First Direct Regular Saver

Sardinier

Can anyone tell me how long it takes to transfer the first payment into the First Direct Regular Saver?

I have one about to mature and vaguely recall it took five working days from the date I applied for the account until I could transfer my first payment (or, at least, until the first payment updated in the account.)

I want to try and time opening my next Regular Saver so that the payment leaves my account the day after my pay-date, so I'm wondering whether I then need to open the account X number of days earlier than that date.

Bigwheels1111

Takes up to 5 days to payout and close the old one.
Then the day after it’s closed you can open a new one.

MDMD

I usually call them up on the day to get the money paid out to me. 

Bigwheels1111

MDMD said:

I usually call them up on the day to get the money paid out to me. 

I did that 7 months ago. As I now have £2100 in the new one.
But took them 4/5 days to close the old one.

allegro120

Sardinier said:

Can anyone tell me how long it takes to transfer the first payment into the First Direct Regular Saver?

I have one about to mature and vaguely recall it took five working days from the date I applied for the account until I could transfer my first payment (or, at least, until the first payment updated in the account.)

I want to try and time opening my next Regular Saver so that the payment leaves my account the day after my pay-date, so I'm wondering whether I then need to open the account X number of days earlier than that date.

From memory it takes one or two working days for funds to arrive to another savings account and then you can open new regular saver.  Standing order takes another working day to kick in.  I don't think you can open a new one until the old one is closed.

masonic

If your question is around timing it for a specific date some time after your old one matures, then if you apply on your normal payday, the earliest the payment could be debited would be the next working day, but it may be later than that depending on how busy they are.

eastcorkram

When the RS finishes, do they ask what you want to happen to it? I thought I'd read that you need to have open, a FD savings account, which the RS balance would get moved to.

I can't see any way , in the app, to open a savings account.  I have the current account, and the RS. There's only one more payment to go in. The only products listed are credit card, loans, cash ISA. 

flaneurs_lobster

eastcorkram said:

When the RS finishes, do they ask what you want to happen to it? I thought I'd read that you need to have open, a FD savings account, which the RS balance would get moved to.

I can't see any way , in the app, to open a savings account.  I have the current account, and the RS. There's only one more payment to go in. The only products listed are credit card, loans, cash ISA. 

More savings products available online. Someone will know how additional saver works with maturing 7% RS.

PloughmansLunch

eastcorkram said:

When the RS finishes, do they ask what you want to happen to it? I thought I'd read that you need to have open, a FD savings account, which the RS balance would get moved to.

I can't see any way , in the app, to open a savings account.  I have the current account, and the RS. There's only one more payment to go in. The only products listed are credit card, loans, cash ISA. 

I opened a ‘Savings Account’ (2% interest) via the FD in-app chat. A customer service person took over from the bot and it was opened pretty quickly.

boingy

When it matures it is transferred into a normal FD savings account. If you don't have one then they will open one for you. Then you need to get the money out and put it somewhere that pays more!

flaneurs_lobster

boingy said:

When it matures it is transferred into a normal FD savings account. If you don't have one then they will open one for you. Then you need to get the money out and put it somewhere that pays more!

So the reason for setting up a "normal" saver in advance of the 7% account maturing (rather than letting 1st do it for you) is just to speed the whole process up?