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First Direct Have Cut Their Esavings Rate

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never got any notice they were reducing the rate (tw*ts !!) only just moved from ING too !

anyone getting a rate over 5% anywhere ??

whats the verdict on this ICICI account ???

SOTT

There is dedicated threads to this in the invesment forum, i think the jury is still out on ICICI, Ybs are giving me 5%.

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It is meant to conform to all british banking standards so will give you all teh same protections that a UK bank will give you namely 90% of 30k if it crashes.

Nobody is sure on its security measures and customer expectation levels just yet though but nothing bad has been said to date.

Cahoot 4.98 gross

Halifax 4.9 gross Regular saver -7% but need monthly deposit (probably works out just better than 5%)

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Have a read on Moneysavingexpert - If I remember correctly the bank is covered by the savings scheme (£30K?) but not officially signed up to the banking code yet.

Biggest problem seems to be with their whole account management system.

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never got any notice they were reducing the rate (tw*ts !!) only just moved from ING too !

anyone getting a rate over 5% anywhere ??

whats the verdict on this ICICI account ???

SOTT

First Direct never was that good anyway - lost interest on the whole deposit for the month even if you just took £1 out.

I've just set up an account with Abbey

£200,000 plus gets you 5.40%

£100,000 plus gets 5.30%

£50,000 plus gets 5.20%

£1 plus gets 5.10%

but this does include 6 months introductory bonus of 0.4% - still gives me another 6 months to find somewhere else to put the stash.

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Im getting 5.5% with egg that expires in November.... they messed up my account so I had a moan (not like me!) and they extended the offer from back in January for another 6 months. They werent happy about it though.

I have heard Northern rock an e-saving account at 5.4% but not checked into it further.

Edited by miche

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never got any notice they were reducing the rate (tw*ts !!) only just moved from ING too !

anyone getting a rate over 5% anywhere ??

whats the verdict on this ICICI account ???

SOTT

Have just picked up this thread and rung First direct and had a real moan, having like you just moved from ING. I was assured by the undoubtedly lovely Sophie, that I had been written to at the begining of August? Clearly the carrier pigeon has yet to arrive, but can't believe we've been shafted yet again and I've banked with FD for years. Thanks to all the other posters in the thread for other accounts to look into...

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anyone getting a rate over 5% anywhere ??

Do you know anyone with a One Account? if so, you can temporarily pay off a part of their mortgage and (with a gentlemen's agreement) receive 6%+ so tax free on 'your' savings. Plus a cut for them too of course!

(just an idea - probably lots of reasons why it won't work!)

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Guest muttley
I was assured by the undoubtedly lovely Sophie, that I had been written to at the begining of August?

MRSB, I got a letter.Maybe I was supposed to pass it on.

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never got any notice they were reducing the rate (tw*ts !!) only just moved from ING too !

anyone getting a rate over 5% anywhere ??

whats the verdict on this ICICI account ???

SOTT

bradford and bingley still offer 5.1% on their esaving account. They have not dropped the rate since the BoE dropped, so no guarantee that they will not in the coming few weeks. They did drop it .15% before the announcement.

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MRSB,  I got a letter.Maybe I was supposed to pass it on.

Obviously there's only one letter between three, as I didn't get one either. I've had a few problems with First Direct recently, having never really had any before. I hope it's not a sign that they're slipping, as I've always been very happy with them.

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I've moved from ING to First Direct also. Was a customer of FD so was straight forward. I thoroughly anticipated the drop when IRs went down, so I'm not disappointed. 5% is still o.k. especially when compared to ING who have seriously pissed off a lot of people by the sounds of things.

If the Indian Bank is as bad as their Call Centres, then I wouldn't go near it.

Anybody else getting fed up with these offshore call centres ? Everyone I talk to is well and truly fed up with them - the jobs will be coming back to UK in a year or two. Only menial back office jobs with no customer contact will be left out there.

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Spoke to Cahoot yesterday. They are reducing their rate to 4.75% (in 8 days- I think he said), so there's no point me moving there from ING.

Then rang Bradford and Bingley esaver. According to phone chappie they have no current plan to reduce rate, if they do they will give customers 30 days notice and the account is guarunteed (God knows how you spell that) to be 25 points above Bof E base rate until January.

So I have applied for an esaver.

BTW don't forget to compare like with like ie gross rate with ross rate or AER with AER.

Edited by Noseyparker

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I have also moved a large chunk from ING to First direct, but guessed this might happen.

I wonder if they will be as quick to raise the rates again when the time comes, as it surely will.

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Obviously there's only one letter between three, as I didn't get one either.  I've had a few problems with First Direct recently, having never really had any before.  I hope it's not a sign that they're slipping, as I've always been very happy with them.

Yup, obviously Muttley got our copy. Perhaps FD are going to start operating a chain letter system in order to save costs :blink: Know what you mean though Bathsheba, I've been with them for years and never really had any problems until now that is. I do however have the name of the young lady at the call centre who did advise me that the rate on their e-saver was guarenteed, so I will be in touch with FD again as high up the chain as I can go with it.

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Yup, obviously Muttley got our copy. Perhaps FD are going to start operating a chain letter system in order to save costs  :blink: Know what you mean though Bathsheba, I've been with them for years and never really had any problems until now that is.  I do however have the name of the young lady at the call centre who did advise me that the rate on their e-saver was guarenteed, so I will be in touch with FD again as high up the chain as I can go with it.

I'm an FD customer for 10 years and I got no letter in August advising of rate cuts to the esaver but I do get a barrage of other mail despite me asking then over and over not to send it, it's supposed to be a telephone/internet account.

When we lived abroad wife and I (joint account!) would often get identical fliers in different envelopes posted expensively at foreign rates. They could cut costs here.

And their internet banking site is crap - but at least the call centre staff are literate and helpful. But don't forget its HSBC.

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I'm an FD customer for 10 years and I got no letter in August advising of rate cuts to the esaver but I do get a barrage of other mail despite me asking then over and over not to send it, it's supposed to be a telephone/internet account.

When we lived abroad wife and I (joint account!) would often get identical fliers in different envelopes posted expensively at foreign rates. They could cut costs here.

And their internet banking site is crap - but at least the call centre staff are literate and helpful. But don't forget its HSBC.

Morning Mr BTB,

Clearly then Muttley is one of the CHOSEN FEW - how do we join this select group that's what I want to know :blink:

As for all the other irrelevant mailshots they send on a regular basis, I too have asked for them to stop but so far it's fallen on deaf ears...the one letter I do want...they don't send :angry:

Agree that the call centre staff (in general) are good and thanks for reminding me they are part of HSBC as it is something I tend to forget - we would'nt want to hamper their profits now would we?

PS love the name!

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my 2p:

I opened an ICICI bank account about 1 month ago, and the down-sides are:

-Took ages to open the account - nearly one month (waiting for the PIN through the post).

- e-mailed them on 4aug to ask where the PIN was and they replied today (18th).

- have sent 50p from my ICICI to my linked account and it took 7 days (5working days) - ok, i guess that's normal (but ING seemed to do it in 3 working days).

- I moved 50p from my bank account to my ICICI (using ICICI website) and it is still pending (from the 8th).

- The website is very very slow at times.

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