First Direct Regular Saver - stay open if switch away?

Lehane

Hi! I have a First Direct Regular saver that will mature in January, currently just under £3k in it.

I've not switched current accounts for ages so looking at switching to Club Lloyds, but do I need to wait until the regular saver matures? If I switch before would it close the savings account or am I still eligible on the interest for what's in there already?

Can't find the answer when I've looked so appreciate any guidance / knowledge! Thanks!

wmb194

Lehane said:

Hi! I have a First Direct Regular saver that will mature in January, currently just under £3k in it.

I've not switched current accounts for ages so looking at switching to Club Lloyds, but do I need to wait until the regular saver matures? If I switch before would it close the savings account or am I still eligible on the interest for what's in there already?

Can't find the answer when I've looked so appreciate any guidance / knowledge! Thanks!

You need to keep the current account open if you want to receive 7% and not the derisory rate you receive when you close it early. 

From page 44 of the account terms document:

"You must have a 1st Account when you apply for a savings account and for as long as you have the account.

Regular Saver

...

If you choose to switch your 1st Account to another provider using the Current Account Switch Service and it's in credit, we'll send your total balance (including interest at the relevant Savings Account rate) to your new account. If your 1st Account is overdrawn on the day of the switch, we'll close your Regular Saver on the working day after, use the money to repay the debt then send any remaining money to you."

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

saverkev

I've just switched an account to Nationwide and one of the options was would I want the old account closing. I assume this is a normal option when switching so why not leave FD account open?

flaneurs_lobster

saverkev said:

I've just switched an account to Nationwide and one of the options was would I want the old account closing. I assume this is a normal option when switching so why not leave FD account open?

I'd assume that the OP is looking to "earn" the £200 bribe for switching to Lloyds. Needs to be switched via CASS which normally closes the 'from' account (and is a condition for receiving the £200).

saverkev

flaneurs_lobster said:

saverkev said:

I've just switched an account to Nationwide and one of the options was would I want the old account closing. I assume this is a normal option when switching so why not leave FD account open?

I'd assume that the OP is looking to "earn" the £200 bribe for switching to Lloyds. Needs to be switched via CASS which normally closes the 'from' account (and is a condition for receiving the £200).

My switch was via CASS and I got the £175 switching bonus. I assumed that it would make no difference to the outcome if I had opted to keep old account open but must admit I did not look at this option as it had no interest to me.

born_again

saverkev said:

I've just switched an account to Nationwide and one of the options was would I want the old account closing. I assume this is a normal option when switching so why not leave FD account open?

You would not get the switch bonus by leaving account open.
Certainly one of the terms on Nationwide switch for the bonus.

Lehane

wmb194 said:

Lehane said:

Hi! I have a First Direct Regular saver that will mature in January, currently just under £3k in it.

I've not switched current accounts for ages so looking at switching to Club Lloyds, but do I need to wait until the regular saver matures? If I switch before would it close the savings account or am I still eligible on the interest for what's in there already?

Can't find the answer when I've looked so appreciate any guidance / knowledge! Thanks!

You need to keep the current account open if you want to receive 7% and not the derisory rate you receive when you close it early. 

From page 44 of the account terms document:

"You must have a 1st Account when you apply for a savings account and for as long as you have the account.

Regular Saver

...

If you choose to switch your 1st Account to another provider using the Current Account Switch Service and it's in credit, we'll send your total balance (including interest at the relevant Savings Account rate) to your new account. If your 1st Account is overdrawn on the day of the switch, we'll close your Regular Saver on the working day after, use the money to repay the debt then send any remaining money to you."

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

Thank you so much! Switch parked until January 😅

allegro120

Lehane said:

wmb194 said:

Lehane said:

Hi! I have a First Direct Regular saver that will mature in January, currently just under £3k in it.

I've not switched current accounts for ages so looking at switching to Club Lloyds, but do I need to wait until the regular saver matures? If I switch before would it close the savings account or am I still eligible on the interest for what's in there already?

Can't find the answer when I've looked so appreciate any guidance / knowledge! Thanks!

You need to keep the current account open if you want to receive 7% and not the derisory rate you receive when you close it early. 

From page 44 of the account terms document:

"You must have a 1st Account when you apply for a savings account and for as long as you have the account.

Regular Saver

...

If you choose to switch your 1st Account to another provider using the Current Account Switch Service and it's in credit, we'll send your total balance (including interest at the relevant Savings Account rate) to your new account. If your 1st Account is overdrawn on the day of the switch, we'll close your Regular Saver on the working day after, use the money to repay the debt then send any remaining money to you."

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

Thank you so much! Switch parked until January 😅

Alternatively, you can open another FD 1st Account before switching, this should allow you to keep your existing regular saver at 7%.

jameseonline

I don't know why a lot of people make things difficult for themselves on here, create a new bank account purely for switching and keep both the new account & the existing one.

This avoids this situation and you can benefit from both banking companies, so switch bonus, perk (eg Disney+)& access to 2 regular savers (standard Regular + Club Lloyds Regular) in case of Club Lloyds 😊

Also avoids the hassle of having to re applying for an account should the bank or whatever you've moved away from launches something new because you can in theory apply quicker because you are already in the system.

Also in the case of other banks, building societies etc they have specific loyalty accounts so if you move away from those you might have to wait a year or something before you are eligible to apply for those.

I created several Nationwide accounts in the past purely for switching so I know it's easily possible, think the limit on current accounts with them was 5.