NOW LIVE: The Forum 'Ask An Expert' event. The theme is ENERGY. Please post your questions on bills, switches, alternative fuels etc. Our expert MSE Andrew will answer as many as possible
First Save

LindsayT
Forumite Posts: 185
Forumite

I did a search but threads were years old. I filled in the application for their 1 year bond but when I went to transfer the money (which I haven't done yet), it said I was paying Barclays Bank.
I've since found out they are Nigerian but have UK compensation.
However, I can't find anywhere that they are affiliated with Barclays.
Not sure now whether to open the account or not.
Any thoughts or anyone taken out a product with them?
I've since found out they are Nigerian but have UK compensation.
However, I can't find anywhere that they are affiliated with Barclays.
Not sure now whether to open the account or not.
Any thoughts or anyone taken out a product with them?
0
Comments
-
Hi,when I google First Save I get THIS, FSCS protected, don't see a Nigerian connection.Y'all take care now.0
-
Unless others know otherwise I can't see why there should be any payment to Barclays involved in moving money to First Save, who use their own FirstBankUK to hold monies.
Are you sure the website that you've used to apply for the bond is genuine?
EDIT : I've just noticed that the 1-year fixed bond is NLA, another reason to be wary?
Answered by @fabsaver below0 -
frugalmacdugal said:don't see a Nigerian connection.
The connection is mentioned in this old article... https://www.thisismoney.co.uk/money/saving/article-1710075/Is-FirstSaves-325-fixed-rate-bond-safe.html
"FirstSave is part of First Bank of Nigeria plc – one of Nigeria's largest banks and with headquarters in Lagos. In 2002, First Bank of Nigeria set up FBN Bank (UK) as a wholly-owned subsidiary with the aim of providing a London bank for Nigerians either visiting or resident in the UK."
1 -
There has been some discussion about them more recently on the top fixed interest discussion area (from early July onwards when they launched their table topping bonds).
Specifically https://forums.moneysavingexpert.com/discussion/comment/80156886/#Comment_80156886
I have opened an account with them myself and can confirm that they do indeed use an account with Barclays for deposits. If you go onto their FAQ page it states under 'how do I make a deposit':
Our Sort code: 20-32-53
Our Account Number: 60408220
Beneficiary / payee name: FirstBank UK Limited /FirstSave*
Reference: Your FirstSave reference number/full account number including the first 3 letters of surname
Receiving bank name [if required]: Barclays Bank PLC
1 -
20-32-53 is Barclays
0 -
Their Notice account stands apart as one that also allows immediate access for an interest penalty.0
-
Thank you for the somewhat mixed replies.
However, now they have pulled the account again (they did it a few weeks ago, then issued it again), not sure if I can fund it or not.
@fabsaver, it does indeed say that about Barclays but couldn't find anything on the internet about an affiliation with them, so not sure how Barclays comes into it.0 -
LindsayT said:Thank you for the somewhat mixed replies.
However, now they have pulled the account again (they did it a few weeks ago, then issued it again), not sure if I can fund it or not.
@fabsaver, it does indeed say that about Barclays but couldn't find anything on the internet about an affiliation with them, so not sure how Barclays comes into it.
As far as I understand it they are not affiliated with Barclays as such but they (pay to) use the banking services of Barclays. Historically the smaller challenger banks had no option but to use one of the big four clearing banks in the UK.
As the banking systems modernise there are more options but many continue to use them. For example Charter Savings Bank and Aldermore Bank also use Barclays.0 -
As @fabsaver already said, they just use Barclays as their clearing bank for payments, as do many other smaller banks - not necessarily 'affiliated' with them, just use their professional services. Ford Money also use Barclays. And if you've already opened an account, it should still be available to you, even if NLA on the web site. I opened one about 3 weeks ago and it went NLA between opening and funding and I've since funded it and it's now ticking away nicely for me.0
Categories
- All Categories
- 338.8K Banking & Borrowing
- 248.6K Reduce Debt & Boost Income
- 447.6K Spending & Discounts
- 230.7K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 171K Life & Family
- 244K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards