Yes, although reading about the experiences of MSE posters it did seem that calling First Direct to at least move the money instantly on the maturity date was possible (even though the rest of the process still took time) but that there was no way to speed things up at HSBC.
If HSBC do what they used to do, and restrict the proper interest paying account to Advance customers only, then I won’t be able to apply anyway.
I notice now that someone on MSE forum alleges that HSBC matures quicker, however, that was not my experience earlier this year.
Maybe that was a relative thing (3 days instead of 5 perhaps)!
It is probably the same at both - after all, they use the same backend systems. I wouldn’t be surprised at any difference observed by individuals being down to weekends and workload in the processing department at the time.
Just seen this post on MSE RS forum, so @Seb there may be hope for your’s today 
“my FD regular saver is open today and showing on my account.
Backdated to yesterday when first applied.”
I got excited then and logged in to check again, but it’s not there yet!
How did this person get theirs opened before mine, when I applied at 6:35am yesterday as soon as the interest rate on their application page had updated?!
I’ve had several First Direct Regular Savers over the years and this antiquated opening and closing process hasn’t improved for at least 15 years.
Also, if you want to change the amount of your monthly payment you’ll have to ring them up; you can’t do it in the app or by online banking.
If you want to change the monthly standing order payment date, then forget it as they don’t allow you to do that. Subsequent payments have to be made on the same monthly date as the first payment, -unless it’s a weekend etc.
Mine has now appeared some time in the last hour, with the standing order set up and the first payment processed too.
Unfortunately, unlike the MSE poster who claimed it was all backdated to yesterday, all the transactions are dated as today (money leaving 1st account today and money arriving at regular saver today). It’s not worth complaining about, and it’s technically correct I suppose. I do wonder if the other poster had simply misread the dates.
So your standing order is now set up for 29th of the month, or 28th?
I’ve just received a text from them saying:
This is about 5 hours after they’ve already opened my account. Classic First Direct incompetence!
Edit: I see everyone’s got it.
My standing order is the 29th (today).
It’s now possible to amend the monthly amount of standing orders via both First Direct online banking and their mobile app.
Yes, I can confirm that it’s an option now that my account is set up.
You can either cancel the standing order (which would be against the regular saver terms, so they would probably downgrade you to a normal savings account as soon as they noticed and possibly not pay the interest accrued so far) or adjust the payment amount.
I haven’t done either yet, but it’s nice to see the option is there.
I genuinely hope, that all of the effort you have put into this, is worth it. And let’s face it, the only way it’s going to be worth it, is if you put the whole £3600 away for the year. It just seems a bit trivial for £1.31p a week and that’s if you do put the whole amount away. For many, they’ll be lucky if they come away with £15 or £20 because they probably will only be saving a portion of the maximum allowed amount. But, money is money I guess.
It’s an hour’s work at most. I’d set up standing orders all day if I was being paid £50 an hour for it.
I do agree, though, that not everyone will be bothered, but I can definitely see the point.
If you already have a FD current account, it only takes a minute to apply for the regular Saver account.
I get it that applying for an account might only take a minute, that part isn’t in dispute. The point though is, and I’m only gleaning from further back in the thread, why are FD employing a faff element in administering the opening of the account? Or have I just read this whole thing wrong? I guess I’m just not a very patient bloke.
I can’t speak for their ‘good service’. I’ve had one phone interaction with them trying to access my current account online and it was truly mind numbingly drawn out. I just don’t want to speak with them again if I don’t have to.
Clearly, I’m not as enthused with the rate FD are offering despite the hype of a market leading rate. They clearly put a cap on the maximum deposit for a reason. My opinion is, FD’s cap just stifles large sums of interest being paid to those who have a significant amount of money they might have lying around. I just find Chase’s offering more appealing because despite the their lower interest rate, they do at least give a decent maximum amount you can chuck into the pot.
People with loads of dosh lying around are not the target audience for regular savings accounts. They’re aimed at helping people build a savings pot from their monthly income. However, you could have the best of both worlds by keeping your current savings in a Chase saver account and funding the FD regular from there, -although it would have to go into an FD current account first.
I agree, but I just can’t be bothered for FD’s poor return.
But… it takes like less than a minute to set up the two standing orders required? I sure as hell can contribute a minute of my time for £1.31*52
With this RS, can you top up manually throughout the month, or can you only pay in once per month with the SO? So if I want to only pay in £50 a month via SO but then find that I have extra cash lying about, can I manually transfer in the extra £250?
