FirstSave 6.5% easy access, any experiences?

isofa

As from Martin's Money Tips e-mail yesterday and listed here: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

The FirstSave instant account account: http://www.firstsave.co.uk/

I'm a little surprised Martin's added it to his top list with no experience or recommendations. But to be fair he says only put in £100, so he clearly isn't sure either!

Anyone have any experiences with them? Never heard of them before, and they seem to be a UK subsidiary of the First Bank of Nigeria - where all the money e-mail spams used to come from...

martyn4764

isofa wrote: »

But to be fair he says only put in £100, so he clearly isn't sure either!

I didn't understand that at first, but what he actually says is to open the account with £100 in case of delays (happened a lot to ICICI customers, I believe).

They're as protected as any other UK bank, and subscribe to the Banking Code. I keep meaning to open one of these accounts, just haven't got round to it yet.

isofa

martyn4764 wrote: »

I didn't understand that at first, but what he actually says is to open the account with £100 in case of delays (happened a lot to ICICI customers, I believe).

They're as protected as any other UK bank, and subscribe to the Banking Code. I keep meaning to open one of these accounts, just haven't got round to it yet.

Yep that's what I meant to quote, first start with £100 etc. Although I think Martin is still hedging his bets, to quote verbatim:
"Until its proved itself, if you’re going to open it, I’d only open the account with £100, then if there are any delays you’re minimizing potential down time. Once it is up and running, it would be prudent not to put any more than the protected £35,000 limit in it."

I understand re the Banking Code etc, but to me that definitely isn't enough. If there are no recommendations, previous customers recommending etc, you have no idea of the quality of service, speed of transactions, if the website / on-line banking is good, fast, secure etc.

Abbey subscribe to that code, and are the worst organisation I've ever had dealings with, and thousands of other people have had similar experiences with them.

stustu92

...I opened an account with them yesterday just after lunch and got my welcome pack and log in details in the post today.

I've not previous experience with them but as long as they subscribe to the banking code and my first £35000 is protected, I'll happily let them pay 6.5% on my money.

isofa

Do let us know how you get on stustu92, the service, website etc

knights

Yep I read this in Martin's email as well.

Be interested to see how you get on stustu92.

With other rates falling i.e. Newcastle, it might be worth having one of these at 'the ready'.

Is this a new rate/account they are offering? Wonder how long it will last?

Might help to encourage ICICI and the like to maintain their rates for a while.

regards

stustu92

The website seems pretty straightforward and as for service, their postal department is second to none. I wish my big 4 bank were this quick.

neilp

ICICI have a track record of raising rates to respond to this kind of competition, so I am waiting a while to see whether they do this time. I am reluctant to move again because of ICICI's rate guarantee, and the fact that several days' interest is lost tranferring funds via a current account. However, if there is a big interest rate differential it will have to be done!

Stompa

What were their ID requirements?

Thanks

Secret_Wookie_2

stustu92 wrote: »

The website seems pretty straightforward and as for service, their postal department is second to none. I wish my big 4 bank were this quick.

They are run by Newcastle Bulding Society, same as B&B, Ice Save etc.

stustu92

Passport number and or driving licence number.

However it did say that you didn't have to give this information, but if you didn't it'd delay the account opening.