First Direct Regular Saver 8.00% Gross

Sunnysider

Can't see this posted anywhere but this seems like a v good deal to me. Currently on homepage here http://www.firstdirect.com/index.html First Direct are offering a regular savings account for £25 - £300 a month at 8% AER works out at 6.4% after basic rate tax which is better than anything I've seen offered.

Downsides are that it is limited to £300 per month and you only get that rate if you don't make any withdrawals in the year. Also rate drops after the 12 month period.

To me though it seems as if for the next year the first £300 of my savings should go here each month as net rate is comparable to HiSave Gross (who I also use) and NR Bond where I've just put a load of money? If I were not a higher rate tax payer this could possibly beat ISA rates for those who pay in bit by bit each month... (but not if you wanted to keep it invested beyond the year)

knights

Sunnysider wrote: »

Can't see this posted anywhere but this seems like a v good deal to me. Currently on homepage here http://www.firstdirect.com/index.html First Direct are offering a regular savings account for £25 - £300 a month at 8% AER works out at 6.4% after basic rate tax which is better than anything I've seen offered.

Downsides are that it is limited to £300 per month and you only get that rate if you don't make any withdrawals in the year. Also rate drops after the 12 month period.

To me though it seems as if for the next year the first £300 of my savings should go here each month as net rate is comparable to HiSave Gross (who I also use) and NR Bond where I've just put a load of money? If I were not a higher rate tax payer this could possibly beat ISA rates for those who pay in bit by bit each month... (but not if you wanted to keep it invested beyond the year)

There is a thread on this site dedicated to Regular Savers :-

http://forums.moneysavingexpert.com/showthread.html?t=608697


And it is under 'Matures After 12 Months, requires another account'.

Sunnysider

Sorry - didn't know about the other thread. It wasn't on there anyway so have added the details to that.

Yes, aware that it matures after 12 months, as do the NR Bond etc so not for people who want to put it away and forget but I can't see better for someone who wants to save up to £300, or the first £300 each month but then be prepared to move it in a year

johnmoney05

Well done! Good find!!!!!!

knights

Sunnysider wrote: »

Sorry - didn't know about the other thread. It wasn't on there anyway so have added the details to that.

With due respect it IS on there, all YOU have to do is LOOK!

Sunnysider wrote: »

Yes, aware that it matures after 12 months, as do the NR Bond etc so not for people who want to put it away and forget but I can't see better for someone who wants to save up to £300, or the first £300 each month but then be prepared to move it in a year

When I said - 'And it is under 'Matures After 12 Months, requires another account''. I was referring you to its location on the thread, not about its T&C's.