Notice Accounts

Born2Save_3

crumpet_man said:

Did anyone else get £100 compensation from First Save due to the IT issue with Barclays which occurred end of Jan?

I have a fixed term bond with FirstSave and received an email from them on 21/2 stating they would add an extra 3 days interest to the next payment they make.  No mention of compensation for not making the payment to me on the date, 31/1, it was expected.

I called FirstSave today and £100 compensation was mentioned on the first call.  Then, when they called me  back I was told that the £100 is being paid for anyone who made payments to FirstSave.  I used an example of making a £10 payment to be received by them on 31/1 and £100 compensation would be paid, and this was not challenged.  I was offered compensation of £10 and did not accept this, given that they are making £100 payments in other cases and the interest difference does not cover the interest I would have made on the payment I did not receive till 3/2.

A similar organisation to FirstSave who use Barclays as a clearing bank, have offered compensation for the same root problem, less then £100 but more than £10, that was acceptable.

crumpet_man

In my case, it's the 90 day notice account with First Save, interest is paid monthly to nominated account and the Barclays IT problem caused me no issues and I had not even complained. 

I was surprised to be told about the £100 compensation and thought they must be doing that for everyone.

Born2Save_3

crumpet_man said:

In my case, it's the 90 day notice account with First Save, interest is paid monthly to nominated account and the Barclays IT problem caused me no issues and I had not even complained. 

I was surprised to be told about the £100 compensation and thought they must be doing that for everyone.

Thanks for the reply and mentioning this on here.

So just to confirm, it was the payment of interest from your FirstSave 90 day notice account to your nominated account that was delayed from 31/1 to 2/2 or 3/2 ?

If not, could you elaborate further ?

crumpet_man

My interest payment was not delayed, this is why I was surprised at the compensation.  I received both January and February interest payments from Firstsave 90 to nominated account as usual.

Until the email from Firstsave I wasn't even aware that they used Barclays.

Born2Save_3

crumpet_man said:

My interest payment was not delayed, this is why I was surprised at the compensation.  I received both January and February interest payments from Firstsave 90 to nominated account as usual.

Until the email from Firstsave I wasn't even aware that they used Barclays.

Did you make a payment into your FirstSave 90 on/around 31/1 ?  If not, it is perplexing !

Have you received the compensation yet or been told when you can expect to receive it ?

I can't find any other discussion on this matter elsewhere.  FirstSave haven't contacted me yet, today. I get the feeling that FirstSave are not managing this matter very well.

Also, I know in one case that the matter between the organisations we have a relationship with and Barclays clearing bank service has not been resolved yet.

slinger2

Logged into my DF Capital 90-day account and was initially surprised that I had two interest credits for February, one on 24th Feb and one today. Worked it out in the end: there was an interest rate reduction during the month: I had 23 days at 5.30%AER and then 5 days at 5.11%AER. Will be getting that until 22 April when it drops to 4.90%AER.

As is often the case, DF Capital are not open to new savers at the moment.

slinger2

Made a withdrawal request from my Vanquis 90-day account to take the balance down to £1k. The money should pop into my bank account in early June when the rate drops to 4.65%AER. I'll get 5.00%AER until then. What I'll do with it I've no idea (might even end up cancelling the withdrawal). Haven't heard from DF Capital recently so that's an option if I want it to stay in a notice account - rate on my 90-day with them will be 4.90%AER in early June (unless I've missed an email somewhere).

SnowMan

slinger2 said:

Haven't heard from DF Capital recently so that's an option if I want it to stay in a notice account - rate on my 90-day with them will be 4.90%AER in early June (unless I've missed an email somewhere).

Only reduction notification I've received on my DF Capital 90 day notice account (issue 1) is the reduction from 5.11% to 4.9% AER on 22nd April 2025. So should remain at that 4.9% rate until at least 17th June (today + 90 days + 14 days).

southone

crumpet_man said:

Did anyone else get £100 compensation from First Save due to the IT issue with Barclays which occurred end of Jan?

Yes but i didnt notice a delayed payment it was a weeked mind, my mate got the email but no mention of his £100.

I just checkedand still have not got this months so have not had 100 yet?

Zaul22

Oxbury just added various new notice accounts with good rates.