First Direct regular saver

Rich1976

ForumUser7 said:

Rich1976 said:

When I last had a FD regular saver they did it over the phone . All done and the money back in my account within 5 minutes. 

Thanks @Rich1976 Did you literally just call up on the date of maturity please, or did you leave it a day or so? And if for example you applied on 16th March 2023, and they opened it on 20th March 2023, what date would you call them on please? Never been sure if maturity date is 15th, 16th, 19th or 20th March 2024 in that situation (sometimes RSs mature like the day before the matching date in the next year, and unsure whether opening backdated to day I applied or if it is just say processed. Thanks

I would have called on the day of maturity or maybe a day later. Can’t quite recall but it was no hassle and in answer to the second question about whether they still opened a savings account, no the money just went back into our current account.

the date of maturity would be the anniversary of when the first deposit went into the account. So if you applied on the 16th March but the deposit was not made until the 20th, then it would be the 20th that they take as the maturity date.

I’ve always found First Direct really good on the phone so for the sake of a less than 5 minute phone call there was no faffing or anything.

boingy

I waited some days, expecting it to convert to a normal savings account like their blurb said but about a week later it hadn't changed so I contacted them on chat and the guy immediately transferred the balance to my current account. A few days after that the RS account changed to a normal and I was able to open a new RS account. Not sure why it has to be so fiddly!

dealyboy

Just to add my experience ...

27th Feb 2023 - Opened with £300 
26th Feb 2024 - Matured with interest added
29th Feb 2024 - Phoned, balance transferred to 1st account and then out
04th Mar 2024 - System changed Regular Saver to 'Savings Account'
04th Mar 2024 - Opened new RS and added £300 to 1st account
05th Mar 2024 - SO actioned ... £300 now in new RS

Notes:
- When I phoned (29th Feb) I was advised (twice) that the RS would change to Savings Account 'in the next few days'
- From comments it appears that the maturing process that ends with the closing of the RS is much quicker if there is a pre-existing SA, maybe just 24hrs. So I have left mine.

Rich1976

dealyboy said:

Just to add my experience ...

27th Feb 2023 - Opened with £300 
26th Feb 2024 - Matured with interest added
29th Feb 2024 - Phoned, balance transferred to 1st account and then out
04th Mar 2024 - System changed Regular Saver to 'Savings Account'
04th Mar 2024 - Opened new RS and added £300 to 1st account
05th Mar 2024 - SO actioned ... £300 now in new RS

Notes:
- When I phoned (29th Feb) I was advised (twice) that the RS would change to Savings Account 'in the next few days'
- From comments it appears that the maturing process that ends with the closing of the RS is much quicker if there is a pre-existing SA, maybe just 24hrs. So I have left mine.

Mine didn’t convert to a savings account. Once the money was transferred to my current account, the regular saver which then had zero balance disappeared from view a day or two later.

ForumUser7

dealyboy said:

Just to add my experience ...

27th Feb 2023 - Opened with £300 
26th Feb 2024 - Matured with interest added
29th Feb 2024 - Phoned, balance transferred to 1st account and then out
04th Mar 2024 - System changed Regular Saver to 'Savings Account'
04th Mar 2024 - Opened new RS and added £300 to 1st account
05th Mar 2024 - SO actioned ... £300 now in new RS

Notes:
- When I phoned (29th Feb) I was advised (twice) that the RS would change to Savings Account 'in the next few days'
- From comments it appears that the maturing process that ends with the closing of the RS is much quicker if there is a pre-existing SA, maybe just 24hrs. So I have left mine.

Rich1976 said:

dealyboy said:

Just to add my experience ...

27th Feb 2023 - Opened with £300 
26th Feb 2024 - Matured with interest added
29th Feb 2024 - Phoned, balance transferred to 1st account and then out
04th Mar 2024 - System changed Regular Saver to 'Savings Account'
04th Mar 2024 - Opened new RS and added £300 to 1st account
05th Mar 2024 - SO actioned ... £300 now in new RS

Notes:
- When I phoned (29th Feb) I was advised (twice) that the RS would change to Savings Account 'in the next few days'
- From comments it appears that the maturing process that ends with the closing of the RS is much quicker if there is a pre-existing SA, maybe just 24hrs. So I have left mine.

Mine didn’t convert to a savings account. Once the money was transferred to my current account, the regular saver which then had zero balance disappeared from view a day or two later.

Thanks both. I'll emphasise to them I want the RS closed once emptied, and no savings accounts. Perhaps it is a marginally different process

dealyboy

@ForumUser7 said:

dealyboy said:

Just to add my experience ...

27th Feb 2023 - Opened with £300 
26th Feb 2024 - Matured with interest added
29th Feb 2024 - Phoned, balance transferred to 1st account and then out
04th Mar 2024 - System changed Regular Saver to 'Savings Account'
04th Mar 2024 - Opened new RS and added £300 to 1st account
05th Mar 2024 - SO actioned ... £300 now in new RS

Notes:
- When I phoned (29th Feb) I was advised (twice) that the RS would change to Savings Account 'in the next few days'
- From comments it appears that the maturing process that ends with the closing of the RS is much quicker if there is a pre-existing SA, maybe just 24hrs. So I have left mine.

@Rich1976 said:

dealyboy said:

Just to add my experience ...

27th Feb 2023 - Opened with £300 
26th Feb 2024 - Matured with interest added
29th Feb 2024 - Phoned, balance transferred to 1st account and then out
04th Mar 2024 - System changed Regular Saver to 'Savings Account'
04th Mar 2024 - Opened new RS and added £300 to 1st account
05th Mar 2024 - SO actioned ... £300 now in new RS

Notes:
- When I phoned (29th Feb) I was advised (twice) that the RS would change to Savings Account 'in the next few days'
- From comments it appears that the maturing process that ends with the closing of the RS is much quicker if there is a pre-existing SA, maybe just 24hrs. So I have left mine.

Mine didn’t convert to a savings account. Once the money was transferred to my current account, the regular saver which then had zero balance disappeared from view a day or two later.

Thanks both. I'll emphasise to them I want the RS closed once emptied, and no savings accounts. Perhaps it is a marginally different process

You know I love this community we check and double check the facts and each other in pursuit of accuracy.

When I saw your posts I thought I'd better check as I hadn't logged on since the 5th, just in case my 'Savings Account' had disappeared, but no it's still there with £0.  to both.

ForumUser7

Other than it being a different phone number, does this process apply to HSBC too please? Thanks