No you can’t; you can only pay in once a month by the standing order. You can increase the standing order the following month to make up what you’ve missed this month.
3 Likes
Yes, that’s correct and it also applies across the year (so you could contribute below the maximum for 6 months, then the maximum plus the “extra” you’d previously forfeited in month 7, followed by the maximum from then on, as an example).
Also, @Topsy2, I have to say the account wasn’t that difficult to open - it was just a very short application form in the app which only really asked you to confirm U.K. tax residency. Why I gave the blow-by-blow account of the process was really because:
-
I was surprised at the account opening not being instant, as I was expecting, so I thought knowing that might be useful to other people
-
Knowing that First Direct is often compared to fintechs like Starling and Monzo as a “challenger”, I thought that pointing out how far behind they are in many ways was interesting
To be clear, it wasn’t that difficult to open at all and, once opened, (which is not instant but is a background process requiring no further intervention) you can simply accrue savings throughout the year without issue. Yes, the maturity process then appears to be as similarly clunky as the initial setup, but that’s not a dealbreaker for me.
2 Likes
Fantastic for you, but I’m not that fussed for £1.31 a week.
Yep, it’s pretty inflexible, but isn’t that what a lot of these RS accounts are like?
I can see why some folks might think that way, but I’ve never thought of FD as a challenger myself, they are what they are, just an offshoot of HSBC. It really was only the lure of the £150 CASS bribe that got me into FD, but as I’ve said, it’s only for a year for me and then I’ll CASS it out anyway. I can absolutely state, I would never hae opened the account if it wasn’t for the free cash, far more than any interest they’re paying on this new RS. I’m not sure if FD have any stipulation about how long one has to keep an account open for after receiving the CASS bonus, but if it is penalty free, I’d probably get rid of it this week. Does anyone know?
I absolutely get it that there’s at least some interest payable dependant on how much wants to save within the limitations FD have imposed, but it’s just not a good enough return for me personally. I get it that people will just think it’s easy enough to set up etc etc, but it’s still a poor return imo and that’s why I’m personally not interested.
1 Like
Yes, essentially that’s the trade-off with a regular saver in general - a better interest rate, but very limited conditions.
Exactly, although it is surprising to me that a lot of their processes are worse than HSBC’s.
I suppose some people do remember the “original challengers” from back when even phone banking was innovative, so place First Direct & Smile in that bracket still, but they’ve long since been eclipsed by traditional banks (in standard features) and newer fintechs (in innovation).
2 Likes
There are others that are more flexible (e.g. Santander, Nationwide, Coventry).
But HSBC/First Direct/M&S typically offer the highest interest rate.
2 Likes
That’s true - except that M&S Bank seem to have decided not to offer regular savers any more, ever since they got rid of their current accounts. They had already stopped offering mortgages some time earlier, so presumably they didn’t really want to raise the capital as they had no need for it.
1 Like
I find FD’s App and processes distinctly circa 1990’s. I guess though, they’ve been around quite some time now and they’ll have a steady loyal customer base, although I find the concept of banking ‘loyalty’ somewhat bizarre. People forget, banks are not your friend, they’re there to make money and to them, you are just an account number.
I find M&S Bank a strange one to comprehend and I wonder why the brand is still being offered for other products. Have you seen their fixed rate savings? truly dire. Their personal loan rates aren’t too bad, they at least match Nationwide on the loan amount I took out last year. I do have a M&S credit card, but it’s got such a low credit limit, I wish I’d never bothered applying. It’s useful only for paying my private dental fees.
Fully agree with this statement 
See the Monzo forum for evidence of that!
1 Like
Didn’t someone open a FD account recently? How was the process? I was trying to open a NatWest account for their digital regular saver but it wants to know so many intrusive things before it allows me to apply for a current account. Car value, property value? Don’t they need my mum’s knicker size too?
If FD are less nosy, I might try for their accounts instead
1 Like
I opened a FD account at around the end of February. Downloaded the App but it was still a ballache. It’s 1990’s telephone banking. What it isn’t, is 2020’s fintech.
My advice, open an account if anything just for the free £150. There’s no direct debits or minimum pay in, other than the required £1k to be deposited within the first 3 months. I opened it with the £1k and got paid the £150 within a few days. I get my wages paid into the account merely as a gesture of goodwill, otherwise, I’m just not interested in FD one iota. It’s served it’s purpose as far as I’m concerned.
I honestly can’t remember the questions they asked me and for the free £150, I couldn’t care less anyway. I wouldn’t get too hung up on the privacy thing, remember, you walk around and get caught on CCTV multiple times a day without your consent, you’re data mined beyond what you’ll ever know. If you’ve ever applied for a mortgage or a passport or a driving licence, you’ve given up enough information anyway. Banks will just argue that any questions all aim to prevent fraud and to establish your identity.
Oh, if you do open an account, embrace the paperwork 
I’m not too bothered about the privacy aspect, although I do think it’s more information than what I feel banks should ask for. That said, I don’t even know the answers to those questions. I’m not going to get someone to do a valuation on our property just so I can sign up for a NatWest account, and the price we paid will be awfully outdated now considering how quickly property prices climbed in the last few years. Same with my car value
I’m fairly certain there wasn’t that level of intrusion. I don’t remember having to declare the value of my house. In any case, even if you did have to provide some sort of valuation, just input your postcode and address into Zoopla, it’ll be a rough guide.
Same with car value, if your car is a few years old, just input it into WeBuyanycar, you’ll get a pretty instananeous valuation.
As I say, I’m pretty certain you don’t get that sort of rubbish being thrown at you from FD.
1 Like
Great deal. More like this please!!
And I only just reduced my SO to £25 start of this month so I could fund Club Lloyds RS 
It’s not as if it’s easy to change the SO amount either. Always involves a phone call 
Edit: Sorted 
2 Likes
Good old First Direct!
The rate sounds great, but it would only be another £63 for the year, but will only apply to the year after 1 December. Considering they just give you £20 for opening an account these days, it’s probably comparable in the ~£30 bullpark under “customer retention” sweeteners.