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#1 guitarman001

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Posted 24 October 2011 - 11:15 AM

8% up to 3.6k. Must have a current account with them paying 1.5k per month in. They give you 100 to transfer.
What do you think?
http://www2.firstdir...m8n8?clear=true

#2 Quicken

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Posted 24 October 2011 - 11:52 AM

8% up to 3.6k. Must have a current account with them paying 1.5k per month in. They give you 100 to transfer.
What do you think?
http://www2.firstdir...m8n8?clear=true


Hi,
It's a regular saver capped at 300/month.

So if you saved 300 per month for 12 months, you'd receive returns of approximately 156 gross (124 net) in interest after 12 months. Interest is calculated daily and paid on the 12 month anniversary after account opening.


I have one of these accounts and am in the process of closing it and leaving First Direct. I will lose the interest for the last 6 months, but should receive 100 for leaving FD so it won't sting too much. ;)

No partial withdrawals. Need to access your money in the first 12 months? You can close the account and receive interest at our standard variable Savings Account rate for the time your Regular Saver Account was open.


Remember, if you need Government 'help' to get a mortgage then you are subprime.

Bubble Killer: Wages and salaries for the middle income quintile of non-retired households fell in real terms from 33,100 in 2007/08 to 28,300 in 2011/12. 15% fall.

My Songs: Money for Nothing, Home Foreclosed

#3 8 year itch

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Posted 24 October 2011 - 11:57 AM

One of those cases where if you have 300 or less to save every motnh it might be worth it but you still have to find somewhere to dump it after the year and go to the trouble of changing banks. All for what? 120?

There is no ladder.

JY


No need to sell up, the next phase of the economics cycle is going to be very positive for anyone that owns property.

All I'm sayings is, don't listen to the property bears people, they are wrong.


#4 guitarman001

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Posted 25 October 2011 - 06:27 PM

I know... part of me thinks I should go ahead and do it, better than a kick in the teeth etc. Such a hassle, though...
I can open only one more Lloyds Vantage account then have to find some other place for my money.

#5 Democorruptcy

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Posted 27 October 2011 - 07:41 AM

8% up to 3.6k. Must have a current account with them paying 1.5k per month in. They give you 100 to transfer.
What do you think?
http://www2.firstdir...m8n8?clear=true


Pays 4.33% overall (156/3,600)

Democorruptcy
If you say "Democorruptcy" quickly, it sounds a bit like "Democracy". In a "Democracy" people vote for politicians who represent their interests. In the UK's "Democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

Governbankment
A "Governbankment" is a Government that has no line between itself and banks. It diverts public money (our taxes) to private companies (banks). George Osborne's Help to Buy Bail Banks, will see our taxes go to bankers to cover their losses on mortgages that default. The UK's Governbankment will even pay bankers "reasonable repossession fees" on Help to Bail Bank mortgages that default.

The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR, interest rates swaps, etc. are being paid by savers so that bankers can keep pocketing bonuses. 

"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm

I want to tell you my secret now.... I see debt people


#6 Quicken

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Posted 27 October 2011 - 11:26 AM

Just closed mine and received 23p interest on the 2100 I'd paid in. Ho hum.
Remember, if you need Government 'help' to get a mortgage then you are subprime.

Bubble Killer: Wages and salaries for the middle income quintile of non-retired households fell in real terms from 33,100 in 2007/08 to 28,300 in 2011/12. 15% fall.

My Songs: Money for Nothing, Home Foreclosed

#7 guitarman001

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Posted 28 October 2011 - 01:12 PM

I've two Lloyds Vantage accounts which are nearly full now, and monies in NS&I due to mature in 2 years. With monthly income now I need somewhere else to put it - a 3rd Vantage account? Then what? Lloyds deals now are very poor but all the faff with changing accounts etc...... ugh.

#8 Guest_flaps_*

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Posted 31 October 2011 - 01:13 PM

Looking at the rates given for the Vantage account, ING online saver would be a better bet at 3% gross as there is none of the faffing required and it's instant access.

#9 WageslaveX14

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Posted 31 October 2011 - 02:22 PM

I moved to First Direct a few years ago, after having had current accounts with Clydesdale, RBS, Alliance & Leicester and Barclays.

First Direct is the only bank that, in my experience, offers good customer service. You can call them up any time of day, and they always answer within 3-4 rings, you don't have to go through any touch tone or voice-controlled menus, and you get a real person, based in the UK, who is allowed by their bosses to think about your query and try and resolve it there and then. My experiences have always been positive, and I've been with FD for over 3 years now.

IMHO it would be well worth switching to them even if you didn't get 100 to do so.

The 8% saver is not a brilliant product, but even if you have more than 300 coming in a month, getting 8% on a portion of what you save a month isn't bad. I have my savings spread around various places, and the 8% account is just a bonus. Not sure if I'll start another one when my present 8% account expires next month, but that's purely due to personal circumstances, rather than it being a bad deal.

The tuppenceworth.

#10 Democorruptcy

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Posted 31 October 2011 - 08:39 PM

The 8% saver is not a brilliant product, but even if you have more than 300 coming in a month, getting 8% on a portion of what you save a month isn't bad. I have my savings spread around various places, and the 8% account is just a bonus. Not sure if I'll start another one when my present 8% account expires next month, but that's purely due to personal circumstances, rather than it being a bad deal.

The tuppenceworth.


You only get 8% on the first month's 300

On the second month's 300 you get 11/12 of 8%

Down to 1/12 of 8% on the final month's 300

Democorruptcy
If you say "Democorruptcy" quickly, it sounds a bit like "Democracy". In a "Democracy" people vote for politicians who represent their interests. In the UK's "Democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

Governbankment
A "Governbankment" is a Government that has no line between itself and banks. It diverts public money (our taxes) to private companies (banks). George Osborne's Help to Buy Bail Banks, will see our taxes go to bankers to cover their losses on mortgages that default. The UK's Governbankment will even pay bankers "reasonable repossession fees" on Help to Bail Bank mortgages that default.

The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR, interest rates swaps, etc. are being paid by savers so that bankers can keep pocketing bonuses. 

"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm

I want to tell you my secret now.... I see debt people


#11 zebbedee

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Posted 05 November 2011 - 01:27 AM

You only get 8% on the first month's 300

On the second month's 300 you get 11/12 of 8%

Down to 1/12 of 8% on the final month's 300

Which is always better than sticking 700+300 in another account earning 3% per month and 11/12 of 3% in the for the next month.

Stick your money around as many of these accounts as you can, bounce it through the current accounts if you have to to meet the criteria, only putting whats left in some crap 3% savings account.
As I wandered in the darkness a voice came unto me, it said "smile, be happy, things could get worse". So I smiled and was happy and behold, things did get worse.

"Credit is indeed vital to an economy, but it does not constitute an economy within itself. ... When businesses borrow to fund capital investments, the extra cash flows that result are used to repay the loans. When individuals borrow to spend, loans can only be repaid out of reduced future consumption."-Peter Schiff, Jan 19 2009; <a href="http://www.321gold.c...iff011909.html" My link

"The bold effort the present bank had made to control the government... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it."-Andrew Jackson on the Second Bank of the United States

"The problem with socialism is that eventually you run out of other people's money."-Margaret Thatcher

"If tyranny and oppression come to this land, it will be in the guise of fighting a foreign enemy. Of all the enemies to public liberty, war is perhaps the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes; and armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few. The loss of liberty at home is to be charged to the provisions against danger, real or imagined, from abroad." - James Madison

"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."
John Kenneth Galbraith

#12 Democorruptcy

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Posted 05 November 2011 - 08:29 AM

Which is always better than sticking 700+300 in another account earning 3% per month and 11/12 of 3% in the for the next month.

Stick your money around as many of these accounts as you can, bounce it through the current accounts if you have to to meet the criteria, only putting whats left in some crap 3% savings account.


Earlier in the thread I said it was 4.3% - which it is in usual account rate terms.

I just get fed up of people repeatedly saying it is 8% because it is NOT 8% and the banks shouldn't be allowed to say that it is. There are probably lots of people assuming they get the headline rate on the whole amount.

Democorruptcy
If you say "Democorruptcy" quickly, it sounds a bit like "Democracy". In a "Democracy" people vote for politicians who represent their interests. In the UK's "Democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

Governbankment
A "Governbankment" is a Government that has no line between itself and banks. It diverts public money (our taxes) to private companies (banks). George Osborne's Help to Buy Bail Banks, will see our taxes go to bankers to cover their losses on mortgages that default. The UK's Governbankment will even pay bankers "reasonable repossession fees" on Help to Bail Bank mortgages that default.

The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR, interest rates swaps, etc. are being paid by savers so that bankers can keep pocketing bonuses. 

"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm

I want to tell you my secret now.... I see debt people


#13 zebbedee

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Posted 10 November 2011 - 10:37 PM

Earlier in the thread I said it was 4.3% - which it is in usual account rate terms.

I just get fed up of people repeatedly saying it is 8% because it is NOT 8% and the banks shouldn't be allowed to say that it is. There are probably lots of people assuming they get the headline rate on the whole amount.

It is 8%, 8% on the money in the account for the time it is in the account, you are limited to some deposit each month but that does not change the fact it is 8%. Its like saying that 3% isn't 3% because you only have 1000 to save each month so its less than 3% over a year for the total sum present at the end of a year. If people can't grasp that they will only be paid interest on the sum saved in the account over the time period the money is deposited then they should get financially literate.

Edited by zebbedee, 10 November 2011 - 10:38 PM.

As I wandered in the darkness a voice came unto me, it said "smile, be happy, things could get worse". So I smiled and was happy and behold, things did get worse.

"Credit is indeed vital to an economy, but it does not constitute an economy within itself. ... When businesses borrow to fund capital investments, the extra cash flows that result are used to repay the loans. When individuals borrow to spend, loans can only be repaid out of reduced future consumption."-Peter Schiff, Jan 19 2009; <a href="http://www.321gold.c...iff011909.html" My link

"The bold effort the present bank had made to control the government... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it."-Andrew Jackson on the Second Bank of the United States

"The problem with socialism is that eventually you run out of other people's money."-Margaret Thatcher

"If tyranny and oppression come to this land, it will be in the guise of fighting a foreign enemy. Of all the enemies to public liberty, war is perhaps the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes; and armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few. The loss of liberty at home is to be charged to the provisions against danger, real or imagined, from abroad." - James Madison

"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."
John Kenneth Galbraith

#14 Democorruptcy

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Posted 11 November 2011 - 09:23 AM

It is 8%, 8% on the money in the account for the time it is in the account, you are limited to some deposit each month but that does not change the fact it is 8%. Its like saying that 3% isn't 3% because you only have 1000 to save each month so its less than 3% over a year for the total sum present at the end of a year. If people can't grasp that they will only be paid interest on the sum saved in the account over the time period the money is deposited then they should get financially literate.


I have yet to meet anyone who thinks that a bank will pay a 3% annual interest rate if they withdraw their money after only one month. They know where they stand.

I do know of people who think headline rates for regular savers are misleading:
http://www.thisismon...ular-Saver.html
http://www.bestisara...rest-Rates.html

There is a "moneywise" website stating last year that an 8% regular saver was "inflation beating"!!! :lol:
http://www.moneywise...ring-8-launched
Check the comments.....

To be fair to First Direct they do state the total interest that would be returned. They should all do that and state what the total interest rate is on the maximum amount allowed in over the year.

Democorruptcy
If you say "Democorruptcy" quickly, it sounds a bit like "Democracy". In a "Democracy" people vote for politicians who represent their interests. In the UK's "Democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

Governbankment
A "Governbankment" is a Government that has no line between itself and banks. It diverts public money (our taxes) to private companies (banks). George Osborne's Help to Buy Bail Banks, will see our taxes go to bankers to cover their losses on mortgages that default. The UK's Governbankment will even pay bankers "reasonable repossession fees" on Help to Bail Bank mortgages that default.

The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR, interest rates swaps, etc. are being paid by savers so that bankers can keep pocketing bonuses. 

"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm

I want to tell you my secret now.... I see debt people


#15 zebbedee

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Posted 11 November 2011 - 02:05 PM

I have yet to meet anyone who thinks that a bank will pay a 3% annual interest rate if they withdraw their money after only one month. They know where they stand.

I do know of people who think headline rates for regular savers are misleading:
http://www.thisismon...ular-Saver.html
http://www.bestisara...rest-Rates.html

There is a "moneywise" website stating last year that an 8% regular saver was "inflation beating"!!! :lol:
http://www.moneywise...ring-8-launched
Check the comments.....

To be fair to First Direct they do state the total interest that would be returned. They should all do that and state what the total interest rate is on the maximum amount allowed in over the year.

I know what you are saying but there is no difference between a headline rate of 8% on only 300 going in each month and a standard savings rate of circa 3% on the same deposits basis (from the perspective of the net retuen is not x% where x is 8 or 3 respectively). Maybe it's me but if people are foolish enough to believe they will recieve interest on money not yet deposited then thats thier problem. As for inflation busting, 8% is, just not on a very large sum over 12 months, it is also inflation busting on the sum from month 2, although for just over and 11 month period.

As I said before, run this earner on enough accounts and you earn a respectable return, after the year is up rinse and repeat.

Also a good earner is to bounce 1k around a number of current accounts offering stupendious rates for balances up to Y, leaving Y in each account to earn the interest.

Edit, just read you links and for the first-yes the person is stupid :lol: and for the second, had the used a couple of regular saver in the previous year then the 5340 would be available to obtain the rate as of 6 april :lol:

Edited by zebbedee, 11 November 2011 - 02:12 PM.

As I wandered in the darkness a voice came unto me, it said "smile, be happy, things could get worse". So I smiled and was happy and behold, things did get worse.

"Credit is indeed vital to an economy, but it does not constitute an economy within itself. ... When businesses borrow to fund capital investments, the extra cash flows that result are used to repay the loans. When individuals borrow to spend, loans can only be repaid out of reduced future consumption."-Peter Schiff, Jan 19 2009; <a href="http://www.321gold.c...iff011909.html" My link

"The bold effort the present bank had made to control the government... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it."-Andrew Jackson on the Second Bank of the United States

"The problem with socialism is that eventually you run out of other people's money."-Margaret Thatcher

"If tyranny and oppression come to this land, it will be in the guise of fighting a foreign enemy. Of all the enemies to public liberty, war is perhaps the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes; and armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few. The loss of liberty at home is to be charged to the provisions against danger, real or imagined, from abroad." - James Madison

"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."
John Kenneth Galbraith




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