FirstSave 6.5% easy access, any experiences?

Stompa

stustu92 wrote: »

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.

OK, thanks. Since I have neither, I guess it'd be delayed then!

bristolleedsfan

knights wrote: »

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

Rate was Increased to 6.5% since the last base rate decrease. ( from memory, rate was increased around a week after december base rate decrease)

isofa

Secret_Wookie_2 wrote: »

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

Who are, FirstSave or their postal department?

As for ownership, according to Martin Lewis, FirstSave are a "UK subsidiary of the First Bank of Nigeria".

IceSave are part of the Icelandic bank, Landsbanki.

Have I missed something

KTF

Newcastle BS manage the back office operations. Its cheaper and faster than creating your own back office.

isofa

Ahh I see, had no idea, thanks KTF

bonzer

I don't mean to be rude, but anyone else slightly reticent about this one because of Nigeria's less than spotless record on corruption?

Is this bank likely to be more greatly targetted by phishing emails and that sort of thing?

FSA protects you if the bank collapses. What happens if your money gets nicked?

Bonzer

bristolleedsfan

bonzer wrote: »

I FSA protects you if the bank collapses. What happens if your money gets nicked?

Bonzer

Perhaps martin will add a joke forum. :rotfl: :T :rotfl:

Jonbvn

bonzer wrote: »

I don't mean to be rude, but anyone else slightly reticent about this one because of Nigeria's less than spotless record on corruption?

Is this bank likely to be more greatly targetted by phishing emails and that sort of thing?

FSA protects you if the bank collapses. What happens if your money gets nicked?

Bonzer

Since details are being handled by Newcastle BS, I doubt you will get any phishing emails as a result of signing up for the account. This bank will know that if there is even a hint of problems with scams/419 then there will be an exodus of money.

Of course the FSA guarantee is vital (to me).

Of course, if you have any doubt......

sammyboy999

For those of you thinking of setting up an account with FirstSave, take a look at this letter that I've just had to send to them;

I am writing to you to express my extreme concerns with regards to the opening of my FirstSave account.
Please find enclosed with this letter the envelope which you sent to me containing the confirmation of the set-up of my direct debit instruction dated 19th January. You will note the ‘Revenue Protection’ sticker on the envelope stating that the ‘Deficient Postage’ was 24p and the ‘Handling Fee’ was £1. You will also note that there is no stamp or frank mark on the envelope. In other words, you sent this letter to me without paying for the postage!
At great inconvenience to myself, I had to attend my local Royal Mail sorting office for the privilege of paying to collect this letter.
This oversight on the part of FirstSave is of great concern to me. I am not sure that I can entrust my hard earned cash to an institution that is unable to ensure something as simple as paying for its own postage.
Bearing in mind that FirstSave is new to the UK, I am sure that you will agree that potential customers are, as yet, unsure as to the reliability of your service. The advice given by moneysavingexpert.com is as follows;
‘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 have posted a copy of this letter on the moneysavingexpert.com forums and I hope that you can provide a satisfactory response to this letter that I can also post to the forum. I am extremely unhappy with your service and will close my account with you if I do not receive a timely and satisfactory reply.

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting%20post%20http://forums.moneysavingexpert.com/showpost.html?p=8223737"][/EMAIL]

TomJ

On their website itstates you need to set up a direct debit with your linked account; does this mean the cash is transferred into your account on the same day by DD? Also, how easy is it to change your linked account?