First 1st Direct £7% account misleading

gesdt50

Good afternoon all, upon applying for the First 1st Direct £7% account, having read the small print as I was going along it said the the 1st payment of £300 will be taken in a months time when I clicked to the next final acceptance page it said that you account will be opened in 3 working days and the 1st payment will then be taken so from 1 page to the next they had made a misleading statement with no back page as the account was then open. What please can be done if anything?

ForumUser7

gesdt50 said:

Good afternoon all, upon applying for the First 1st Direct £7% account, having read the small print as I was going along it said the the 1st payment of £300 will be taken in a months time when I clicked to the next final acceptance page it said that you account will be opened in 3 working days and the 1st payment will then be taken so from 1 page to the next they had made a misleading statement with no back page as the account was then open. What please can be done if anything?

"How do I make payments into my regular saver?

Your first payment will be taken from your 1st Account on the day we open your Regular Saver Account. This will be followed by another 11 monthly payments which can only be made by standing order from your 1st Account (we will set this up for you). "

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

It is clear on the product page this is how it operates, but if you are unhappy I believe you may have a 14 day cooling off period (the HSBC product has this, so FD probably does too as same parent company). Call first direct, and ask to cancel the product penalty free as you are in the cooling off period and see what they say.

Bigwheels1111

Please read all the other posts on here.

Then read and understand what you are signing up for.

I class myself as uneducated at best and even I worked it out.

7% on £300, then month 2, 7% on £600 and so on.

Every 2 or 3 days these post's start.

ForumUser7

Bigwheels1111 said:

Please read all the other posts on here.

Then read and understand what you are signing up for.

I class myself as uneducated at best and even I worked it out.

7% on £300, then month 2, 7% on £600 and so on.

Every 2 or 3 days these post's start.

OP is not unsure regarding regular saver interest calculations. From what I've gathered, OP is unhappy because they believed the first payment would be taken next month but it will be taken once the account is open in the next few days.

Albermarle

upon applying for the First 1st Direct £7% account, having read the small print as I was going along it said the the 1st payment of £300 will be taken in a months time

Can you post a link, or screenshot of what you have seen in the small print.

Bigwheels1111

Albermarle said:

upon applying for the First 1st Direct £7% account, having read the small print as I was going along it said the the 1st payment of £300 will be taken in a months time

Can you post a link, or screenshot of what you have seen in the small print.

As I stated, 7% on £300, then 7% on £600.

I have not read the T&C for over 10 years, just took out the regular saver every year.

Along with the other 8 regular savers I have.

Keep the cash in Chip and move to Regular saver funding bank etc the day before.

Regarding the wrong day, stop the regular saver and take it out 3 or 4 days before your ready to fund it.

Albermarle

Bigwheels1111 said:

Albermarle said:

upon applying for the First 1st Direct £7% account, having read the small print as I was going along it said the the 1st payment of £300 will be taken in a months time

Can you post a link, or screenshot of what you have seen in the small print.

As I stated, 7% on £300, then 7% on £600.

I have not read the T&C for over 10 years, just took out the regular saver every year.

Along with the other 8 regular savers I have.

Keep the cash in Chip and move to Regular saver funding bank etc the day before.

Regarding the wrong day, stop the regular saver and take it out 3 or 4 days before your ready to fund it.

Like @ForumUser7 already replied, this is not the question the OP is asking ....

wiseonesomeofthetime

Bigwheels1111 said:

Please read all the other posts on here.

Then read and understand what you are signing up for.

I class myself as uneducated at best and even I worked it out.

7% on £300, then month 2, 7% on £600 and so on.

Every 2 or 3 days these post's start.

Someone having an "off day"? 🤔🤣

I've been in the same boat on forums in the past, giving advice totally irrelevant to the question raised by OP.

🤷‍♂️

gesdt50

ForumUser7 said:

gesdt50 said:

Good afternoon all, upon applying for the First 1st Direct £7% account, having read the small print as I was going along it said the the 1st payment of £300 will be taken in a months time when I clicked to the next final acceptance page it said that you account will be opened in 3 working days and the 1st payment will then be taken so from 1 page to the next they had made a misleading statement with no back page as the account was then open. What please can be done if anything?

"How do I make payments into my regular saver?

Your first payment will be taken from your 1st Account on the day we open your Regular Saver Account. This will be followed by another 11 monthly payments which can only be made by standing order from your 1st Account (we will set this up for you). "

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

It is clear on the product page this is how it operates, but if you are unhappy I believe you may have a 14 day cooling off period (the HSBC product has this, so FD probably does too as same parent company). Call first direct, and ask to cancel the product penalty free as you are in the cooling off period and see what they say.

wiseonesomeofthetime said:

Bigwheels1111 said:

Please read all the other posts on here.

Then read and understand what you are signing up for.

I class myself as uneducated at best and even I worked it out.

7% on £300, then month 2, 7% on £600 and so on.

Every 2 or 3 days these post's start.

Someone having an "off day"? 🤔🤣

I've been in the same boat on forums in the past, giving advice totally irrelevant to the question raised by OP.

🤷‍♂️

I know what I saw it said 1 month on the previous page will be the first taken amount then it was changed on the next page however it was to late to take the screen shot as they had opened the account and there was no back option; guess they are a bad bank also as I have been on the app chat where they tried to get me to go away and then cancelled the chat

orange-juice

This happened to me. I didn’t realise the 1st payment would be taken straight away and therefore no standing order created either.

Ended up phoning to cancel. And reopening a new one once the account was removed from the app several days later.

ForumUser7

gesdt50 said:

ForumUser7 said:

gesdt50 said:

Good afternoon all, upon applying for the First 1st Direct £7% account, having read the small print as I was going along it said the the 1st payment of £300 will be taken in a months time when I clicked to the next final acceptance page it said that you account will be opened in 3 working days and the 1st payment will then be taken so from 1 page to the next they had made a misleading statement with no back page as the account was then open. What please can be done if anything?

"How do I make payments into my regular saver?

Your first payment will be taken from your 1st Account on the day we open your Regular Saver Account. This will be followed by another 11 monthly payments which can only be made by standing order from your 1st Account (we will set this up for you). "

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

It is clear on the product page this is how it operates, but if you are unhappy I believe you may have a 14 day cooling off period (the HSBC product has this, so FD probably does too as same parent company). Call first direct, and ask to cancel the product penalty free as you are in the cooling off period and see what they say.

wiseonesomeofthetime said:

Bigwheels1111 said:

Please read all the other posts on here.

Then read and understand what you are signing up for.

I class myself as uneducated at best and even I worked it out.

7% on £300, then month 2, 7% on £600 and so on.

Every 2 or 3 days these post's start.

Someone having an "off day"? 🤔🤣

I've been in the same boat on forums in the past, giving advice totally irrelevant to the question raised by OP.

🤷‍♂️

I know what I saw it said 1 month on the previous page will be the first taken amount then it was changed on the next page however it was to late to take the screen shot as they had opened the account and there was no back option; guess they are a bad bank also as I have been on the app chat where they tried to get me to go away and then cancelled the chat

Sorry to hear they ended the chat on you. I would suggest you call them, and if they still fail to action it, complain (https://www.firstdirect.com/legals/listening/). Good luck