First Direct £125 Query

Cotta
Cotta Posts: 3,667 Forumite
in Budgeting & bank accounts
Hi All,

I just wanted to double check something. I've read through the terms and conditions for switching to First Direct.

I have a dormant account, if I use it to switch and pay £1000 in I get the £125, is this correct?

Thanks
«1

Comments

  • liltzero
    liltzero Posts: 74 Forumite
    it's possible
  • Cotta
    Cotta Posts: 3,667 Forumite
    So I do not need active direct debits?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Cotta wrote: »
    So I do not need active direct debits?
    The £125 incentive T&Cs* run to just 3 paragraphs, and the 2nd one isn't relevant to your query. Do you see a DD requirement there?

    In short:

    Open an account
    Switch to it using the CASS
    Deposit £1K
    Do all the above within the stated timescales

    And provided you've never had an account with them before you'll get your £125.


    * Possibly the clearest of all the incentive offer T&Cs out there!
  • Cotta
    Cotta Posts: 3,667 Forumite
    YorkshireBoy wrote: »
    The £125 incentive T&Cs* run to just 3 paragraphs, and the 2nd one isn't relevant to your query. Do you see a DD requirement there?

    In short:

    Open an account
    Switch to it using the CASS
    Deposit £1K
    Do all the above within the stated timescales

    And provided you've never had an account with them before you'll get your £125.


    * Possibly the clearest of all the incentive offer T&Cs out there!



    Thank you, I thought as much, however it seemed too good to be true.
  • badger09
    badger09 Posts: 11,201 Forumite
    First Post First Anniversary Name Dropper
    Cotta wrote: »
    Thank you, I thought as much, however it seemed too good to be true.

    I don't want to rain on your parade, but before you start spending the £125, its worth knowing that First Direct are one of the most choosy banks. Just saying;)
  • Cotta
    Cotta Posts: 3,667 Forumite
    badger09 wrote: »
    I don't want to rain on your parade, but before you start spending the £125, its worth knowing that First Direct are one of the most choosy banks. Just saying;)

    That's the sting in the tail, is there also something in relation to having to setup an additional account to avoid £10 per month charges.
  • eskbanker
    eskbanker Posts: 30,938 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Cotta wrote: »
    That's the sting in the tail, is there also something in relation to having to setup an additional account to avoid £10 per month charges.
    Fortunately they prominently publish how to accomplish this on their website, so you'll see it when you're doing your pre-application checks....
  • badger09
    badger09 Posts: 11,201 Forumite
    First Post First Anniversary Name Dropper
    If you're accepted, you might also want to stay with them, rather than grab the incentive & move on. 5% on up to £300 pm Regular Saver is one of the best around;)
  • edinburgher
    edinburgher Posts: 13,458 Forumite
    Name Dropper First Anniversary First Post
    badger09 wrote: »
    If you're accepted, you might also want to stay with them, rather than grab the incentive & move on. 5% on up to £300 pm Regular Saver is one of the best around;)

    A much better reason to stay with them is how hard it is to come back if you leave. I've just got off the phone to them - a 60 minute phone call to make a new application if you're a former customer. Good grief.... :mad:

    Is it worth it for the regular saver? Probably, not doing much else this evening :rotfl:
  • binaryuniverse
    binaryuniverse Posts: 906 Forumite
    First Anniversary First Post
    If you are after the linked savings accounts, an alternative is a Nationwide FlexDirect, where you can get a £100 switch bonus if you are recommended by a friend, and also switch 2 direct debits over.

    This account comes with 5% for 12 months on balances, plus a 5% regular saver account with max deposits of £500pm. Which is better than FD.

    If you want just the switch bonus then try Co-Op with £110. You need to switch 4 direct debits.


    But yes, FD are really hard to get in to these days. I've attempted to open 7 current accounts, over the last 4 months. Only FD turned me down.
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