First Direct Regular Saver funding?

Yorkshire_Pud

FD t&c are that the payment has to come from the customers 1st current account. Not only do you have to specify  to FD admin in advance the amount you intend to invest in a given month you can’t increase it to the max £300 if you made a lower payment prior in that month. Inflexible and rigid terms.

What I would like to do is fund the RS from an external account as I don’t keep any money in the current account and worry I might forget to fund it just before the transfer takes place and going overdrawn x 12 times a year. Is this funding of the RS from an external account something anyone has managed?

My current RS matures soon and I’m in two minds whether to bother opening another due to the above terms.

masonic

You might be better off with an easy access account if flexibility is your priority. Personally, I'm happy to endure some inflexibility for a high rate of interest. The purpose of the RS is to encourage use of the linked current account. You get a £250 interest free overdraft and can fund the current account via standing order from an external account if you wish.

Vortigern

No you can't feed the RS from an external account. You could feed the FD current account by standing order from your preferred current account.

Yorkshire_Pud

I usually set up a payment from my Santander easy access account a month in advance for the first of the next month. I don’t keep any funds in current accounts except to pay direct debits and standing orders that come out early ish in each month.

Thanks for clarifying there’s no workaround. TSB monthly saver is the same except the payment can be from an external current account but has to still be by standing order.

masonic

Yorkshire_Pud said:

Thanks for clarifying there’s no workaround. TSB monthly saver is the same except the payment can be from an external current account but has to still be by standing order.

I don't think that's correct actually. I'm sure I've previously manually fired into a TSB RS from an external account. It is unlikely they'd be able to tell the difference.

Bridlington1

Yorkshire_Pud said:

you can’t increase it to the max £300 if you made a lower payment prior in that month. 

You can increase the monthly payment to £300 if you wish. The Ts&Cs state: 



Not only that, the Ts&Cs go on to state.


In other words if you only pay in, say, £25/mth for the first 6 months, you could deposit £1.95k in month 7 to catch up on the unused subscriptions.

surreysaver

Yorkshire_Pud said:

I usually set up a payment from my Santander easy access account a month in advance for the first of the next month. I don’t keep any funds in current accounts except to pay direct debits and standing orders that come out early ish in each month.

Thanks for clarifying there’s no workaround. TSB monthly saver is the same except the payment can be from an external current account but has to still be by standing order.

The TSB account can be from an external provider, and it can be a manual payment as well; it doesn't have to be by standing order.
It's also easy access, unlike the First Direct one.

wmb194

You can change the FD SO by deleting it and seeing up a new one for the amount you want. I did it last week.

Bigwheels1111

TSB manual payment from another account is fine, I try to open new reg saver on the last day of the month, then fund again on the first.

I then set up a SO for the rest of the term.

Principality are ok with it and most of my other reg savers are.

Roll on the 31st and Principality issue 3, I will add it too my two issues 2 accounts.

itsthelittlethings

FD you can increase and decrease the payment month to month. I think you can also carry over your allowance to the next month if you don't use all of it.

jaypers

I don’t see what the issue is. They set up the SO from your 1st a/c so just set up another standing order somewhere to fund the 1st a/c from wherever you want.