Online bank with 1.9million customers makes huge change to accounts in a blow to savers
First Direct customers will no longer be sent paper savings account statements after September 1.
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In an email to customers last week the bank said that savers will be switched to online statements so they will no longer receive letters in the post.
Instead, they will be able to view, download and print their statements using the bank's app or online banking.
The change will only affect those who have a savings account with the bank.
Customers have taken to social media website X, formerly Twitter, to share their frustration at the change.
One saver said: 'Been with @firstdirect for 25 years. They're fine except for ONE thing. I want a paper statement.'
Another posted on Facebook: 'I just got an email from first direct telling me they will no longer send me paper bank statements.'
While a third commented: 'So irritating!'
The Sun approached First Direct for comment.
How will it work?
First Direct added that the change will happen automatically, so customers do not need to do anything.
Other information may still be sent to customers by post.
Customers will receive an email as soon as their new statement is ready, so they should make sure their details are up to date.
To do this visit the 'profile' section of the app or 'my details' section of online banking.
When they receive the email customers need to log on to view the new statement.
To find it in the app they just need to click the three dots next to their account.
Where to find the best savings rates
Many savings accounts offer miserly rates meaning that money is generating little or no return.
However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate.
Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time.
If you're keeping your money in an easy access account, you'll need to keep checking whether it's the best paying account for your circumstances and move if not.
Check in at least once a month to see what is happening in the market.
Check what is offered by your bank - sometimes the best rates are for customers only.
But do search the wider market as often top savings accounts are offered by lesser known providers.
Comparison sites are a good place to check for the top rates. Try Moneyfactscompare.co.uk or Moneysupermarket.
You can search by different account type. You'll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it's always a good idea to keep some money in an easy access account in case of emergencies.
Don't overlook regular savings accounts often pay some of the best rates, but you'll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time.
Or to view it in online banking there is a button in the top right corner of the transactions screen.
Can I keep receiving paper statements?
The switch is not final and customers who still want paper statements will still be able to change back after September 1.
To do so they will need to log into online banking, click on 'my details' then go to 'statement preferences'.
If they need help then they can contact customer services in the 'message us' section of online banking.
Alternatively, they can get in touch with First Direct customer services by going to the help section of its app.
Other bank changes
First Direct is not the only bank to make changes to its accounts recently.
Earlier this week Starling announced that customers can no longer open a second personal current account with the digital bank.
The feature was popular with many banking customers as a way to help them manage their money.
Starling told The Sun it had "temporarily" stopped allowing customers to open additional accounts while it makes improvements.
The change only affects additional personal current accounts, so customers can still open joint and business accounts with the bank.
Meanwhile, in February the bank scrapped interest payments on its current accounts for all customers.
Before February 10, Starling paid 3.25% interest on balances of up to £5,000.
This meant a customer with the maximum amount in their account could earn an extra £162.50 a year in interest.
NatWest also increased its fees for cash payments, cheque transactions and certain online transactions.
From August 30, cash payments into and out of business accounts will see their fees increase from 70p per £100 to 95p per £100.
Cheque payments will also jump from 70p to 75p, irrespective of whether they are processed by hand or mobile.
The bank will also hike some charges connected to its BACS payment system, with processing fees rising from 18p to 21p.
Santander also recently revealed that it would start charging customers £120 a year for accounts it said would be 'free forever'.
As a result, thousands of small businesses and self-employed account holders will be forced to pay £9.99 a month from October for business accounts.
The change comes despite written assurances that their accounts would always remain free of fees, leaving some customers feeling betrayed by the charges.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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