Rate cuts

Macce

Taken from 'The Times':

Moneyfacts, a price comparison website, has warned savers that they must keep an eye on their returns after a wave of rate cuts across leading accounts. Nationwide has cut the rate on its ESavings account by 0.2 per cent to 4.55 per cent while Halifax has chopped returns on its Web Saver by 0.15 per cent to 4.5 per cent. The AA and First Direct have also cut interest rates on selected accounts, though First Direct's e-savings account remains a market-leader, offering a headline interest rate of 4.89 per cent. "Recent reductions are on selected products rather than across the board, so it is even more important for consumers to be aware of what is happening," said a spokesperson for the website

al_yrpal

This is taken from First Direct's web-site:-

"1. first direct e-Savings Account details:

5.20% AER (5.08% gross, 4.06% net)
immediate access
open online at https://www.firstdirect.com or by phone 0800 24 24 24
must be managed online
one account per customer
sole accounts only
minimum balance £1
maximum balance £250,000
available as a standalone product
interest paid monthly when no withdrawals are made "

Look at the last line, there seems to be a catch!

If you have over £50 grand on NW, you get 4.65%