How do I apply for a Regular Saver Account?
If you’re a 1st Account customer, you can apply for a Regular Saver via chat on our App:
- go to ‘Help’
- select ‘Chat now’
- type “open a new savings account”.
You can also log on to Online Banking to apply.
How do I make payments into my Regular Saver?
We’ll take the first payment from your 1st Account on the day we open your Regular Saver. After that, your payments will be made by standing order from your 1st Account – don’t worry, we’ll set this up for you.
Once set up, your standing order payment date will need to remain the same for the 12 months.
You can only make one standing order payment each month of between £25 and £300, up to £3,600 per year. This means if your standing order is less than £300, you can’t make any additional payments that month. But you can add the difference to future payments, so long as it doesn’t go over the maximum monthly balance.
What’s the maximum monthly balance?
The maximum monthly balance is the maximum amount of money you can hold in your Regular Saver Account, which increases by £300 each month eg:
- in month 1 your balance can be £300
- in month 2 it’s £600
- in month 3 it’s £900
- and so on up to £3,600 in month 12.
This means if your standing order is less than £300, you can add the difference to future payments, so long as it doesn’t go over the maximum monthly balance.
How do I change my payment amount and date?
You can change your standing order amount between £25 and £300 (in multiples of £5), but you’ll only be able to make one monthly payment. To do this you can:
- chat with us via our App
- message us via Online Banking
- or give us a call
You can’t change your payment date – it needs to stay the same once set up.
How do I manage my account?
You can view and manage your account in our App and Online Banking.
To change your standing order payment, you need to chat with us via our App, Message Us via Online Banking, or give us a call.
Are there any charges?
No, there are no changes at all. Zilch. Nada. None.
Can I make withdrawals?
No, you can only withdraw your money after 12 months. You can access your money before then, but you’ll have to close your account.
If you close your Regular Saver before the 12-month period ends, we’ll only pay you interest at our standard savings account variable rate.
Can I apply for a new Regular Saver Account if I have one open already?
No, you can only have one Regular Saver at a time – even if you’re not saving the maximum allowance of £300 per month.
I have a joint account. Can my joint party open a Regular Saver?
Yes, you can both hold one Regular Saver Account each.
Is there anything else I need to know?
You need to keep your 1st Account open for the 12 months you have your Regular Saver. This is so you can make the monthly standing order payments.