Maturing first direct regular saver disappeared from FD account list

masonic

intalex said:

masonic said:

But wouldn't you miss out on the extra day(s) interest @ 7% if you did that? Mine was available in my savings account on Sunday, and I received interest to Saturday inclusive.

I will move away on maturity date, which is the maximum days' interest at 7% secured. If I understand your point above correctly, you earned 1 day's interest (Saturday night) at the lower rate in the easy access and not at 7%?

The money was not in the easy access on Saturday night. It wasn't there on Sunday morning. It appeared at some point in the afternoon as I spotted it and moved it to Chase in time to earn interest there on Sunday. My calculations support that the interest earned on Saturday night while it was still disappeared in the RS was at 7% (interest is correct to the penny based on it accruing at 1/365th of 7% per day - even though this is a 366 day account year). If it had earned interest at the easy access 2% rate on the last day, I'd have been 49p short.

If I ever had the opportunity for the maturity process to take the 5 working days FD warns in their FAQ, then I'd be receiving 7% on the money during that time, either volunteered by FD or via complaint. In previous years my statement has shown interest at 7% up to the day before the money is transferred out, so no loss of interest. It doesn't look like this year will be any different.

intalex

masonic said:

intalex said:

masonic said:

But wouldn't you miss out on the extra day(s) interest @ 7% if you did that? Mine was available in my savings account on Sunday, and I received interest to Saturday inclusive.

I will move away on maturity date, which is the maximum days' interest at 7% secured. If I understand your point above correctly, you earned 1 day's interest (Saturday night) at the lower rate in the easy access and not at 7%?

The money was not in the easy access on Saturday night. It wasn't there on Sunday morning. It appeared at some point in the afternoon as I spotted it and moved it to Chase in time to earn interest there on Sunday. My calculations support that the interest earned on Saturday night while it was still disappeared in the RS was at 7% (interest is correct to the penny based on it accruing at 1/365th of 7% per day - even though this is a 366 day account year). If it had earned interest at the easy access 2% rate on the last day, I'd have been 49p short.

If I ever had the opportunity for the maturity process to take the 5 working days FD warns in their FAQ, then I'd be receiving 7% on the money during that time, either volunteered by FD or via complaint. In previous years my statement has shown interest at 7% up to the day before the money is transferred out, so no loss of interest. It doesn't look like this year will be any different.

That's very interesting, so the trick is to let them take their time with their manual processes??

katejo

intalex said:

I have one maturing on Wednesday but at some point today it disappeared from my app and I have just finished applying for my next one. Already have the easy access saver, but will probably get in touch via app chat on Wednesday morning to manually transfer maturity proceeds into my current account. I had hoped this year things will be more automated, but I guess it's still not a priority.

I have one maturing on May 19th. I have had a letter and several messages about it but it is still in the Regular saver and shows on the app. 

Bigwheels1111

katejo said:

intalex said:

I have one maturing on Wednesday but at some point today it disappeared from my app and I have just finished applying for my next one. Already have the easy access saver, but will probably get in touch via app chat on Wednesday morning to manually transfer maturity proceeds into my current account. I had hoped this year things will be more automated, but I guess it's still not a priority.

I have one maturing on May 19th. I have had a letter and several messages about it but it is still in the Regular saver and shows on the app. 

Mine stayed in the app and in the same order, what to look out for is when the regular saver has paid interest and when you go into the account in the top left it states 2%. 

Or it lets you open a new one.

masonic

intalex said:

masonic said:

intalex said:

masonic said:

But wouldn't you miss out on the extra day(s) interest @ 7% if you did that? Mine was available in my savings account on Sunday, and I received interest to Saturday inclusive.

I will move away on maturity date, which is the maximum days' interest at 7% secured. If I understand your point above correctly, you earned 1 day's interest (Saturday night) at the lower rate in the easy access and not at 7%?

The money was not in the easy access on Saturday night. It wasn't there on Sunday morning. It appeared at some point in the afternoon as I spotted it and moved it to Chase in time to earn interest there on Sunday. My calculations support that the interest earned on Saturday night while it was still disappeared in the RS was at 7% (interest is correct to the penny based on it accruing at 1/365th of 7% per day - even though this is a 366 day account year). If it had earned interest at the easy access 2% rate on the last day, I'd have been 49p short.

If I ever had the opportunity for the maturity process to take the 5 working days FD warns in their FAQ, then I'd be receiving 7% on the money during that time, either volunteered by FD or via complaint. In previous years my statement has shown interest at 7% up to the day before the money is transferred out, so no loss of interest. It doesn't look like this year will be any different.

That's very interesting, so the trick is to let them take their time with their manual processes??

They've never taken much time with mine (except perhaps my very first where they needed to open an easy access saver), but I wouldn't mind if they did. The more days the account remains open at the maximum balance the better as far as I'm concerned. It is just a shame you have to watch closely for the money to reappear as it can happen at any time.

masonic

katejo said:

intalex said:

I have one maturing on Wednesday but at some point today it disappeared from my app and I have just finished applying for my next one. Already have the easy access saver, but will probably get in touch via app chat on Wednesday morning to manually transfer maturity proceeds into my current account. I had hoped this year things will be more automated, but I guess it's still not a priority.

I have one maturing on May 19th. I have had a letter and several messages about it but it is still in the Regular saver and shows on the app. 

It usually disappears a day or two before maturity. It is good to catch this window of opportunity to apply for the next one as early as possible.

jameseonline

masonic said:

katejo said:

intalex said:

I have one maturing on Wednesday but at some point today it disappeared from my app and I have just finished applying for my next one. Already have the easy access saver, but will probably get in touch via app chat on Wednesday morning to manually transfer maturity proceeds into my current account. I had hoped this year things will be more automated, but I guess it's still not a priority.

I have one maturing on May 19th. I have had a letter and several messages about it but it is still in the Regular saver and shows on the app. 

It usually disappears a day or two before maturity. It is good to catch this window of opportunity to apply for the next one as early as possible.

The regular saver does disappear & never comes back, it gets converted to a 2% Savings Account or if you already have a 2% Savings Account the money just gets transferred to that.

TheBanker

Mine matures on Sunday. This is the first year I've had one of these accounts so I've not had the pleasure of FD's maturity process before. But it all seems very odd - money/account disapearing for a while, then coming back as a different type of account, which I don't want. Would be far easier if they just returned the money to the FD current account, or at least gave you that option! 

Sadly my balance is earmarked for spending, and i'll be over my PSA next tax year anyway, so I don't think I'll be opening another one of these accounts. 

jameseonline

TheBanker said:

Mine matures on Sunday. This is the first year I've had one of these accounts so I've not had the pleasure of FD's maturity process before. But it all seems very odd - money/account disapearing for a while, then coming back as a different type of account, which I don't want. Would be far easier if they just returned the money to the FD current account, or at least gave you that option! 

Sadly my balance is earmarked for spending, and i'll be over my PSA next tax year anyway, so I don't think I'll be opening another one of these accounts. 

Not majorly odd, most regular accounts change to an account paying less, so the only odd thing is the account disappearing for a day or so, you'll get messaging in app beforehand saying your account is maturing with a link to find out more, so you should be reassured etc.

You don't have to use the 2% account same as any other regular savings account provider that changes to another low rate account, you free to move money between accounts and out of the provider.

In case of First Direct it seems if you already have a 2% account the maturity process can be quicker than if you don't though.

If you find the maturity process is taking a stupidly long time to complete you can call them up and ask them to transfer the money to your First Direct Current Account, they may be able to transfer the bulk if not the full amount to it.

I've done that in the past successfully.

hoc

Best customer service according to a certain someone...