First Direct cutting ISA rate again

The_Bookman · 20 November 2015 at 2:27PM

Apologies if this has already been covered, but I couldn't find it, so I thought I'd pass it on.

From 12th January 2016, First Direct is cutting the interest rate on its ISA to 1.29% for all balances, a drop of 0.2% for those currently on the highest rate.

It's on their website, but I found out when they wrote to me today and included a sheet entitled "Savings... our rates", upon which it outlined the cut. Also included was a booklet entitled "A good place to save", which proudly proclaimed that their Cash ISA offers "variable interest rates...."

Back to the mattress :rotfl:

colin79666 · 21 November 2015 at 3:17PM

Covered here: http://forums.moneysavingexpert.com/showthread.php?t=401374&page=205#4095

That said it probably deserves its own thread

I was lucky and managed to transfer out into another account before the issue closed so at least I can sit back for a year unless rates shoot up. Probably isn't long before FD cut their regular saver as well, they definitely seem to have decided to go after a different customer profile now. I keep getting secure messages about credit cards and loads yet if they actually bothered to look at my accounts they'd see I'd be far more interested in a decent savings rate!

jimjames · 21 November 2015 at 5:40PM

The_Bookman wrote: »

Back to the mattress :rotfl:[/SIZE]

Or get 5%/4%/3% with current accounts.

lisyloo · 24 November 2015 at 5:20PM

Or get 5%/4%/3% with current accounts.

If we have £120K which current accounts offer this please?
Is that gross?

badger09 · 24 November 2015 at 5:44PM

lisyloo wrote: »

If we have £120K which current accounts offer this please?
Is that gross?

I can't remember the exact figures, but with sole and joint accounts, you can put that sort of sum in multiple current accounts @ 5% 4% & 3%. Yes - those figures are gross.

For starters:

TSB Classic Plus & Nationwide FlexDirect 5%
Club Lloyds 4%
BoS Vantage, Tesco, Santander 3%

There are also several regular savers @ 6%, 5% & 4%, all linked to current accounts.

badger09 · 24 November 2015 at 5:48PM

Have you read this?

http://www.moneysavingexpert.com/savings/savings-loophole

Futuristic · 24 November 2015 at 6:06PM

See http://bankaccountsavings.co.uk for current accounts

Out of the current accounts offering interest, TSB/Lloyds also offer high interest saving accounts along with it.

Other regular saving accounts offering 4-6% are HSBC, M&S & FirstDirect

lisyloo · 1 December 2015 at 12:26PM

Sorry I can't see how you'd get anywhere near £120k, maybe £60k for a couple to get 2.4% after tax.
Can anyone quickly list out how you get a higher figure? The Mae article says £30k, so I'm doubling that to £60k for a couple.

jimjames · 1 December 2015 at 2:38PM

lisyloo wrote: »

Sorry I can't see how you'd get anywhere near £120k, maybe £60k for a couple to get 2.4% after tax.
Can anyone quickly list out how you get a higher figure? The Mae article says £30k, so I'm doubling that to £60k for a couple.

For a couple it's £60k in Santander 123 alone, then all the other options too.

lisyloo · 3 December 2015 at 10:17AM

Yes, I'm aware there are other options with tiny allowances, just can't see how to get to £120k.
Will let you know what I can get to, but if anyone does know then please share.

colsten · 3 December 2015 at 11:32AM

It's more than £120K, as both can have £50.5K in sole accounts. Then add all the joint accounts, starting with £20K in a 123 alone. Plus joint accounts at Lloyds, TSB, and Nationwide.

First Direct cutting ISA rate again

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