First Direct Regular Saver

WillPS

grumpy_codger said:

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.

Indeed, so some do - but also do but also some don't. It's up to them which strings they want to attach to their loss leaders, and if they do how rigidly them enforce them, nobody has to use them.

Regular savers are by their nature faffy already compared to just being able save lump sums 'normally' - no pain, no gain.

EarthBoy

boingy said:

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 Regular Saver matured last month, and I was expecting this delay, as usual, but to my surprise the balance was transferred to my savings account the same day.  It still took several days before I could open a new Regular Saver.  

Rich1976

boingy said:

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!

Whilst I do bank with FD and do find them very good, I am not a fan of some of their processes. However instead of waiting a few days for the money to be transferred to a savings account, you can of course call them up and they will do it immediately over the phone.

Also it does state in the terms and conditions that payment can only be made from a FD current account.

As regards any faff, nobody is forcing anyone to have that account and it is for the individual to decide whether interest of a maximum of about £136 after a year is worth the faff.

grumpy_codger

Rich1976 said:

boingy said:

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!

As regards any faff, nobody is forcing anyone to have that account and it is for the individual to decide whether interest of a maximum of about £136 after a year is worth the ffaff.

It would be correct to say EXTRA interest of about £60 (currently, compared to no-frills savings at about 4%).
For me personally, it's worth it.

Rich1976

grumpy_codger said:

Rich1976 said:

boingy said:

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!

As regards any faff, nobody is forcing anyone to have that account and it is for the individual to decide whether interest of a maximum of about £136 after a year is worth the ffaff.

It would be correct to say EXTRA interest of about £60 (currently, compared to no-frills savings at about 4%).
For me personally, it's worth it.

I have one of the accounts also and agree it is worth it for the extra interest .

twadds123

I get it is a slightly annoying restriction but it's not a lot of extra work.

All my regular savers are fed from the same bank account that now only does that. 

I put money into that when needed and send it where it needs to go through standing orders.

For First Direct I just send it 1 day early from that account to the first direct bank account ready for them to automatically move it into the saver.

no big issue for 7% fixed

Stanleychops

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. 

Where are you getting 10% on a RS out of interest?  I cannot find anything over 4.5% unless I am already a customer (like the FD example)

Yorkie1

Stanleychops said:

Where are you getting 10% on a RS out of interest?  I cannot find anything over 4.5% unless I am already a customer (like the FD example)

Virgin money had a regular saver at 10% open at some point in the last year.

flaneurs_lobster

Stanleychops 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. 

Where are you getting 10% on a RS out of interest?  I cannot find anything over 4.5% unless I am already a customer (like the FD example)

Virgin Money offered 10% on £250/mth last June/July for current account holders, but no longer available.

boingy

Stanleychops 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. 

Where are you getting 10% on a RS out of interest?  I cannot find anything over 4.5% unless I am already a customer (like the FD example)

Yeah, Virgin. 10% £250 pcm  - mine ends in July.