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No interest in current accounts any more

I wonder is the step announced today by First Direct today a sign of things to come. As detailed here on the Motley Fool, they will no longer be paying any interest on their current accounts. Not that they paid much in the first place, 0.10% on one account, and 2.00% on the other.

As I wrote about previously, Halifax are making a big deal about their offer of 10% on current account in credit, though they have fairly ridiculous and restrictive provisions on the account. Though, not as ridiculous and restrictive as the AIB account highlighted by the anonymous poster in response.

The AIB account requires that you lodge €1500 monthly to earn the 11% interest, but you can only have a maximum balance of €1500 during the month. So, while trying to attract you by the 11% interest, they will hold you and then only pay you 4% from January 1st 2008, while all the time forcing you to spend all your lodged money by the end of each month – assuming the regular lodgement is your salary. Stay away from this product!

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