First Direct regular saver

ZeroSum

wmb194 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'

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.

And yet every other bank manages to just convert the RS to a bog standard saver on the day of maturity & can withdraw straight away

wmb194

ZeroSum said:

wmb194 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'

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.

And yet every other bank manages to just convert the RS to a bog standard saver on the day of maturity & can withdraw straight away

Yes, I know, but the point is that rather than a week as you wrote and it sometimes used to be it has improved. Rather than taking days, HSBC's regular saver is now opened instantly. Hopefully FD will soon receive that improvement to its regular saver.

Bigwheels1111

I call FD the day it matures, then ask for my money.
Takes them 5-10 mins to sort it.
I ask for it so I can open a new regular saver.
They are happy to do it then.

Rudyson

Bigwheels1111 said:

I call FD the day it matures, then ask for my money.
Takes them 5-10 mins to sort it.
I ask for it so I can open a new regular saver.
They are happy to do it then.

Works that way for me too.

ZeroSum

Bigwheels1111 said:

I call FD the day it matures, then ask for my money.
Takes them 5-10 mins to sort it.
I ask for it so I can open a new regular saver.
They are happy to do it then.

Add on the 10-15 mins to get through to the call centre.

But in the 21st century, you shouldnt have to or need to do that. It should just mature & then you should just be able to open a new one with the click of a button which it should then just be open & not 5 days later. They're still operating like it's the 1990's

where_are_we

I`m with Zero Sum on this. First Direct pride themselves on their customer service, but their maturity process is slower than it should be to the detriment of the saver. Even building societies manage RS maturity more promptly. Woe betide anyone whose FDRS matures on a Friday! You then have to wait 2 extra days because of the weekend.

ForumUser7

Oops, mine matures on a Sunday apparently... No chance of calling CS then and getting it done straight away like @bigwheels1111 was able to do. I'll only have to wait a day though.

Edit - mine is HSBC, but their ts and cs say the same thing re 5 day maturity process

Rich1976

ForumUser7 said:

Oops, mine matures on a Sunday apparently... No chance of calling CS then and getting it done straight away like @bigwheels1111 was able to do. I'll only have to wait a day though.

Edit - mine is HSBC, but their ts and cs say the same thing re 5 day maturity process

Why, customer services is open everyday ?

ForumUser7

Rich1976 said:

ForumUser7 said:

Oops, mine matures on a Sunday apparently... No chance of calling CS then and getting it done straight away like @bigwheels1111 was able to do. I'll only have to wait a day though.

Edit - mine is HSBC, but their ts and cs say the same thing re 5 day maturity process

Why, customer services is open everyday ?

I asked them when the savings admin team was in to discuss existing applications and account maturities, and they said Monday-Sunday, but when I called up the number they gave, the person said they weren’t part of that team, and it was a Monday-Friday team, but they would put a note on the account that I wanted it to mature on a Monday - which didn’t happen anyway.

Can any CS agent process the maturity immediately? If so, I’ll call on the Sunday when mine is supposed to expire

Rich1976

ForumUser7 said:

Rich1976 said:

ForumUser7 said:

Oops, mine matures on a Sunday apparently... No chance of calling CS then and getting it done straight away like @bigwheels1111 was able to do. I'll only have to wait a day though.

Edit - mine is HSBC, but their ts and cs say the same thing re 5 day maturity process

Why, customer services is open everyday ?

I asked them when the savings admin team was in to discuss existing applications and account maturities, and they said Monday-Sunday, but when I called up the number they gave, the person said they weren’t part of that team, and it was a Monday-Friday team, but they would put a note on the account that I wanted it to mature on a Monday - which didn’t happen anyway.

Can any CS agent process the maturity immediately? If so, I’ll call on the Sunday when mine is supposed to expire

Oh ok unless something has changed with their processes then as whenever I had a Regular Saver in the past I would just call the main fd number and whoever answered processed the closure straightaway and then I opened a new R/S account online the same day or next day. 

Didn’t realise they had a specific team now to field such queries too.