HSBC or First Direct

onlypaddy

SG_Guy wrote: »

first direct's savings products are appalling: just take a look at their derisory interest rates. Yes, the customer service is generally good; however, it's just not good enough to sacrifice all that potential interest when you also consider that the 1st Account pays no interest and the incentive is only for when you switch and when you decide to leave after the first 6 months but before 12 months.
I actually e-mailed them to ask why their savings interest rates were so appalling and the answer I got was the usual spiel about how we (they) offer 'competitive products'! What a joke.

Sorry, but i prefer better service than the still pretty derisory interest rates from other banks for all those who dont have £4000+ in an account. Also, you just never know when another bank is going to f*** up and cost you hundreds. There is feeling of trust with First Direct that I've never had with another bank.

As for savings, for first account customers the regular savings account pays a 5% interest and after the first month, the upper payment limit increases so you can get a lot more in there. The only products that can beat it are long term, no access savings bonds. The cash e-ISA while not the highest, has a 2.5% rate fixed until June 2011 whereas all other high rates are variable.

Rich1976

onlypaddy wrote: »

Sorry, but i prefer better service than the still pretty derisory interest rates from other banks for all those who dont have £4000+ in an account. Also, you just never know when another bank is going to f*** up and cost you hundreds. There is feeling of trust with First Direct that I've never had with another bank.

As for savings, for first account customers the regular savings account pays a 5% interest and after the first month, the upper payment limit increases so you can get a lot more in there. The only products that can beat it are long term, no access savings bonds. The cash e-ISA while not the highest, has a 2.5% rate fixed until June 2011 whereas all other high rates are variable.

The Regular saver is fine but what if you have a lump sum to save. The cash e-isa only offers that rate to new customers only. Existing ISA Customers get 0.2% and so will the new customers when the 2.5% deal comes to an end.