First Save

LindsayT

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?

frugalmacdugal

Hi,

when I google First Save I get THIS, FSCS protected, don't see a Nigerian connection.

flaneurs_lobster

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 below

refluxer

frugalmacdugal said:

don't see a Nigerian connection.

First Save is provided by First Bank UK, who are a wholly owned subsidiary of the First Bank of Nigeria.

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."

fabsaver

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

ColdIron

20-32-53 is Barclays

aaj123

Their Notice account stands apart as one that also allows immediate access for an interest penalty. 

LindsayT

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.

fabsaver

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.

If you've already opened the account it says in the welcome letter that you have 10 working days to fund it. I don't think it matters that it is NLA.

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.

LindsayT

@fabsaver Thanks for that. It makes more sense to me now.

BooJewels

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.