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Pete95

Firstdirect 5% Aer Instant Access Savings Account

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Ive just opened an online e-savings account with First Direct - the plan was to transfer my instant access cash from ING into First Direct because ING have cut rates to 4.5% but First Direct are paying 5%.

Just about to transfer the cash into the account, but then noticed in the small print that

NO INTEREST IS PAID ON THE WHOLE BALANCE IN ANY MONTH YOU MAKE A WITHDRAWAL!!!

:o:o

So had I transferred in the 25k from my ING account it wouldve in effect cost me 104pounds to make a withdrawal!!! (thats the interest for that month!)

I recommend people avoid First Direct for this reason!

EDIT: Its the same with HSBC's online saver account!!! Might end up sticking with ING at this rate.

Edited by Pete95

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I noticed this in the small print when I was looking around for a decent instant access account a couple of months ago - I opened a cahoot savings account instead - 4.75% paid monthly with instant access and no penalties.

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There's nothing wrong with the account. It just depends on your objectives and how you manage your money.

For example, you may want to use this account as a store for the bulk of your cash but keep rainy day money in another lower paying account like ING.

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I noticed this in the small print when I was looking around for a decent instant access account a couple of months ago - I opened a cahoot savings account instead - 4.75% paid monthly with instant access and no penalties.

Aren't Cahoot doing a bonus saver for 6 months? 5.15%

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Cahoot are offering 5.25% for 6months (0.75% introductory bonus) for balances over 15k, but then it falls to 4.75% for 3months, then 4.5% after.

Ive opened a B&B e-saver now - 4.85% AER, instant access, no charges and you can link it to 3 other accounts which is handy. Going to stick a chunk into 5.11% AER fixed rate bonds too.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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