First Direct Regular Saver

subjecttocontract

It might save you 5 days interest which is about £3.50 !

gt94sss2

Sardinier said:

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

It really depends how busy FD are when they receive your application to open a new RS.

Unless they have updated their systems (as HSBC have) its not done automatically.

If you want a specific date, either apply after you get paid or open it via telephone.

mike41

Your payment will go out regularly, same date each month and your accounts not should nature almost the same date you started. With other regular savers I pay in on day of opening and the set up SO for 1st of each month.

martinm1

The issue is that it takes 5 days to close, so the next one cannot be opened until the old one is closed.  As soon as the new one is open u can transfer money into it, so no hanging around.

masonic

flaneurs_lobster said:

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?

I'm not convinced it does speed up the whole process, but it can't hurt. Though I've kept the one they automatically opened the first time and maturity funds have gone into that in subsequent years, it still takes them several days to credit the money into the other savings account, and this varies, suggesting there is a manual step.