First Direct regular saver

wmb194

RG2015 said:

RG2015 said:

EarthBoy said:

PloughmansLunch said:

Is it worth opening one of their bog standard savers before a FD regular saver matures for the first time?

That's not necessary. If you don't already have one, FD just change the Regular Saver into a bog standard saver.  

Some on here have said that the creation of (or conversion into) a new savings account takes about 5 working days.

My recollection is that the transfer into an existing savings account is within 1 working day.

I agree that it is not necessary but in my opinion it is preferable.

I have just spoken to FD customer services and their agent said my full balance would be transferred to my current account on Tuesday.

I am a bit confused by the conflicting information but will report back when I have got access to the funds.

Mine matures tomorrow as well and the letter I received a week or so ago states that the balance will be transferred to my savings account* if I have one (I do) or the regular saver will be converted into a savings account. Unless the person you spoke to has altered something for you it shouldn't end up in your current account.

*This is also my past experience.

RG2015

wmb194 said:

RG2015 said:

RG2015 said:

EarthBoy said:

PloughmansLunch said:

Is it worth opening one of their bog standard savers before a FD regular saver matures for the first time?

That's not necessary. If you don't already have one, FD just change the Regular Saver into a bog standard saver.  

Some on here have said that the creation of (or conversion into) a new savings account takes about 5 working days.

My recollection is that the transfer into an existing savings account is within 1 working day.

I agree that it is not necessary but in my opinion it is preferable.

I have just spoken to FD customer services and their agent said my full balance would be transferred to my current account on Tuesday.

I am a bit confused by the conflicting information but will report back when I have got access to the funds.

Mine matures tomorrow as well and the letter I received a week or so ago states that the balance will be transferred to my savings account* if I have one (I do) or the regular saver will be converted into a savings account. Unless the person you spoke to has altered something for you it shouldn't end up in your current account.

*This is also my past experience.

I doubt it as I didn't go through security, unless they did this by my phone number (or voice) which I very much doubt.

Strangely though when I said I opened the saver on 29/04/2022 he said it would actually mature on Sunday 30th April.

Bigwheels1111

Call them tomorrow, I will be. As mine matures.
Then ask for them to close it down as such.
I they’ll them I want to open a new saver.
You won’t be able to access the money until Tuesday due to bank holiday.
Work for me over the last ten years.

ZeroSum

wmb194 said:

RG2015 said:

RG2015 said:

EarthBoy said:

PloughmansLunch said:

Is it worth opening one of their bog standard savers before a FD regular saver matures for the first time?

That's not necessary. If you don't already have one, FD just change the Regular Saver into a bog standard saver.  

Some on here have said that the creation of (or conversion into) a new savings account takes about 5 working days.

My recollection is that the transfer into an existing savings account is within 1 working day.

I agree that it is not necessary but in my opinion it is preferable.

I have just spoken to FD customer services and their agent said my full balance would be transferred to my current account on Tuesday.

I am a bit confused by the conflicting information but will report back when I have got access to the funds.

Mine matures tomorrow as well and the letter I received a week or so ago states that the balance will be transferred to my savings account* if I have one (I do) or the regular saver will be converted into a savings account. Unless the person you spoke to has altered something for you it shouldn't end up in your current account.

*This is also my past experience.

The first time I had a FD reg saver, the money ended up in current account as I complained about the week long account conversation & restrictions to what is supposed to me matured funds. So the pushed them through a bit earlier straight to current account.

Bigwheels1111

Mine has matured today, just called FD.

First person said i have to wait 5 days.

Called back, Second lady said you need to to speak to the Account closure team.

10 mins later £3710.93 is in my Current account.

Very simple, now i can open a new one.

Old regular saver still showing on my account list so will need to wait until a day to open new saver.

ZeroSum

Bigwheels1111 said:

Mine has matured today, just called FD.

First person said i have to wait 5 days.

Called back, Second lady said you need to to speak to the Account closure team.

10 mins later £3710.93 is in my Current account.

Very simple, now i can open a new one.

Old regular saver still showing on my account list so will need to wait until a day to open new saver.

It's hardly 'very simple' when you've had to phone up twice after 1st time you were given duff info. Just admit it, their service is poor as stuff like this at other banks just happens automatically without the long waits.

Bigwheels1111

ZeroSum said:

Bigwheels1111 said:

Mine has matured today, just called FD.

First person said i have to wait 5 days.

Called back, Second lady said you need to to speak to the Account closure team.

10 mins later £3710.93 is in my Current account.

Very simple, now i can open a new one.

Old regular saver still showing on my account list so will need to wait until a day to open new saver.

It's hardly 'very simple' when you've had to phone up twice after 1st time you were given duff info. Just admit it, their service is poor as stuff like this at other banks just happens automatically without the long waits.

No, its not hard, they ( all banks, shops and people need to bend to my way of thinking )

Its my money give it to me.

I make complaints when they dont.

£150 from Chase, £125 from FD, £100 from Peugeot and £75 from the water company so far this year.

I average between £500 - £1000 a year from complaints, nice little side income.

ZeroSum

Bigwheels1111 said:

ZeroSum said:

Bigwheels1111 said:

Mine has matured today, just called FD.

First person said i have to wait 5 days.

Called back, Second lady said you need to to speak to the Account closure team.

10 mins later £3710.93 is in my Current account.

Very simple, now i can open a new one.

Old regular saver still showing on my account list so will need to wait until a day to open new saver.

It's hardly 'very simple' when you've had to phone up twice after 1st time you were given duff info. Just admit it, their service is poor as stuff like this at other banks just happens automatically without the long waits.

No, its not hard, they ( all banks, shops and people need to bend to my way of thinking )

Its my money give it to me.

I make complaints when they dont.

£150 from Chase, £125 from FD, £100 from Peugeot and £75 from the water company so far this year.

I average between £500 - £1000 a year from complaints, nice little side income.

Aah, so we're now getting some truths....

The fact you make complaining an earner (which includes FD)  shows you're actually agreeing with me   

The simple fact is for good service (which FD pride themselves on) you shouldn't have to do stuff like this.

It sounds like you actually prefer poor service just for the compo.

where_are_we

FD`s treatment of RS maturity is poor to say the least. And I object to their patronising letter which states : "can take up to 5 days", "Don`t worry" , "you`ll be earning interest at your new account rate during this time". You won`t be suprised to learn that the interest rate you will be earning is 1.2%! I suppose "we shouldn`t grumble" with a top rate of 7% most of the time!

RG2015

Bigwheels1111 said:

Mine has matured today, just called FD.

First person said i have to wait 5 days.

Called back, Second lady said you need to to speak to the Account closure team.

10 mins later £3710.93 is in my Current account.

Very simple, now i can open a new one.

Old regular saver still showing on my account list so will need to wait until a day to open new saver.

Mine matured today and this amount has appeared in my FD savings account today.

I did phone yesterday and they said it would mature tomorrow and be transferred to my current account on Tuesday.