Any of you who have the First Direct saver account at 7%

[DoorstoManual]

This is what will happen when it comes to an end.

The interest gained will be added to the capital and the funds will then be transferred to another savings account within FD, I have several, but it has just occurred to me what happens if you don’t.

Either way the day after the funds mature you can re apply for an account at 7%

Existing customers only.

In other news NatWest have launched a digital saver account with a return of 6.17% on savings up to £5,000

Off to investigate.

HTH

Bump

Thanks for that! Off to investigate as well :-)

Another regular saver at 7% you mean?

If so, it's been that way for years.

@DoorstoManual Thankyou!

Thank you
"existing account holder only" rules us out of both. I wonder if it's worth opening an account in case we qualify later. I have heard First Direct still have actual customer service

@GingerAle1

They are brilliant. 👍

First direct are brilliant, customer service on live chat and on the phone are excellent. The phone always gets picked up within about 3 rings.

I had to close my 7% earlier today as had some unexpected payments I had to put on a Cc and daft to pay interest far more than 7% with that sat in my bank account.
Will open another one next month. If you don't have another savings account with FD they just open an easy access one for you instead, I'm sure that's what happened to me last time mine matured.

I opened a Principality Christmas bonus bond account that was 5. 5% with a max of £125 deposit a month. Not sure if they are doing non-christmasy ones too.

I have one

Been with FD for years, its my main account, and the service has been faultless. I opened a regular saver towards the end of last year when the interest rate on the account was 3.5%. A month or two later they wrote to me saying the interest is going to increase to 7%. I didn't need to do anything. Brilliant.

I have another regular saver with Halifax, opened when the rate was 2.5%. A month later they advertised new regular saver at 4.5%. Didn't tell me at all. I had to contact them asking why. They said they don't update customers of interest rate changes as the regular saver is signed up for a year. I had to close that account, losing the interest on a month, and opened a new one to enjoy the higher rate. Not impressed at all.

Did not know about that Natwest digital saver. On my to do list now. Thanks.

I've been with FD since they started. I have regular savers with many, many banks as the only way to get best interest. Oddly I hadn't noticed this one. You can only feed £300 a month but it's worth it for 7%.

Wow! I didn't know about this. I have a lump sum sitting in a saving account which isn't doing much but this is much better!

@Clymene you can't put a lump sum in though, only £300 a month.
Turns out I do have one, I just checked.

I know but I can move £300 of the lump sum every month into this and then put it back again. The lump sum account is earning 1.3%

If you open a chase account you can have your lump sum sitting at 3% and set up a standing order from the savings account to drip feed into the FD one. Think chase is one of the highest rates, and standing orders from saving accounts are unusual!

Ooh @Merrow! I'm absolutely crap at this stuff. Very, very lazy. That's a great tip!

I opened a Yorkshire building society Christmas saver account recently. Limited to paying in £300 a mth for the year but better % than most other savings accounts I could access (didn't need an existing acct with them to access this one)