FirstSave 1 year Bond Paying 1.7%

colsten

nottsphil said:

bowlhead99 said:

nottsphil said:

SFindlay said:

nottsphil said:

SFindlay said:

nottsphil said:

'Bank' and 'Nigerian' should start alarm bells ringing. So, FSCS regulation means £85K of your capital is fully protected, does it? 

FirstSave is a UK regulated subsidiary therefore yes funds up to £85,000 protected. They have previously featured in MSE best buy tables. 

OK everyone, try putting First Save or even Bank of Nigeria into the search box here

Yeah done that and comes back as authorised since 2002!!! Your point is what??? 

I've just done it again. Again it doesn't appear, it comes up as FBN Bank Ltd. 

So, your fear that they are not actually UK regulated is somewhat unfounded, especially as when you typed First Save into the Financial Services Register search tool it came up as FBN Bank (UK) Ltd ...

... which wasn't the bank mentioned in the OP. 

Honestly. 

bowlhead99

colsten said:

nottsphil said:

bowlhead99 said:

nottsphil said:

SFindlay said:

nottsphil said:

SFindlay said:

nottsphil said:

'Bank' and 'Nigerian' should start alarm bells ringing. So, FSCS regulation means £85K of your capital is fully protected, does it? 

FirstSave is a UK regulated subsidiary therefore yes funds up to £85,000 protected. They have previously featured in MSE best buy tables. 

OK everyone, try putting First Save or even Bank of Nigeria into the search box here

Yeah done that and comes back as authorised since 2002!!! Your point is what??? 

I've just done it again. Again it doesn't appear, it comes up as FBN Bank Ltd. 

So, your fear that they are not actually UK regulated is somewhat unfounded, especially as when you typed First Save into the Financial Services Register search tool it came up as FBN Bank (UK) Ltd ...

... which wasn't the bank mentioned in the OP. 

Honestly. 

Lol. In the OP , it was mentioned that FirstSave was a "Subsidiary of Bank of Nigeria but are FSCS regulated so full protection".

Smartypants queried whether, "FSCS regulation means £85k of your capital is fully protected, does it?", which it does, although astute savers will note that it is the Prudential Regulation Authority which provides regulation to UK banks; the FSCS is merely a compensation scheme providing protection to people using financial services, not financial regulation of banks. Also worth being aware that if you are using the protection for £85k of your capital you can't also use it to cover the interest owed, so you may prefer to deposit a lower-than- £85k amount so that all interest generated from the account will be covered within the overall limit.

The FSCS coverage of the FirstSave banking products is demonstrated by typing FirstSave into the FS register search tool and it taking you immediately to the entry for the UK regulated entity FBN Bank UK, on a page which notes that FirstSave is one of the trading names of that UK regulated entity; the UK regulated entity's name appears on every landing page of FirstSave's site. The entity is authorised to take customer deposits in the UK and therefore you would have full FSCS protection. 

To verify legitimacy, if you click the link from the Financial Services Register page for the UK regulated entity, it takes you to their main corporate page, www.fbnbank.co.uk, and when you tell your browser to search for the word 'savings' on that home page you will see the link for Savings Accounts in the bottom banner of the page, being a direct link to firstsave.co.uk.

QED, etc. 

For the avoidance of doubt, 'QED' is not a trading name of FNB Bank (UK). 

As an aside, the regulatory restriction on them for over 18 months now is that they can't provide deposits or withdrawals to new 'high risk' customers or PEP-related clients, which will not affect customers rated low or medium risk of financial crime on the bank's model. However, it may make trading conditions less favourable than the bank would prefer, so it's good to know the FSCS can cover you in case of failure.

colsten

bowlhead99 said:

For the avoidance of doubt, 'QED' is not a trading name of FNB Bank (UK). 

Are you really sure? 

bdmum1

I rang FirstSave this morning to check the application would be successful, given that their 1st page said it was no longer available.

I was told that there were only a limited number of accounts available, and these were due to customers opening the bonds but then not depositing funds within the timeframe. After a period of time they release them back into the system.   Not enough to justify advertising the product as freely available, but definitely still there until all the "unused" applications had been re-allocated.

We opened a joint bond this afternoon and received confirmation and application numbers very quickly. 

wiseonesomeofthetime

Thank you OP.
I successfully opened one this afternoon (Saturday)