First direct Regular saver 13th payment?

[Deleted User]
[Deleted User] Posts: 0 Newbie
100 Posts Name Dropper Photogenic
edited 19 July 2024 at 7:56PM in Savings & investments
Hello.

Well does anybody know if you can deposit  a 13th payment.
I read that a minimum  payment of £3600, so can you add more?
«13

Comments

  • ColdIron
    ColdIron Posts: 9,720 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    First Direct are 12 payments only. Monthly anniversary of account opening
  • jaypers
    jaypers Posts: 1,020 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    They do everything with the set up. 12 payments only. 
  • Rich1976
    Rich1976 Posts: 671 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 20 July 2024 at 1:26PM
    £3600 is the maximum you can pay in over 12 months , not the minimum. 
    The minimum is £25 per month up to £300.
  • eskbanker
    eskbanker Posts: 36,650 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 31 October 2024 at 1:46PM
    I read that a minimum  payment of £3600, so can you add more?
    Where did you read that?
  • jameseonline
    jameseonline Posts: 1,008 Forumite
    500 Posts First Anniversary Name Dropper
    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 account 
  • FIREmenow
    FIREmenow Posts: 375 Forumite
    100 Posts Second Anniversary Name Dropper
    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!
  • AmityNeon
    AmityNeon Posts: 1,080 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 20 July 2024 at 10:53PM
    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.

  • 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.

    So just set up a SO say for the 1st and forget about it for 12 months?
  • WillPS
    WillPS Posts: 4,937 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    edited 31 October 2024 at 1:46PM
    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.

    So just set up a SO say for the 1st and forget about it for 12 months?
    To be clear - you can't set up a standing order for this one, First Direct have to do it for you. Once created the day of the month it's taken can't be changed without creating a new regular saver.
  • wmb194
    wmb194 Posts: 4,634 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 31 October 2024 at 1:46PM
    WillPS 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.

    So just set up a SO say for the 1st and forget about it for 12 months?
    To be clear - you can't set up a standing order for this one, First Direct have to do it for you. Once created the day of the month it's taken can't be changed without creating a new regular saver.
    No, you can do it yourself. First you delete the existing SO and then next day setup the new one. If you try to set it up immediately it won’t work.
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