The Top Regular Savers Discussion Thread

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81935336#Comment_81935336

Unlikely since this is clearly stated (not "appear to confirm") in the T&Cs and is an established feature of the account's fixed interest rate nature.

It's really not vague at all.

stephenb

Thank you for your prompt feedback

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81935336#Comment_81935336

It's widely known on here that early closure will result in interest being paid at the standard rate. Not been mentioned for a while, so a worthwhile reminder for newer holders though.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81935368#Comment_81935368

It's fairly rare among currently available regular savers to have such strict rules. Other "no withdrawal" accounts often allow early closure for no loss of interest, e.g. Skipton and Principality.

Even though it's clearly stated in the T&Cs, it's worth mentioning in case anyone else hadn't noticed.

MisterMotivated

Agreed. I remember it being the first RS account I opened (I think it was the only decent one available at the time), and I suppose the rate difference for early closure made sense. Since then, most RS providers have removed/not implemented such a restriction, but First Direct seem to be stuck in the past (even their restrictions over when and how you can make deposits). It's one that always annoys me due to their general inflexibility (though as long as the rate stays decent, I'll probably keep opening them).

happybagger

Dudley BS

For anyone visiting the branch to open (any account), note that you can't open and deposit cash at the same time.

you can leave a cheque with them or ask it to be opened with zero balance then transfer in later.

This is because branches don't open the account with you there - they are passed to head office to open.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81935427#Comment_81935427

First Direct's RS is rather finickity compared to other accounts. I prefer manually funding everything when my salary comes in, so having a standing order set up on a specific date each month is a tad annoying. But for 7% fixed rate, I'll take the rough with the smooth.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81935481#Comment_81935481

I believe it is possible to change the standing order date though.

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/81935477#Comment_81935477

I have just phoned Dudley BS asking questions about a postal application, and as you say they are happy to open the account [via post or branch] with an initial zero balance, then transfer in later using account details once it is open. So I didn't send any cheque, or any ID (as they will attempt electronic verification, which should be okay given I already have the Festive reg saver).

They confirmed that the application form is to be posted to the principal office:

7 Harbour Buildings
The Waterfront
Brierley Hill
DY5 1LN