Regular Savings Accounts Article Discussion

OceanSound

IanManc wrote: »

https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/#key-product-info

I've already seen this. The heading says 'Summary and key product information'.

colsten

OceanSound wrote: »

There is no t&c for this account as such. Perhaps it will be more useful, if you check and post a link (that's if a link exist)

Actually, there are T&Cs for the Regular Saver. They are just not easy to find (as you would expect from a top bank :rotfl:). They are buried in this document. And they don't actually answer your Q, so it looks you might be best off by calling FD. Please do share what you conclude.

20SmthngSver

OceanSound wrote: »

I started off by paying-in £300 in to First Direct Regular saver. However, after 3 months (starting the 4th month) I started paying £25. Continuing that up to now (for 6 months I've paid 25 pounds each month). Now, I'd like to make up the shortfall (carry my allowance over and pay more in later months).

How do I go about this? I take it it cannot be done via a direct payment, as the pay-in is done via Standing Order (SO)?

Just amend the standing order to the value of the difference that you could have but did not deposit. You don't need to cancel it or set up a new one. So in months 4,5 and 6, if you're doing £25 a month, that's £75. In month 7, you'd be allowed your £300 as usual, plus three months worth of £275 (so £825 plus £300, is £1125). You'd basically be allowed to top it up to what the max. balance could be by month 7 had you done £300 a month anyway. Obviously, be prepared your interest won't be £97 as you'd missed a few months of maximising. Just remember for month 8 to amend the value of the standing order back down to £300 AFTER your top up value standing order has been taken. Hope this makes sense.

OceanSound

20SmthngSver wrote: »

Just amend the standing order to the value of the difference that you could have but did not deposit...

When I contacted First Direct support (via online banking message) CS agent told me the the same. Although, when I tried to amend, received the dreaded error:

'Sorry, we can't amend this standing order online. Please contact us on 03 456 100 100 quoting ref H3L.'

So, I replied to their message providing the error message above. CS were able to amend the next payment on SO to £1950, and they also confirmed the next two payments thereafter will be for £300.

BTW, has anyone amended their SO successful through Internet Banking?, I've always got the error above when I attempted it. Amending M&S Bank SO (for Monthly Saver) via internet banking on the other hand is a doddle.

soulsaver

You cannot amend the SO for the FD RS online. It is set up manually by FD to recur at the monthiversary of (them) opening your account.

You can't alter the date, but you can alter the value by phone.

OceanSound

soulsaver wrote: »

You cannot amend the SO for the FD RS online. It is set up manually by FD to recur at the monthiversary of (them) opening your account.

You can't alter the date, but you can alter the value by phone.

I was able to alter the value using Internet Banking secure messaging.

EarthBoy

OceanSound wrote: »

I was able to alter the value using Internet Banking secure messaging.

That's not the same as amending the payment online yourself. You still had to ask FD to do it for you.

OceanSound

soulsaver wrote: »

....You can't alter the date, but you can alter the value by phone.

EarthBoy wrote: »

That's not the same as amending the payment online yourself. You still had to ask FD to do it for you.

FD probably disabled self amend feature due to flakyness..although no one here will admit it.

BTW, The earlier poster said 'you can alter the value by phone'. I'm telling you that it should be 'you can alter the value by phone AND Internet banking secure messaging'. (due to my experience)
Hope that is clear.

soulsaver

OceanSound wrote: »

BTW, The earlier poster said 'you can alter the value by phone'. I'm telling you that it should be 'you can alter the value by phone AND Internet banking secure messaging'. (due to my experience)
Hope that is clear.

Yep that's clear. If that's what you meant, what's not clear is why you posted this then, a couple of post earlier:

OceanSound wrote: »

BTW, has anyone amended their SO successful through Internet Banking?

Emily_Joy

OceanSound wrote: »

When I contacted First Direct support (via online banking message) CS agent told me BTW, has anyone amended their SO successful through Internet Banking?, I've always got the error above when I attempted it. Amending M&S Bank SO (for Monthly Saver) via internet banking on the other hand is a doddle.

Sure. No need to message or call. Set up the standing order yourself for the day and the amount you like then cancel the one that was set up when you opened the account. :silenced: