First Direct Regular Saver

miabrown

Hi all. Ive just opened the First Direct Regular Saver which says it will open in 3 days and will take the first amount also. What I cannot ascertain is where it will take the funds from as it didnt ask. Does it take it from your FD current account?
Thanks

Bigwheels1111

FD reg saver only fund from a FD account.

400ixl

Yes, from your linked FD current account.

CricketLady

It will also take the next 11 payments by standing order (that it sets up for you - you don't need to do anything) on the same subsequent dates, so it's worth keeping an eye on which date it actually takes that first payment, so you know when each future month's payment will be taken from your FD current account. 

boingy

Yes, only from your FD current account and only via the standing order they set up for you. I made the mistake of cancelling that SO and setting up one from a current account at a different bank, which failed and I ended up having to contact FD support to rectify it.  It's a daft restriction in my view and just means we have to jump through an extra hoop if we want to fund it from elsewhere. The end of the 12 months is equally as daft. The money disappears completely for a few days then reappears either in your FD "normal" savings account if you have one or in a new savings account. You can't set up a new regular saver until the money has reappeared. It just seems to be admin for the sake of it. 

My second regular saver has just matured and, to add insult to injury, this time they "fraud blocked" the transfer out of the proceeds, even though the transfer was to the same account that had been funding the regular saver and to which I had made various previous transfers. It would be a weird fraud where the fraudster spends a year gradually filling up a saver then transfers the resulting amount back to that same account. A whole year to make a profit of about £137. 

surreysaver

boingy said:

Yes, only from your FD current account and only via the standing order they set up for you. I made the mistake of cancelling that SO and setting up one from a current account at a different bank, which failed and I ended up having to contact FD support to rectify it.  It's a daft restriction in my view and just means we have to jump through an extra hoop if we want to fund it from elsewhere. The end of the 12 months is equally as daft. The money disappears completely for a few days then reappears either in your FD "normal" savings account if you have one or in a new savings account. You can't set up a new regular saver until the money has reappeared. It just seems to be admin for the sake of it. 

My second regular saver has just matured and, to add insult to injury, this time they "fraud blocked" the transfer out of the proceeds, even though the transfer was to the same account that had been funding the regular saver and to which I had made various previous transfers. It would be a weird fraud where the fraudster spends a year gradually filling up a saver then transfers the resulting amount back to that same account. A whole year to make a profit of about £137. 

If you want 7%, you have to jump through hoops. And read T&Cs.

boingy

surreysaver said:

boingy said:

Yes, only from your FD current account and only via the standing order they set up for you. I made the mistake of cancelling that SO and setting up one from a current account at a different bank, which failed and I ended up having to contact FD support to rectify it.  It's a daft restriction in my view and just means we have to jump through an extra hoop if we want to fund it from elsewhere. The end of the 12 months is equally as daft. The money disappears completely for a few days then reappears either in your FD "normal" savings account if you have one or in a new savings account. You can't set up a new regular saver until the money has reappeared. It just seems to be admin for the sake of it. 

My second regular saver has just matured and, to add insult to injury, this time they "fraud blocked" the transfer out of the proceeds, even though the transfer was to the same account that had been funding the regular saver and to which I had made various previous transfers. It would be a weird fraud where the fraudster spends a year gradually filling up a saver then transfers the resulting amount back to that same account. A whole year to make a profit of about £137. 

If you want 7%, you have to jump through hoops. And read T&Cs.

An unnecessary hoop, and one that most other regular severs do not make you do. I currently have six other RS accounts at various places. Interest rates between 6.5% and 10%. All allow direct deposits from elsewhere. I jumped through the FD hoops and got the money. It doesn't mean their system is sensible but feel free to defend it anyway. 

WillPS

boingy said:

surreysaver said:

boingy said:

Yes, only from your FD current account and only via the standing order they set up for you. I made the mistake of cancelling that SO and setting up one from a current account at a different bank, which failed and I ended up having to contact FD support to rectify it.  It's a daft restriction in my view and just means we have to jump through an extra hoop if we want to fund it from elsewhere. The end of the 12 months is equally as daft. The money disappears completely for a few days then reappears either in your FD "normal" savings account if you have one or in a new savings account. You can't set up a new regular saver until the money has reappeared. It just seems to be admin for the sake of it. 

My second regular saver has just matured and, to add insult to injury, this time they "fraud blocked" the transfer out of the proceeds, even though the transfer was to the same account that had been funding the regular saver and to which I had made various previous transfers. It would be a weird fraud where the fraudster spends a year gradually filling up a saver then transfers the resulting amount back to that same account. A whole year to make a profit of about £137. 

If you want 7%, you have to jump through hoops. And read T&Cs.

An unnecessary hoop, and one that most other regular severs do not make you do. I currently have six other RS accounts at various places. Interest rates between 6.5% and 10%. All allow direct deposits from elsewhere. I jumped through the FD hoops and got the money. It doesn't mean their system is sensible but feel free to defend it anyway. 

How many of those expressly allow deposits from accounts held elsewhere, rather than just tolerate it for lack of any way of enforcing the rule?

It's not a completely arbitrary T&C, the regular saver is meant to be a sweetener for actually using their current account. It's also not completely alone in enforcing that term, even in the range you state Zopa also don't allow standing orders from other accounts.

kaMelo

boingy said:

surreysaver said:

boingy said:

Yes, only from your FD current account and only via the standing order they set up for you. I made the mistake of cancelling that SO and setting up one from a current account at a different bank, which failed and I ended up having to contact FD support to rectify it.  It's a daft restriction in my view and just means we have to jump through an extra hoop if we want to fund it from elsewhere. The end of the 12 months is equally as daft. The money disappears completely for a few days then reappears either in your FD "normal" savings account if you have one or in a new savings account. You can't set up a new regular saver until the money has reappeared. It just seems to be admin for the sake of it. 

My second regular saver has just matured and, to add insult to injury, this time they "fraud blocked" the transfer out of the proceeds, even though the transfer was to the same account that had been funding the regular saver and to which I had made various previous transfers. It would be a weird fraud where the fraudster spends a year gradually filling up a saver then transfers the resulting amount back to that same account. A whole year to make a profit of about £137. 

If you want 7%, you have to jump through hoops. And read T&Cs.

An unnecessary hoop, and one that most other regular severs do not make you do. I currently have six other RS accounts at various places. Interest rates between 6.5% and 10%. All allow direct deposits from elsewhere. I jumped through the FD hoops and got the money. It doesn't mean their system is sensible but feel free to defend it anyway. 

You no doubt know by holding multiple regular savers that many providers have their own quirks and flaws, I don't think anyone is defending them for having such quirks, just saying that's how they do things. As above, Zopa is another along with Santander where it's not possible to pay in from an outside account.

Maybe they will change in the future, but until then we do what is necessary to make use of the accounts.

grumpy_codger

WillPS said:

boingy said:

surreysaver said:

boingy said:

Yes, only from your FD current account and only via the standing order they set up for you. I made the mistake of cancelling that SO and setting up one from a current account at a different bank, which failed and I ended up having to contact FD support to rectify it.  It's a daft restriction in my view and just means we have to jump through an extra hoop if we want to fund it from elsewhere. The end of the 12 months is equally as daft. The money disappears completely for a few days then reappears either in your FD "normal" savings account if you have one or in a new savings account. You can't set up a new regular saver until the money has reappeared. It just seems to be admin for the sake of it. 

My second regular saver has just matured and, to add insult to injury, this time they "fraud blocked" the transfer out of the proceeds, even though the transfer was to the same account that had been funding the regular saver and to which I had made various previous transfers. It would be a weird fraud where the fraudster spends a year gradually filling up a saver then transfers the resulting amount back to that same account. A whole year to make a profit of about £137. 

If you want 7%, you have to jump through hoops. And read T&Cs.

An unnecessary hoop, and one that most other regular severs do not make you do. I currently have six other RS accounts at various places. Interest rates between 6.5% and 10%. All allow direct deposits from elsewhere. I jumped through the FD hoops and got the money. It doesn't mean their system is sensible but feel free to defend it anyway. 

How many of those expressly allow deposits from accounts held elsewhere, rather than just tolerate it for lack of any way of enforcing the rule?

"You can do this from an external account or another account with Virgin Money." - Virgin
"Transfer money from your Co-operative Bank accounts or other bank accounts" - Coop
Is this expressly enough? And these were the first two I checked starting from the top.

They do stipulate having a current account - and this is more than sufficient for their regular saver to be a "sweetener". Any extra hoops are excessive.

boingy

kaMelo said:

You no doubt know by holding multiple regular savers that many providers have their own quirks and flaws,

We're heading a bit off topic now but, yes, there are plenty of quirks and flaws to be found in various regular saver accounts and we choose to put up if with them if we want the benefits, but it doesn't mean we have to like them!