First Direct 1st Account.

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NewMoneySaver13
NewMoneySaver13 Posts: 108 Forumite
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edited 15 October 2014 at 10:05AM in Savings & investments
Hi,

Apologies if a similar question has already been asked, I did search the forum but couldn't find anything similar.

With the First Direct 1st Account to get the £100 incentive bonus do you have to transfer your salary of at least £1,000 each month? Has anyone tried doing an external transfer of at least £1,000 into their account each month and still got the £100 bonus without switching their salary?

If I can get the £100 incentive without switching my salary, but instead doing a £1,000 monthly transfer into the account that would be great.

Thanks

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  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    Yes the £1,000 can come from anywhere but you must also switch an existing current account to get the £100. Please read the full terms on the FD website.
  • NewMoneySaver13
    NewMoneySaver13 Posts: 108 Forumite
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    Thanks Archi Bald.

    I have already rung them up to do the current account switch service. When I queried whether I would have to transfer over my salary or if I could do via a £1,000 transfer each month the lady was not very clear. I will set up a monthly transfer so that I don't incur the £10 monthly fee after 6 months as per the T&C's below.

    Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000
  • alanq
    alanq Posts: 4,216 Forumite
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    NewMoneySaver13 wrote: »
    Hi,
    Apologies if a similar question has already been asked, I did search the forum but couldn't find anything similar.

    Which forum did you search? This is the Savings forum and 1st Account is not a savings account. This subject is frequently discussed in the Budgeting & Banking forum.

    The usual advice is to open an Everyday eSaver account deposit £1 and then the £10 monthly fee for the 1st account will be waived.
    http://www1.firstdirect.com/1/2/rates-and-charges/charges
  • kindlefirebabe
    kindlefirebabe Posts: 56 Forumite
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    I am a first direct customer and I can confirm that there are certain products that you apply for which enable the fee to be waived as mentioned by the previous person. I have a first direct credit card for example. So it might be worth considering this.
    Mortgage free 10 years early and retired at the age of 55:j
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    £1 in an esaver seems a lot less hassle and commitment than a CC and achieves the same regarding the waiver.
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