first save

333rocky333

I filled in an on line application for first save today.
i thought I read about it on the main savings page as being one of the highest interest rates.
However at the end of the application I noted they want me to send my details to a po box in newcastle.
I then did some checks and found it has links with nigeria.
I know it may not be, but after reading about all the scams from there I am now worried.
I have now come on this main site and there is hardly any mention of it.
I do not feel I want to continue with it now
As I have gave them personal details should I be concerned
Many thanks

Aegis

FirstSave is regulated by the FSA and is allowed to carry out banking business in the UK. They are an arm of the First Bank of Nigeria, but they are also compliant with UK financial regulations, at least in the UK, and are covered by the Financial Services Compensation Scheme as all UK banks are.

Of course, it doesn't make them 100% reliable or safe, and you may object to the idea of banking with an organisation based in a country where certain activities go on, but that's another matter entirely.

333rocky333

Thank you I will sleep better tonight now.

Jonbvn

Aegis wrote: »

Of course, it doesn't make them 100% reliable or safe, and you may object to the idea of banking with an organisation based in a country where certain activities go on, but that's another matter entirely.

But where does it all stop? What about HSBC and China's human rights record? Or how about Icelandic banks and their whaling industry?

Having worked in Nigeria, I would however agree that avoiding Nigerian banks may be smart.

Aegis

Jonbvn wrote: »

But where does it all stop? What about HSBC and China's human rights record? Or how about Icelandic banks and their whaling industry?

Having worked in Nigeria, I would however agree that avoiding Nigerian banks may be smart.

It stops wherever a potential depositor wants it to stop. Associations like that are entirely subjective, and I know several people who want nothing to do with FirstSave because of those associations.

HSBC's a little different because it's a UK company that gets involved in China rather than being a Chinese company involved in the UK; however I don't doubt that there is enough of a relationship to put a lot of people off banking there.

KTF

333rocky333 wrote: »

However at the end of the application I noted they want me to send my details to a po box in newcastle.

The Newcastle Building Society runs the back end for them in the UK which is why the details are sent to a Newcastle address. This is exactly the same as Icesave.

333rocky333

Thanks all
Dont really know much about the country really,my decision had nothing to do with politics or race.
Was more bothered about all the scams I read about on, ebay etc,.
I know its not in the same leaque but I think I will avoid it.
I have ING accounts and know nothing about there country ,but trust them for some reason.

Can I simply not send the Id and ignore their letters, and assume the account will not be opened.

I also filled in what appeared to be a direct debit agreement , should I inform my bank to cancel that, or is there no need.
I think I wiil opt for alliance and leicester now.

Paul_Herring

Aegis wrote: »

HSBC's a little different because it's a UK company ...

Do you know what the H and S stand for?

Aegis

Paul_Herring wrote: »

Do you know what the H and S stand for?

Yes. It's still a UK company though

It was started as a UK company to transact business in China, as I recall, and it's still first and foremost a UK company.

[Deleted User]

333rocky333 wrote: »

Can I simply not send the Id and ignore their letters, and assume the account will not be opened.

You could assume that and in all honesty that'll probably end up being the case however I'd probably just phone them to say I've "changed my mind, please remove my contact details..."

333rocky333 wrote: »

I also filled in what appeared to be a direct debit agreement , should I inform my bank to cancel that, or is there no need.
I think I wiil opt for alliance and leicester now.

Yes, inform your bank, or if you've got Internet Banking simply log on and cancel it from there.

Meltdown_2

Aegis wrote: »

Yes. It's still a UK company though

It was started as a UK company to transact business in China, as I recall, and it's still first and foremost a UK company.

Hmmm ...
And do you know that 'the First Bank of Nigeria' was started as a UK company to transact business in 'British West Africa'. Called the 'Bank for British West Africa' in those days, it was started in 1894, with head office in Liverpool, by Sir Alfred Jones (a shipping magnate).

Yes, HSBC Bank plc is registered as a UK company.
And the parent company, HSBC Holdings currently has its HQ in London ...
But 'The Hongkong and Shanghai Banking Corporation Ltd.' is incorporated in Hong Kong, and HSBC Holdings' many subsidiaries are usually registered locally.

And whether you regard it as the 'World's Local Bank' or the 'World's Largest Bank' (Forbes) it is surely, first and foremost, an international company.