First Bank of Nigeria

mrseyes

Is Frist Direct and FirstSave owned by Bank of Nigeria?

fullstop

Yes , but it is regulated by the FSA & FSCS

dwsjarcmcd

mrseyes wrote: »

Is Frist Direct and FirstSave owned by Bank of Nigeria?

First Direct is part of HSBC, not First Bank of Nigeria. FirstSave is owned by First Bank of Nigeria

fullstop

dwsjarcmcd wrote: »

First Direct is part of HSBC, not First Bank of Nigeria. FirstSave is owned by First Bank of Nigeria

Yes, sorry did not read OP post clearly.:o

mrseyes

Is that i am thinking of putting regular some money in this account.


On First Direct website It says that "start saving between £25 and £300 per month - and earn 7.00% AER / tax-free fixed for 12 months in saving"


My question is, is this 7.00% fixed interest rate or does this mean that the account is fixed for 12months.

cocktail

mrseyes wrote: »

Is that i am thinking of putting regular some money in this account.


On First Direct website It says that "start saving between £25 and £300 per month - and earn 7.00% AER / tax-free fixed for 12 months in saving"


My question is, is this 7.00% fixed interest rate or does this mean that the account is fixed for 12months.

the interest rate is fixed for 12 months that this account runs for from the date of opening

HannaB

The interest in the First Bank of Nigeria account is very reasonable. You give a Nigerian businessman your bank account number to move some funds and he'll pay you commission!! I believe it's 401% interest.

(Sorry I couldn't resist):D

soulsaver

HannaB wrote: »

The interest in the First Bank of Nigeria account is very reasonable. You give a Nigerian businessman your bank account number to move some funds and he'll pay you commission!! I believe it's 401% interest.

(Sorry I couldn't resist):D

Yep it's embarrassing when more than half the UK banks by value are near bust, have had £billions in bale outs, or been nationalised,that some Nigerian bank has not appeared to fulfill some peoples apparent wish and gone t*ts up.

sabretoothtigger

The Nigerian bank, because no one ever trusted it that much didnt have enough rope to hang itself I guess.

Their tier 1 ratio is like 17% and our uk banks currently struggle for 5% ie. they have actual cash to invest




You might as well reverse the credit ratings shown here. I think this is why some predict developing nations to be better investment opportunities then the west

LongTermLurker

mrseyes wrote: »

Is that i am thinking of putting regular some money in this account.

On First Direct website It says that "start saving between £25 and £300 per month - and earn 7.00% AER / tax-free fixed for 12 months in saving"

My question is, is this 7.00% fixed interest rate or does this mean that the account is fixed for 12months.

I think you're talking about their ISA, and I think you have to have their "1st" current account to get the ISA, and unless you pay £1500 per month (*) into the 1st account you will be charged £10pm. Obviously if you have already contributed to an ISA since 6 April 2008 you'll need to be careful not to breach the rules. The "fixed" bit means the 7% is fixed and after 12 months it will be a much lower rate, so you would need to check that you'll be able to transfer it out easily.

If all of the above work for you then it looks like a good account and if it's still there in April I'll be going for it myself (but I half expect it to be withdrawn before then because I think they are trying to get the last of 2008's business).

As has been said, they're not related to the Nigerian bank at all.

(*) edit - "or hold a selected first direct additional product, or maintain an average monthly 1st Account balance of £1500."