First Direct Regular Saver, can cancel later?

tracyyi

I understand that First Direct Regular Saver is 12 months period with 7%.

Let say I withdraw after 6 months, and close it after 6 months, does it calculate the interests and allowed to close?

jimexbox

If I remember correctly, if you close early you get the interest calculated at their standard saver rate. Which is vastly lower than 7%.

ColdIron

I posted this on another thread this morning

• 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/

grumbler

You remember correctly.

And one can't withdraw without closing it.

>> First Direct regular saver

Band7

You will lose nearly all your interest if you close the account early (closure is the only option for early withdrawal).

Please read the terms pertaining to this account .

tracyyi

what is their  Savings Account variable rate?

tracyyi

How about HSBC regular saver 5%?

masonic

Like First Direct, HSBC also cover all of this on their website and in their T&C.

Rich1976

tracyyi said:

what is their  Savings Account variable rate?

1.2% 

if you close the regular saver before the 12 months is up you get the interest paid at 1.2% up to the day of closure.

Rich1976

tracyyi said:

How about HSBC regular saver 5%?

You get the same rate as first direct of 1.2% if closed early

allegro120

tracyyi said:

what is their  Savings Account variable rate?

Currently it is 1.2%.