What About FirstSave?

oshoshitzu

I recently searched the forum regarding FirstSave and found a variety of opinions. Some wouldn’t touch it with a bargepole because of it’s Nigerian connections (corruption); others aren’t worried because it has the £35,000 guarantee; some are concerned for ethical reasons; others say customer service is poor: some good.

I already have an account with Kaupthing Edge and B&M E-saver, and I need a similar account. Icesave offer 6.05% and ICICI offer 6.16%. However, FirstSave offer 6.26%.

I think I’m mostly concerned about customer service and hitch free access to the account so mainly recent experiences would be appreciated on this, although opinions on other aspects are welcome.

THANKS

Rafter

Unless you need instant access, I'd go for a high interest 1 year bond with a UK based building society or bank: Higher interest, no concerns about where your money is being invested, and much more likelyhood that the government would step in if anything did go wrong.

R.

Jonbvn

Rafter wrote: »

....and much more likelyhood that the government would step in if anything did go wrong.

R.

Are you implying that the FSA £35k guarantee would not be honoured?

Rafter

Jon,

Not at all. The guarantee would be honoured, but it is far less likely that the government would 'do a northern rock' and step in an offer some enhanced guarantee or ask another bank to take over.

So you might get a delay before the FSA scheme paid out, and could potentially lose interest.

R.

Paul_Herring

I think I’m mostly concerned about customer service and hitch free access to the account so mainly recent experiences would be appreciated on this, although opinions on other aspects are welcome.

I was less than impressed with FirstSave - the wouldn't accept the first email address I gave them as a valid address, and my attempts to set up a second linked account were, shall I say, interesting (and ultimately useless - the main reason I left them.)

notis7

Could you honestly trust an African bank at this point in time?

ukdutypaid

This thread needs combining with
http://forums.moneysavingexpert.com/showthread.html?t=912171

But as I commented there.
They're covered by the UK's FSCS and are a UK registered company.....



http://www.moneysavingexpert.com/sav...avings#foreign

Baldur

ukdutypaid wrote: »

It's only 15-16K you're covered with Icesave/Kaufedge/Landis, or 30k with ING, so where does that leave you...

Incorrect - from the article to which you linked (but obviously did not read properly):

Kaufthing Edge - "100% covered by the UK's FSCS", i.e. exactly the same as First Direct.

Icesave - covered up to €20k (Euro) with the Icelandic scheme and any balance, up to £35k by the FSCS.

ING - are covered up to €38k (Euro) with the Netherlands scheme and any balance up to £35k by the FSCS.

Meltdown_2

Actually, it's Kaupthing Edge ...

ukdutypaid

I "didn't read any of it, other than the little blue table. Not even that properly", it would appear, upon reflection and being in receipt, rightfully, of chastisement.

It's idiots like me who give this place a bad name...........

That would be "from the Idiot's, Kaufedge".........

Baldur

Meltdown wrote: »

Actually, it's Kaupthing Edge ...

No wonder my transfers don't get there....:rotfl:

Took my lead from the OP's "Kaufedge"