First Direct E-savings rate reduced to 4.75%AER

Zwicky

This post is really just to get this this thread back onto page one because I think it is important for First Direct savers to see it as they will not get this information anywhere else at present unless they happen to visit the FD website.

I also think it is more important than two guys arguing and insulting each other on a daily basis over the way in which Halifax reduced its interest rate. If you agree DO continue to post on this thread and DO NOT post anything on the Halifax thread (you know the one I mean!)

EagerLearner

I am an FD customer and didn't know about this change - thanks for the warning. I opened an account with Cahoot recently but they e-mailed me saving their rate is going to fall too - Cahoot and now FD too... what will be of my pennies! At least Cahoot won't penalise me for withdrawals so I think I'll use that one now instead - thanks for the warning.

EagerLearner

Zwicky

EagerLearner wrote:

I am an FD customer and didn't know about this change - thanks for the warning. I opened an account with Cahoot recently but they e-mailed me saving their rate is going to fall too - Cahoot and now FD too... what will be of my pennies! At least Cahoot won't penalise me for withdrawals so I think I'll use that one now instead - thanks for the warning.

EagerLearner

You might like to take a look at the thread on Birmingham Midshires easy access account at 4.95% with no catches. It's also listed now on this site's Savings & Investments/ Easy Access page.

EagerLearner

Here's more info re: Cahoot:

"I am writing to let you know that we will be changing the rate on your
cahoot savings account to 4.55% AER on 28 April 2006*. "

I have already opened an Alliance & Leicester and a Cahoot account over the last month... will I get pensalised credit-score wise for opening the Birmingham Midshires one?

EagerLearner

DogDave

Thanks for bringing that up EagerLearner. I'd also like to know whether continually opening and closing accounts and shifting money between accounts affects someone's credit rating. Does anyone know? One of my friends is so concerned about hurting his credit rating that he has kept the same current account with Barclay's for 10 years.

Annabee

DogDave wrote:

Thanks for bringing that up EagerLearner. I'd also like to know whether continually opening and closing accounts and shifting money between accounts affects someone's credit rating. Does anyone know? One of my friends is so concerned about hurting his credit rating that he has kept the same current account with Barclay's for 10 years.

If you mean savings accounts, I don't see how it would hurt as you are not borrowing any money are you? I'm fairly sure savings accounts don't even show on your credit report with Experian & co. Also a few current accounts shouldn't hurt as long as you've managed the account OK.

Blairweech

Thanks for the heads-up. I was just about to open a FirstDirect account as it was one of the top payers, but I don't think I'll bother now.

I opened a Birmingham Midshires account over Easter, just waiting for my deposit to be taken

Anon

Coventry pay 5.10% on thier Coventry First account (current and savings in one therefore easy access, rate guarantee of 0.6% above base for one year, currently includes 0.85% bonus). monthly interest, no penalties, £1000 minimum each month, £250,000 max.

Anon

EagerLearner

Hi all - just to let you know re the credit search issue (if you open several saving accounts) - THEY DO SEARCH your file!!! :eek:

I have had Alliance & Leicester and Cahoot recently check my Experian file but I don't understand why if all I want is a savings account and am not borrowing cash from them! I am so annoyed as I really don't want any footprints on my credit file for things like this.

On the FD E-savings account - they e-mailed me to my online 'inbox' rather than normal e-mail, you may all need to log on to see your e-mail about the reduction in rate.

I definately won't be using this e-savings account as I get penalised for moving money and their rate even including bonus is not that great anymore. :cool:

EagerLearner

Swipe

2 weeks ago I applied for a FD account which was then at 5%. I wondered why it was taking so long to recieve my pre-prepared application form through the post and then it arrived yesterday with the 4.75% rate in the letter with effect from 18th april. I think I'll still go along with my account and just leave it with £1 in. I have just opened the Birmingham Midshires account and will now use that instead. I can't believe how bad it is for savers at the moment. If it carries on like this premium bonds will be looking more and more attractive.