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I feel like First Direct are Robbing me !

They are NOT, but it sure does feel like it !!

I have just read the terms and conditions of my First Direct e savers account. It states that if I make a withdrawal that no interest will be paid for that month. Now a couple of months ago we put the proceeds from the sale of our house in there (£168000) we are about to exchange on our new house and need to take out the money this week. We are going to lose a whole months interest (approx £500) I can't believe this is the case.

I feel like I am being robbed. I know I should have looked at the terms and have not one leg to stand on , but what a rip-off !!

Rant over !!!
Easy Money

Comments

  • buses7675
    buses7675 Posts: 837 Forumite
    Hi Val,

    This is a strange thing the HSBC group do, the HSBC Online Saver works exactly the same way, so the optimum time to withdraw cash is the 1st of any month.

    Sadly, if you really need the money this week I can't see any way around really.

    Cheers

    Steve
    completed Uni in 2004 without any student debt - woohoo!
  • Beware of libel.
    ..
  • Chrismaths
    Chrismaths Posts: 931 Forumite
    This really is a case of caveat emptor. These accounts pay a higher rate of interest precisely because of this condition. So always ALWAYS read the small print!
    I'm an Investment Manager. Any comments I make on this board should be not be construed as advice, and are for general information purposes only.
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