First Direct Regular Saver

WindfallWendy

I didn't realise they set up the SO for my RS so I set my own up to hit 1st month (after my RS account was opened and credited on about 17th of the month). They returned the payment I'd tried to set up and said my account was already maxed out for the month and I had to wait until 17th of the month to be able to make the second payment. 

I recall it taking a couple of days to set up, so I'd be inclined to open future ones on 27th or 28th, to get an opening date of 1st or 2nd. 

WindfallWendy

Talking of silly hoops though, I've jumped through hoops setting up current accounts with 2 DDs on so I can benefit from the switch and save deals. I'm sure a bunch of people on here do that too. But now find myself unable to switch and save again as I need the current accounts for the Reg Saver deals 😂🫣🤨 And I also play silly games transferring £1000 from one account to another each week, so it meets the "income" needed to cancel out any account fees, and meet the criteria for any longer term "stay" criteria (e.g. Co-Ops £25/month for three months if you do x, y and z each month).

It's a fun little schedule, and for the bit of time it takes, the satisfaction of playing them at their own game, is almost enough to make it feel worthwhile! To get £80-140 per RS is a nice little bonus!! Having to add that to my income and pay tax on it all is the more annoying bit, I find.

AmityNeon

Chaykin said:

kaysdee said:

I’ve cancelled their SO and set my own up (from 1st account to RS) for the 1st of the month for the past 3 years. Interest as expected at the end of each term.

I have heard that this is possible however I thought there were rumours that the interest rate does not kick in for that month's payment until the "monthiversary" date? So, as an example, if your original SO was for the 15th of each month and you transfer £300 on the 1st via your own new SO that £300 won't start earning interest until the 15th. Not sure if it's true though? 🤷‍♂️ Same applies to HSBC RS my understanding was.

It's not a rumour. As per the terms of the account (copy/paste/find the below sentence):

If you save more than the Maximum Monthly Balance, we'll pay you interest on the extra at the relevant Savings Account rate.

So the £300 earns interest immediately at the Saving Account rate (currently 1.50% AER), until the Maximum Monthly Balance increases around the day of the month the account was opened.

Stargunner

WindfallWendy said:

Talking of silly hoops though, I've jumped through hoops setting up current accounts with 2 DDs on so I can benefit from the switch and save deals. I'm sure a bunch of people on here do that too. But now find myself unable to switch and save again as I need the current accounts for the Reg Saver deals 😂🫣🤨 And I also play silly games transferring £1000 from one account to another each week, so it meets the "income" needed to cancel out any account fees, and meet the criteria for any longer term "stay" criteria (e.g. Co-Ops £25/month for three months if you do x, y and z each month).

It's a fun little schedule, and for the bit of time it takes, the satisfaction of playing them at their own game, is almost enough to make it feel worthwhile! To get £80-140 per RS is a nice little bonus!! Having to add that to my income and pay tax on it all is the more annoying bit, I find.

Banks allow you to have more than one current account, so just open another one, then you can switch your account with the DD's on for more switching offers and keep your new current account to allow you access to their regular savers. 

surreysaver

WindfallWendy said:

I didn't realise they set up the SO for my RS so I set my own up to hit 1st month (after my RS account was opened and credited on about 17th of the month). They returned the payment I'd tried to set up and said my account was already maxed out for the month and I had to wait until 17th of the month to be able to make the second payment. 

I recall it taking a couple of days to set up, so I'd be inclined to open future ones on 27th or 28th, to get an opening date of 1st or 2nd. 

It's all in the T&Cs.  It pays to read the T&Cs if you're playing the banks, as otherwise you may end up tripping yourself up by not meeting certain conditions.