Feeling Cheated!!

Treading_Water

Hi there. I have had a first direct current account for a while. Not as a main account but for a specific purpose.
6 month ago I gained £7000 and put it into their linked E savings account as I needed to transfer back a small amount each month. It now appears that as I did transfer money out each month I am not entitled to any interest!!:mad:
Presumably I am stuffed and I should just transfer out the balance immediately. Anyone with any suggestions?
Thanks.

rathernot

It won't sound very helpful but my suggestion would be read the T&C's and see what they say?

KTF

Instant access to your money (although no interest is paid on the full account balance in any month you make a withdrawal)

From: http://www.firstdirect.com/saveinvest/esavings.shtml

My suggestion would be to put it in Icesave (or similar). Better rate of interest and instant access with no penalties.

kenshaz

Treading_Water wrote: »

Hi there. I have had a first direct current account for a while. Not as a main account but for a specific purpose.
6 month ago I gained £7000 and put it into their linked E savings account as I needed to transfer back a small amount each month. It now appears that as I did transfer money out each month I am not entitled to any interest!!:mad:
Presumably I am stuffed and I should just transfer out the balance immediately. Anyone with any suggestions?
Thanks.

I fully understand your frustration and it is so easy to be drawn into such a situation,obviously their saving scheme is not transparent enough.
Yes get it moved ASAP read Martins article on savings first.

Treading_Water

Thanks for your replies everyone.
I am normally better than that. I can't believe that I was stupid enough to miss the particular bit in the T & Cs. (Thats a lot of interest lost in 6 months!!):mad:
I'm not sure how they can get away with it!
Still lesson learned - hopefully!!

YorkshireBoy

kenshaz wrote: »

obviously their saving scheme is not transparent enough.

How much more "transparent" do you want it?

As soon as you click 'eSavings' on their website you are presented with...

5.75% AER - our star rate

our e-Savings Account has been designed to be managed completely online. It's ideal for savers, rather than spenders
- which is why it pays out big-time.

• start saving from only £1
• earn a healthy 5.75% AER (5.60% gross p.a.) variable on every penny in the account
• instant access to your money* (although no interest is paid on the full account balance in any month you make a withdrawal)
• online statements
• interest calculated daily and paid monthly
• one account per customer.

You don't have to read the T&C's to see that "no interest is paid on the full account balance in any month you make a withdrawal".

Treading_Water

YorkshireBoy wrote: »

How much more "transparent" do you want it?

As soon as you click 'eSavings' on their website you are presented with...
You don't have to read the T&C's to see that "no interest is paid on the full account balance in any month you make a withdrawal".

Unfortunately I assumed that the account would operate in the same way as my Nationwide E savings account - an expensive mistake.:o

RayWolfe

Don't never assume nuffink!
But I guess you know this now.

kenshaz

YorkshireBoy wrote: »

How much more "transparent" do you want it?

As soon as you click 'eSavings' on their website you are presented with...
You don't have to read the T&C's to see that "no interest is paid on the full account balance in any month you make a withdrawal".

Whats your problem,obviously not transparent enough for this poster,perhaps not all have your intellect;) .Whose side are you on,the guy made a mistake he just wanted to vent it,if you believe that financial institutions do not have intentional advantageous marketing ,then you must work for them.

chesky369

Treading Water - try not to feel too bad; chalk it up to experience and learn from it. It's one of the reasons that this forum is so good - there was a whole raft of postings about this very thing about a year ago. If you hang around here long enough, you do have things drawn to your attention which you might have missed.

dunstonh

Whose side are you on,the guy made a mistake he just wanted to vent

It's not about taking sides. The information is clearly displayed and not hidden away. For some reason the OP missed it. The thread title indicates that the OP is angry with the provider but it has been evidenced that the provider has done nothing wrong.

Banks etc are there to make a profit and if they act correctly then they shouldn't be criticised or slagged off. Where they don't act correctly, then fair enough, criticise away.

Once you lose balance in discussions the threads become boring as its only the negative, jaded individuals that remain to post and no-one gains anything then.