FirstSave

[Deleted User]

I opened a 2 year fixed rate bond with FirstSave in June 2015 paying 2.15% pa. I was checking my account online today and I see that there are currently no FirstSave savings products available to new savers. All savings products are said to be currently unavailable due to the success of FirstSave. It's operation seems to be effectively shut down as it is not accepting new deposits. Is there any cause for concern? FirstSave products are provided by FBN Bank (UK) Limited, a UK subsidiary of First Bank of Nigeria and are covered by the FSCS.

masonic

Yes, it seems that they have been overwhelmed by the amount of deposits they have received from customers and aren't able to accept more.

I'm sure they will be only too happy to return your money when your fixed term comes to an end. Of course, with such a lot of money on deposit, and with you being a loyal and discreet customer, they may have a transaction of great magnitude that you could assist them in prosecuting requiring maximum confidence, in order to commence new business that will allow them to re-open their savings accounts to new customers, and they may solicit your assistance to enable them to transfer into your account some trapped funds.

bowlesbargain

I have just had a bond mature with First Save they gave me a great rate for 5 years as a loyal customer. They take enough money in on there reinvested bonds they don't want any new business. I have had a number of bonds with them over the years and found them very good