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First direct Regular saver 13th payment?
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)

Well does anybody know if you can deposit a 13th payment.
I read that a minimum payment of £3600, so can you add more?
Comments
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First Direct are 12 payments only. Monthly anniversary of account opening
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They do everything with the set up. 12 payments only.3
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£3600 is the maximum you can pay in over 12 months , not the minimum.The minimum is £25 per month up to £300.2
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[Deleted User] said:I read that a minimum payment of £3600, so can you add more?2
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MAX pay in is £3600 a year, based on £300 MAX pay in a month & the fact you have to have a standing order from your First Direct current account2
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Someone posted a few months back that First Direct's system is based on a year starting in February, so assumes the first month is always 28 days. I started a new Reg Saver in June so recreated the standing order to be earlier to see what would happen (for science). Only one SO has come out so far, no issues yet.
The way their system works had a name, apologies to the poster - I can't remember the details but it was very comprehensive!1 -
FIREmenow said:
Someone posted a few months back that First Direct's system is based on a year starting in February, so assumes the first month is always 28 days. I started a new Reg Saver in June so recreated the standing order to be earlier to see what would happen (for science). Only one SO has come out so far, no issues yet.
The way their system works had a name, apologies to the poster - I can't remember the details but it was very comprehensive!
That was HSBC, but First Direct should also function in the same way. Payment windows are based on calendar months, but balances above the Maximum Monthly Balance (MMB) only earn interest at the standard saver rate. Each account month, the MMB increases by £300, and the first account month always has 28 days (i.e. the annual period in terms of days per month runs from February to January). I call it the 'displaced annual period'.
Date MMB Balance 27-Jun-24 £300.00 £300.00 01-Jul-24 £300.00 £600.00 25-Jul-24 £600.00 £600.00
- 27/06/24 - Account opened with £300 deposit
- 01/07/24 - Second £300 deposit (via new standing order)
- Payment window is based on calendar months so the second deposit can be made on 1st July, but the MMB has not increased so the second deposit earns interest at the standard saver rate.
- 25/07/24 - 28 days after account opening, the MMB increases, allowing the whole account balance to earn full interest.
TL;DR - Set and forget. Having a standard savings account already open can help expedite the maturity process.
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AmityNeon said:FIREmenow said:
Someone posted a few months back that First Direct's system is based on a year starting in February, so assumes the first month is always 28 days. I started a new Reg Saver in June so recreated the standing order to be earlier to see what would happen (for science). Only one SO has come out so far, no issues yet.
The way their system works had a name, apologies to the poster - I can't remember the details but it was very comprehensive!
That was HSBC, but First Direct should also function in the same way. Payment windows are based on calendar months, but balances above the Maximum Monthly Balance (MMB) only earn interest at the standard saver rate. Each account month, the MMB increases by £300, and the first account month always has 28 days (i.e. the annual period in terms of days per month runs from February to January). I call it the 'displaced annual period'.
Date MMB Balance 27-Jun-24 £300.00 £300.00 01-Jul-24 £300.00 £600.00 25-Jul-24 £600.00 £600.00
- 27/06/24 - Account opened with £300 deposit
- 01/07/24 - Second £300 deposit (via new standing order)
- Payment window is based on calendar months so the second deposit can be made on 1st July, but the MMB has not increased so the second deposit earns interest at the standard saver rate.
- 25/07/24 - 28 days after account opening, the MMB increases, allowing the whole account balance to earn full interest.
TL;DR - Set and forget. Having a standard savings account already open can help expedite the maturity process.
0 -
[Deleted User] said:AmityNeon said:FIREmenow said:
Someone posted a few months back that First Direct's system is based on a year starting in February, so assumes the first month is always 28 days. I started a new Reg Saver in June so recreated the standing order to be earlier to see what would happen (for science). Only one SO has come out so far, no issues yet.
The way their system works had a name, apologies to the poster - I can't remember the details but it was very comprehensive!
That was HSBC, but First Direct should also function in the same way. Payment windows are based on calendar months, but balances above the Maximum Monthly Balance (MMB) only earn interest at the standard saver rate. Each account month, the MMB increases by £300, and the first account month always has 28 days (i.e. the annual period in terms of days per month runs from February to January). I call it the 'displaced annual period'.
Date MMB Balance 27-Jun-24 £300.00 £300.00 01-Jul-24 £300.00 £600.00 25-Jul-24 £600.00 £600.00
- 27/06/24 - Account opened with £300 deposit
- 01/07/24 - Second £300 deposit (via new standing order)
- Payment window is based on calendar months so the second deposit can be made on 1st July, but the MMB has not increased so the second deposit earns interest at the standard saver rate.
- 25/07/24 - 28 days after account opening, the MMB increases, allowing the whole account balance to earn full interest.
TL;DR - Set and forget. Having a standard savings account already open can help expedite the maturity process.
3 -
WillPS said:[Deleted User] said:AmityNeon said:FIREmenow said:
Someone posted a few months back that First Direct's system is based on a year starting in February, so assumes the first month is always 28 days. I started a new Reg Saver in June so recreated the standing order to be earlier to see what would happen (for science). Only one SO has come out so far, no issues yet.
The way their system works had a name, apologies to the poster - I can't remember the details but it was very comprehensive!
That was HSBC, but First Direct should also function in the same way. Payment windows are based on calendar months, but balances above the Maximum Monthly Balance (MMB) only earn interest at the standard saver rate. Each account month, the MMB increases by £300, and the first account month always has 28 days (i.e. the annual period in terms of days per month runs from February to January). I call it the 'displaced annual period'.
Date MMB Balance 27-Jun-24 £300.00 £300.00 01-Jul-24 £300.00 £600.00 25-Jul-24 £600.00 £600.00
- 27/06/24 - Account opened with £300 deposit
- 01/07/24 - Second £300 deposit (via new standing order)
- Payment window is based on calendar months so the second deposit can be made on 1st July, but the MMB has not increased so the second deposit earns interest at the standard saver rate.
- 25/07/24 - 28 days after account opening, the MMB increases, allowing the whole account balance to earn full interest.
TL;DR - Set and forget. Having a standard savings account already open can help expedite the maturity process.
1
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