1st direct regular saver account 8% aer @ 1st direct - HotUKDeals
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This has been on before but its up again,way above inflation levels, the only catch is you need to also have a 1st direct current account which can be set up at the same time
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#1
Sounds way too good to be true...
#2
#3
regular saver, so you need to put in max of £250 a month.. PLUS you need a first direct account.. if you have that then good deal.. blows RS accounts out of the water.
#4
jackvdbuk
regular saver, so you need to put in max of £250 a month.

Says up to £300 per month -
"Month 1 Start with £25 to £300.
Months 2-12 Save from £25 each month up to the maximum monthly balance which increases by £300 every month, e.g. Month 2: £600, Month 3 £900, Month 4 £1,200 etc up to a maximum balance of £3,600 at the end of 12 months. Change the amount you save in £5 increments any time you wish." - fro mthe t&cs link in earlier post.
#5
Is not a catch. I have been using first direct for the past 8 years, is trustworthy. I even open a regular saver every month £300 into the account. They did this deal before, if not mistaken before recession. The catch is, you need to bank in £1500 into first direct saving account.
#6
i think 1st direct should pay me a commission for this one :p
no worries im happy to help to masses beat the base rate that mervyn king the fat cat imposes on the masses 8)
#7
hot, but I'm skint...
2 Likes #8
How much interest will I get?
During the period of the Regular Saver, interest is calculated on the daily cleared balance on your Account and applied to your Account on the anniversary of the account opening. For example, if you save the full £300 per month for 12 months you would receive approximately £156 gross, (£124 net) in interest at the end of 12 months.


HOWEVER:

Anything else I need to know?
For at least the duration of the Regular Saver, you must hold a first direct 1st Account from which to make your monthly payments.

Within this period, the monthly Banking Fee of £10 on our 1st Account will not be waived as a result of you having a Regular Saver. The fee will, of course, be waived if you meet any of the other Banking Fee waiver criteria. Once your account has converted to an Everyday e-Saver account or Savings Account, you will not have to pay the Banking Fee.


So your interest basically only just covers the monthly account fee if you don't meet the banking fee waiver criteria....
#9
hot,already have an account but didnt know about thiis offer
many thanks
#10
toonarmani
How much interest will I get?During the period of the Regular Saver, interest is calculated on the daily cleared balance on your Account and applied to your Account on the anniversary of the account opening. For example, if you save the full £300 per month for 12 months you would receive approximately £156 gross, (£124 net) in interest at the end of 12 months.HOWEVER:Anything else I need to know?For at least the duration of the Regular Saver, you must hold a first direct 1st Account from which to make your monthly payments.Within this period, the monthly Banking Fee of £10 on our 1st Account will not be waived as a result of you having a Regular Saver. The fee will, of course, be waived if you meet any of the other Banking Fee waiver criteria. Once your account has converted to an Everyday e-Saver account or Savings Account, you will not have to pay the Banking Fee.So your interest basically only just covers the monthly account fee if you don't meet the banking fee waiver criteria....

You do not get charge any fees if you have a mortgage with them or I think if you pay £xx amount a month into your account.
#11
thanks ASANDINO straight and to the point
#12
You do not get charge any fees if you have a mortgage with them or I think if you pay £xx amount a month into your account.

Is £1500 a month according to the T's & C's
#13
properbargains
hot, but I'm skint...

X2
#14
asandino
You do not get charge any fees if you have a mortgage with them or I think if you pay £xx amount a month into your account.


Yes, like I said, your interest basically only just covers the monthly account fee if you don't meet the banking fee waiver criteria...

But not a bad deal for those that do meet them... also, if you're new to FD, you can open a FD Account and get £100 for switching
#15
2 Likes #16
Think I`llbe having one of these as a savings account for my wedding day.

By the way, I`ve been with most banks over the years and First Direct is the best by far in terms of their products and customer service.

Love the fact that 9 times out of 10 you phone them , your connected to a member of staff within a few seconds and also speak English as their first language.

Edited By: Will4long on Nov 22, 2010 20:38
#17
Lord Biddy

Same same really. First Direct are subsidiary of HSBC.
#18
jarjarmustdie
hot,already have an account but didnt know about thiis offer many thanks

Ditto, I get a lot of bumf from FD, I don't remember anything for this.
#19
Lord Biddy


Indeed, but you need to have a premium account for which you have to pay £12.95 a month
#20
Only problem is if you want to go for the 100 switch 100 switch away 6 months later you can't also do this account as you have to keep it for 12 months.
#21
Hot - and FD - banked with them for YEARS - they are very good.
#22
There are a lot of different fee waivers. I know because I was breaking my neck to pay-in £1500 per month to avoid the fee before I discovered that there was no fee anyway if:

- The account is less than 6 months old (mine was)
- You have a savings account with them
- You have an average monthly balance of over £1500 (so you can just keep £1501 in there)
#23
Hope this is still on mid December when I get paid
1 Like #24
I'm a member of the FD fan club too. I ring every year on Christmas Day just to make sure they're there!
#25
opened, cheers for the tip :)
#26
Does anyone know how the £1500 works? can I say pay £750, transfer it to another account then pay the £750 in again? Unfortunately I don't get £1500 a month!
1 Like #27
Will4long
Think I`llbe having one of these as a savings account for my wedding day.

By the way, I`ve been with most banks over the years and First Direct is the best by far in terms of their products and customer service.

Love the fact that 9 times out of 10 you phone them , your connected to a member of staff within a few seconds and also speak English as their first language.


That makes two of us

Banked with FD almost since they started having tried most of the major banks previously and I can categorically say no other bank in my opinion even comes close. Its so refreshing to deal with a company that actually provides true customer service and to talk to a contact center based in the UK with english speaking people is a breath of fresh air compared to almost every other company these days.
1 Like #28
Make that 3!! I've banked with them since they started & wouldn't go anywhere else. Their call centre staff are wonderful!!

kemik
Will4long
Think I`llbe having one of these as a savings account for my wedding day.By the way, I`ve been with most banks over the years and First Direct is the best by far in terms of their products and customer service.Love the fact that 9 times out of 10 you phone them , your connected to a member of staff within a few seconds and also speak English as their first language.
That makes two of usBanked with FD almost since they started having tried most of the major banks previously and I can categorically say no other bank in my opinion even comes close. Its so refreshing to deal with a company that actually provides true customer service and to talk to a contact center based in the UK with english speaking people is a breath of fresh air compared to almost every other company these days.
#29
I moved from Alliance and Leicester to First Direct.

(You can probably guess what I'd say here.)
#30
First Direct are by far the best bank I have been with, and I wouldn't switch them for anything. I was lucky to join before the time they required a monthly fee for the 1st account, so mine is still free. Their online banking is fast and snappy, although sometimes takes a bit of time to find an obscure feature. I've also been getting paper statements through the mail, which are fully itemised.

When you call them up, there's always someone that answers within seconds, and based in the UK (sometimes those Scottish accents are a bit hard to understand though!). They normally don't have really great interest rates and such, but for a current account I can't fault them. Plus, my debit card has always worked when overseas, but they have a good fraud team which has blocked some transactions in the past, but always unblocked within minutes of a call from them. Bizarrely, their fraud team is based in India. You would think that you would want a UK team to deal with anxious hyperventilating customers when their cards are blocked!

So all in all, FD all the way... and this deal is just too sweet for any current customers to pass up!
#31
Note that when you apply, subsequent "direct debits" from the current account to the regular saver takes place on the day you apply (i.e. 22nd of the month for today).

If like me you get your pay around the 25th of the month, best to hold off a few days before applying, so that your 1st account is well funded before the £300 is taken.
#32
I agree with all the +ive coments abouty FD.
On this particular deal, I already have a Regular Saver account paying 5% and have had this for 4 months. Unfortunately you can only have 1 such account. And as interest is only paid annually, if I close the account (so I can take advantage of the rates at on the new account) I will get no interest.
Slightly irritated.
#33
By my rudimentary maths (and the savings calculator on Moneysavingexpert.com), if you pay in the maximum every month, in the £300 increments over the previous month, and if the interest is calculated daily, compounded and paid annually, then at the end of 12 months you've got £413.27 interest (before tax) on top of the £23,400 you would have paid into the account.

Hm, if that's right it seems a little feeble. That's like 1.76% of the total sum. It's a good way to get a lump sum together, but if you can save that much anyway you're maybe better off sticking the lump sum away in one go?
#34
Considering that First Direct and HSBC are practically the same company I was amazed at the difference when I switched from HSBC to FD.

Its like 2 sides of a coin, I love FD and have never been happier.
banned#35
benslatz
Does anyone know how the £1500 works? can I say pay £750, transfer it to another account then pay the £750 in again? Unfortunately I don't get £1500 a month!

Dont be silly lol!
banned#36
janlim
Is not a catch. I have been using first direct for the past 8 years, is trustworthy. I even open a regular saver every month £300 into the account. They did this deal before, if not mistaken before recession. The catch is, you need to bank in £1500 into first direct saving account.

Make your mind up! :p
banned#37
audaxero
By my rudimentary maths (and the savings calculator on Moneysavingexpert.com), if you pay in the maximum every month, in the £300 increments over the previous month, and if the interest is calculated daily, compounded and paid annually, then at the end of 12 months you've got £413.27 interest (before tax) on top of the £23,400 you would have paid into the account.

Hm, if that's right it seems a little feeble. That's like 1.76% of the total sum. It's a good way to get a lump sum together, but if you can save that much anyway you're maybe better off sticking the lump sum away in one go?

Hmmm, where do I start? Wrong on every level. Max total balance after year 1 is £3600 (plus interest).
1 Like #38
The real downside with these types of account is the limited amount that you are allowed to pay in each month, in reality you are not getting 8% on the total invested, you are actually getting less than half of that.
#39
thanks ,have just set up. I have been with FD for years and have no complaints.
#40
Morning, was looking for saving account. At the moment using silly Barclays and not even bothering to ask them to match deal like this which is impossible for them anyway.

I know there's T&C, but could someone make a primitive step by step manual for new user.
The main thing that puts me off signing up is these Fees, which again can be eliminated.

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