First Direct 5.20% Savings account

Daniel_B

Hiya,
saw this on their website - looks pretty good, anyone got any opinions, or seen something that I have missed?

I was wondering when they were going to provide something comparable to ING and the like - is this it?

Dan

lipidicman

I'll make it clear. How about

'instant access to your money (although no interest is paid in any month you make a withdrawal).'

So withdraw a fiver and you get no interest on ANY OF YOUR MONEY for a whole month. This is an EVIL penalty designed to catch out those who dont read the terms and conditions carefully. This is worse than 60 or 90 days loss of interest - at least that is usually only on the amount you withdraw. Choose this account with care

Daniel_B

Ok, I did see that, but if I was going to have a major savings account, I wouldn't be withdrawing from it very often at all, though I guess that does restrict you a bit, as you might take out more than required, when you made your one withdrawal...

Dan

Kazza242

Daniel_B wrote:

Ok, I did see that, but if I was going to have a major savings account, I wouldn't be withdrawing from it very often at all, though I guess that does restrict you a bit, as you might take out more than required, when you made your one withdrawal...

Dan

I don't think this account is worth it, especially when you can get higher interest rates elsewhere - without the withdrawal restrictions.

Alliance & Leicester's online saver offers 5.35% and The Yorkshire Building Society E-saver pays 5.20%. They both allow you to make as many withdrawals as you please. The Yorkshire Building Society account gives you the option of having a LINK cash machine card.

amazingkitkat

i think i will apply First Direct until oct, then change to The Yorkshire Building Society becoz it gives u banker's card

lipidicman

FD until october? why? are you thinking of the ISA that FD do?

Macce

I got +20K sitting in a Cahoot account earning 5.65% gross till July. After that it will drop to 5.1%. I really dont know if I can be bothered to move it to another bank unless they are paying a lot more interest. I'm quite happy with Cahoot or am I getting complacent ?

I already got another 20K in an Halifax ISA earning 5.15% and got a 8% regular saver with HSBC.

jimclark1967

Macce wrote:

I got +20K sitting in a Cahoot account earning 5.65% gross till July. After that it will drop to 5.1%. I really dont know if I can be bothered to move it to another bank unless they are paying a lot more interest. I'm quite happy with Cahoot or am I getting complacent ?

I already got another 20K in an Halifax ISA earning 5.15% and got a 8% regular saver with HSBC.

Need any help spending it? :beer:

grumbler

jimclark1967 wrote:

Need any help spending it?

Why don't you start a new site 'Money Spending Expert'?! :rotfl:

Macce wrote:

I'm quite happy with Cahoot or am I getting complacent ?

£20000*(5.35%-5.1%)=£50 before taxes. Not a lot, but... :think:
Do not forget about 7% Halifax regular saver.