Maturing first direct regular saver disappeared from FD account list

gele

Hi
As per the title, my hubby's FD regular saver matures tomorrow [30th] but it has disappeared already from list of accounts. Is this normal?  I didn't think it would disappear as such, just though it would change tomorrow from a regular saver to a standard saver. Has anyone else that has one   maturing tomorrow checked their account?

eskbanker

Their maturity letters clarify:

You won't be able to see your money either in our App or Online Banking while the maturity is taking place - don't worry, this is normal...

masonic

Yes, it does normally disappear. A side effect I've used to my advantage is that when it disappears there is a window of opportunity to apply for a new one without having to wait for the maturity process to complete. This can save a couple of days where you are otherwise waiting in limbo beyond the maturity date. It will reappear with interest in due course, and then become a standard saver a couple of days later. The time this takes tends to vary, as it seems manual intervention is still required for some reason (unlike for example HSBC's regular saver).

gele

Thanks for the super quick responses. I do now remember reading something to that effect Eskbanker. Thanks Masonic, that's good to know as he is going to apply for a new one.

Ricky_M

Does anyone else think that First Direct are using a stupid system for this? It is also happening to me at the end of December. They are going to spend five days opening a savings account with a measly 2% interest which I am obviously going to close straight away. Why not just put the money straight into my current account? They have had one year to prepare the paperwork! Anyway rant over

Bigwheels1111

Ricky_M said:

Does anyone else think that First Direct are using a stupid system for this? It is also happening to me at the end of December. They are going to spend five days opening a savings account with a measly 2% interest which I am obviously going to close straight away. Why not just put the money straight into my current account? They have had one year to prepare the paperwork! Anyway rant over

Why not open the 4% saver first.

I did.

I call up on the day it matures, I say can i have my money now, reply ok.

10 mins later its in my account.

Swipe

If you need access to your money on the day it matures, you can call them and they will transfer it to your current account.

Albermarle

Ricky_M said:

Does anyone else think that First Direct are using a stupid system for this? It is also happening to me at the end of December. They are going to spend five days opening a savings account with a measly 2% interest which I am obviously going to close straight away. Why not just put the money straight into my current account? They have had one year to prepare the paperwork! Anyway rant over

They probably hope that many customers will do nothing, and leave it in the saver account at 2 % interest.

AmityNeon

Ricky_M said:

Does anyone else think that First Direct are using a stupid system for this? It is also happening to me at the end of December. They are going to spend five days opening a savings account with a measly 2% interest which I am obviously going to close straight away. Why not just put the money straight into my current account? They have had one year to prepare the paperwork! Anyway rant over

My FD Regular Saver had a maturity date of 30-Dec-2023 (Saturday) but disappeared from view a few days before that (though I don't know exactly when). At ~4:30 PM on the maturity date, I applied for a new Regular Saver. I already hold the standard Savings Account and the matured RS balance was automatically credited to that account with a transaction date of 30-Dec-2023; this happened either later that Saturday, or on Sunday just after midnight (when I happened to check), because the matured balance had not yet been credited when I applied for the new Regular Saver at ~4:30 PM.

On Sunday, 31-Dec-2023, in the early afternoon, I transferred the matured RS balance from the savings account to my current account, and shortly after, the new Regular Saver was suddenly open, with £300 having been collected from my current account. At no point did the old Regular Saver ever reappear after disappearing.

Given the number of references to working days in published timeframes, I was pleasantly surprised with the turn of events (i.e. everything happened over the weekend), especially considering I hadn't contacted FD at all. Had I applied for the new Regular Saver earlier in the week as soon as I noticed the former's disappearance (if possible before its maturity date), perhaps there wouldn't have been a single day of downtime.

ZeroSum

Ricky_M said:

Does anyone else think that First Direct are using a stupid system for this? It is also happening to me at the end of December. They are going to spend five days opening a savings account with a measly 2% interest which I am obviously going to close straight away. Why not just put the money straight into my current account? They have had one year to prepare the paperwork! Anyway rant over

FD have quite a few weird systems that are out dated & offer a sub standard service compared to other banks (lord knows how they get these high scores for service). However, after finding out on here, that if you contact them (I did via online app chat) they did move it into current account fairly quickly. I know many don't see the issue in this, but you really shouldn't have to do this & should just mature on the real actual date automatically.

Bigwheels1111

ZeroSum said:

Ricky_M said:

Does anyone else think that First Direct are using a stupid system for this? It is also happening to me at the end of December. They are going to spend five days opening a savings account with a measly 2% interest which I am obviously going to close straight away. Why not just put the money straight into my current account? They have had one year to prepare the paperwork! Anyway rant over

FD have quite a few weird systems that are out dated & offer a sub standard service compared to other banks (lord knows how they get these high scores for service). However, after finding out on here, that if you contact them (I did via online app chat) they did move it into current account fairly quickly. I know many don't see the issue in this, but you really shouldn't have to do this & should just mature on the real actual date automatically.

I know some things are wired and outdated, but you spoke or typed a real person who took action and resolved you issue there and then.
That’s why they get good reviews.
FD, wins for me two ways, best customer service, plus most good Will gestures around 2k from memory.
Second place TSB  £1100 for their screw ups.
Third place, Chase £500. They give £50 per issue.