First Direct E-savings rate reduced to 4.75%AER

Chris4817

EagerLearner wrote:

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

They do it to check your identity and that is all. They do say in their small print that the credit check is done for this reason and it also says that 'any Credit Reference Agencies will not use the fact that we have searched their system for proof of residency and identity to score any future applications for credit'.

This would suggest to me that their search won't affect you applying for credit in the future.

skiddy2k

for those of you who didnt recieve the message, it should be in your FD messages... they'l probabily post a letter about this soon.

We are writing to inform you that with effect from 18 April 2006, the e-Savings Account interest rate is 4.75% AER (4.65% gross).

The e-Savings Account is a market-leading account that continues to reward savers by paying a full quarter of a percent more interest than the Bank of England Base Rate and

- ING Direct Savings Account
- Halifax Web Saver and
- Egg Internet Only Savings

all of which are currently 4.50% AER.

The e-Savings Account pays a great rate from just 1 pound and continues to reward savers, not spenders, by paying 4.75% AER. No interest is paid on the entire account balance in any month you make a withdrawal. Further details can be found at https://www.firstdirect.com/savings.

important notes
All competitor rates were correct as at 12 April 2006 and are variable. Competitor rates were sourced from competitor websites. All rates quoted are the rates payable on a balance of 1 pound - bonuses may apply.

EagerLearner

Thanks Chris - that's a massive relief. I recently applied for a credit card and was refused, even though I have a 999/1000 score with Experian, and was worried these further 2 searches on my file for savings accounts would compound the problem.

I am posting another thread re this c/card being refused, if anyone can help on that comments would be welcome.

Thanks

EagerLearner

ReportInvestor

When is ICICI going to make its move south?

This trend has the makings of a stampede .

Zwicky

ReportInvestor wrote:

When is ICICI going to make its move south?

Not for at least 30 days apparently.

The following is from the ICICI web site:

Change of Interest Rate
We reserve the right to change the rate of interest at any time. We will communicate the change in interest rate to you by posting it on the Site and informing the Help Desk at least 30 days before the actual change to existing customers.

Redbedhead

I had the message in my message box when I went in today.

lisyloo

This would suggest to me that their search won't affect you applying for credit in the future.

Yes that's right.
There are different types of seraches.
Searches for the purposes of lending (NOT savings accounts but could be current account with overdraft) are available to other lenders to see.

Searches for the purposes of identity checking/money laundering are not available to other lenders.

I have LOADS of searches on my credit report from "more than" because they do one every time you ask for an insurance quote and I tried lots of combinations toget the price down.
But it doesn't matter as they are only identity checking ones so are not seen by other lenders.
For a savings account the search should be of the latter type as they are not offering you any credit so it isn't for lending purposes.