First Direct Savings

SparciaM

FD, have never had the best interest rates, but their rates now are terrible. I opened up an e-saver as I wanted to put some Reg Sav money in there until the final payment comes out and closed it down tonight after having it opened for less than 24 hours.

When I did the transfer and closure on the phone the lady automatically said, you must have a better rate elsewhere So they know that people are leaving them due to the terrible rates, considering you can still get 6% on instant access. At the end of the day most instant access savings will drop to around 3-4%, which in the current climate I think can be classed as good, espicially if the BOE drops to 1% as they "media/economists" predict by 2009.

It's funny though, as I bank with Lloyds and their current account pays 3.5% but there savings are around the 2% mark. It does make you wonder sometimes.

Thankfully, come Dec I'll have finished my reg sav with FD and be finally be able to close my accounts and get rid of them, overall worst bank I've ever had the pleasure of dealing with.

tinkerbell84

I'm offsetting with FD and am thrilled. Equivalent of 9.15% interest. Can't get anything near that anywhere else.

Once the money comes back from Icesave it's all going into the offset :beer:

brookerbabyisababy

I have to admit they are an outstanding bank in terms of customer service and the people they hire are always nice, easygoing and always try to help best they can. However the savings accounts should at the very least have rates which are more competitive considering that the current account does not pay interest and the fact that the operating costs are considerably lower than the high street banks. What is this Money Market Fixed Rate Account? I can't find a rate on it.

nicko33

Milarky wrote: »

BTW, a potentially useful account to keep - with nothing in it until the fourth year (2011-2012) - is the Lloyds Easy Saver TSB 2012 - when it will pay BOE+1% for 12 months. No idea what that will be, of course, but relative to the FD Everyday E Saver discussed here it would be 1.25% more....

Thanks for bringing that to our attention.
I've opened one.
Note: it's advertised as only being available until 7-Dec (or may be withdrawn at any time)

mars_2

One thing I do like about FD after they stopped interest on their current account is that the first £250 of your overdraft is interest free.

So once I have sorted out my cash for the month and sent money to various savings accounts on pay day, my account is always overdrawn for the month and I use the free £250 overdraft for my day to day spending money.

drc

I'm with FD and I think their customer service is second to none. However, I didn't realise how crappy their interest rates are and that they don't give you interest on your first account. I'm loathe to change as they are so good and the customer service people always know exactly what they are talking about and very quick to answer and friendly to boot, however, there are far better rates out there. What to do

mars_2

drc wrote: »

I'm with FD and I think their customer service is second to none. However, I didn't realise how crappy their interest rates are and that they don't give you interest on your first account. I'm loathe to change as they are so good and the customer service people always know exactly what they are talking about and very quick to answer and friendly to boot, however, there are far better rates out there. What to do

If you like FD for your current account just shop around for your savings accounts like I do.

I-LOV-MONEY

drc wrote: »

I'm with FD and I think their customer service is second to none. However, I didn't realise how crappy their interest rates are and that they don't give you interest on your first account. I'm loathe to change as they are so good and the customer service people always know exactly what they are talking about and very quick to answer and friendly to boot, however, there are far better rates out there. What to do

What I have done in the past is use FD First (current) account, and transfer the majority of money into Everyday e-saver account (which pays interest). Then when a bill comes or you need to make a payment, move it to the First account. I can have £250 fee-free overdraft on my First account, so I use it !