest
One of several annoyances with FD from a bank with supposed 'great service'

Brewer21

"The maturity process can take up to 5 days"
I've had a few, probably 2 days on average so not really a week.

Band7

ZeroSum said:

For some weird reason they withhold the money for a week without interest
One of several annoyances with FD from a bank with supposed 'great service'

FD claim that you still get interest during the up to five days the maturity process takes. I had eleven FD regular savers matured so far, never checked - are you saying it isn't true what they say?

wmb194

ZeroSum said:

For some weird reason they withhold the money for a week without interest
One of several annoyances with FD from a bank with supposed 'great service'

It's a lot quicker than it used to be. Last year I had one mature on the 14th and I was able to withdraw the money that had been transferred from the regular saver to my FD savings account on the 15th. 

I think they key is to have a savings account. If you don't then the regular saver is converted into one and this lengthens the process.

EarthBoy

Band7 said:

ZeroSum said:

For some weird reason they withhold the money for a week without interest
One of several annoyances with FD from a bank with supposed 'great service'

FD claim that you still get interest during the up to five days the maturity process takes. 

Yes, but they don't say whether this interest is at the Regular Saver rate (where the money is coming from), or at the ordinary Savings Account rate (where the money is going to).

Band7

EarthBoy said:

Band7 said:

ZeroSum said:

For some weird reason they withhold the money for a week without interest
One of several annoyances with FD from a bank with supposed 'great service'

FD claim that you still get interest during the up to five days the maturity process takes. 

Yes, but they don't say whether this interest is at the Regular Saver rate (where the money is coming from), or at the ordinary Savings Account rate (where the money is going to).

That's a quite different issue, and it would be good if they were forthright about it. However, I did respond to the statement "they withhold the money for a week without interest" which is unambiguously incorrect.

ZeroSum

Band7 said:

ZeroSum said:

For some weird reason they withhold the money for a week without interest
One of several annoyances with FD from a bank with supposed 'great service'

FD claim that you still get interest during the up to five days the maturity process takes. I had eleven FD regular savers matured so far, never checked - are you saying it isn't true what they say?

OK, yes you do get a bit of interest but it's something like 1% (was about 0.1% the last time I had one matured) so either way you look at it, they are mugging you off