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First Direct Money Market Account
ajd_2
Posts: 6 Forumite
Anyone noticed the mysterious looking Money Market Account listed in the Fixed rate section of First Direct, just below their 7% ISA (which obviously you can only put peanuts in until the 7% carriage turns into a 2.5% pumpkin 12 months later).
I just called to find out what interest rate they'd pay if you put £50,000 with them in their "Money Market Account" for 12 months.....
....guess what their fixed rate was!!?!
I just called to find out what interest rate they'd pay if you put £50,000 with them in their "Money Market Account" for 12 months.....
....guess what their fixed rate was!!?!
0
Comments
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You old cynic...go on then,tell us0
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My guess would be around 0.75% right now...I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Does anyone have any further info on this product?Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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Wow, old thread...
Details are here: http://www2.firstdirect.com/1/2/savings/money-market-account/overview;jsessionid=0000Ur4s4d7NZhav_bD9ZcG0fOZ:11jk8o4v40 -
Money market deposits aren't really for retail customers. You would be dealing with their Treasury rather than their retail savings people. Money market deposits are really for businesses that don't qualify for retail savings products.
The rates follow money market rates, plus or minus a margin dependant on the size of the deposit and how much they want funds on that particular day.
The one year rate will be under 1%. The money will be considered 'hot' or 'less sticky' by the FSA, so they would prefer retail savings instead, for which they are happy to pay more.0
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