First Direct E-savings rate reduced to 4.75%AER

Zwicky

The E-Savings rate advertised on the First Direct web site is now 4.75% AER

I have not received any notification from FD that the 5% rate on my existing account has been reduced but if you go to "rates" on the FD web site the only rate you will find for the E-Savings account is 4.75%.

Looks like FD is following the downward trend.

Redbedhead

Zwicky wrote:

The E-Savings rate advertised on the First Direct web site is now 4.75% AER

I have not received any notification from FD that the 5% rate on my existing account has been reduced but if you go to "rates" on the FD web site the only rate you will find for the E-Savings account is 4.75%.

Looks like FD is following the downward trend.

Thanks for the warning - I also have one and don't recall being told the rate was changing.

Zwicky

I have finally managed to find FD's terms and conditions on their web site (they are well hidden) and this is what they say about interest changes:

8.4 We will tell you about interest rate changes within 30 days of the change by writing to you (which includes statement messages, and if you have registered for our internet banking service and you have agreed, secure e-message or email). We recommend that you print or save copies of electronic notifications for your records.

So they don't have to tell us before they make a change and can wait up to 30 days after the event before doing so! This the same as Cahoot so I suppose we should not be surprised.

ffacoffipawb

Zwicky wrote:

I have finally managed to find FD's terms and conditions on their web site (they are well hidden) and this is what they say about interest changes:

8.4 We will tell you about interest rate changes within 30 days of the change by writing to you (which includes statement messages, and if you have registered for our internet banking service and you have agreed, secure e-message or email). We recommend that you print or save copies of electronic notifications for your records.

So they don't have to tell us before they make a change and can wait up to 30 days after the event before doing so! This the same as Cahoot so I suppose we should not be surprised.

From Previous rates section

http://www.firstdirect.com/rates/previous.shtml

it was 5% until 17th, so rate fell today!

MiserlyMartin

Oh hell another one gone. This is crazy!

Macce

Birmingham Midshires @ 4.95% looks solid at the moment. They even increased thier rate by 0.05% over easter !

http://www.askbm.co.uk/savings/i/deposit/easy/intro.asp

ffacoffipawb

Macce wrote:

Birmingham Midshires @ 4.95% looks solid at the moment. They even increased thier rate by 0.05% over easter !

http://www.askbm.co.uk/savings/i/deposit/easy/intro.asp

Note that that is 4.30% plus a bonus of 0.65%.

Macce

Yep was aware of that. However it is an easy access account and you dont get penalised by losing a months interest if you make a withdrawal which cant be said for First Direct.

Definetly the best place to put your savings at this moment in time. I will review the rate in a years time.

equitydealer

Bradford and Bingley is still at 4.85% and it's a clean account with no bonus rate. Interest can be paid monthly, need min £1000 though.

Zwicky

equitydealer wrote:

Bradford and Bingley is still at 4.85% and it's a clean account with no bonus rate. Interest can be paid monthly, need min £1000 though.

This "Key Feature" of the B&B esavings account should tell you something about how long the 4.85% is going to last:

Annual interest rate guaranteed to at least match the Bank Base rate plus 0.25% until 30th June 2006

ffacoffipawb

Zwicky wrote:

This "Key Feature" of the B&B esavings account should tell something about how long the 7.85% is going to last:

Annual interest rate guaranteed to at least match the Bank Base rate plus 0.25% until 30th June 2006

Quick, 7.85%, where!!!!!!!!!!

:O