First Select Account

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babe-ruth
babe-ruth Posts: 188 Forumite
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in Budgeting & bank accounts
Morning all, I'm after the 6% with First Select. Can I just open the current account or do I HAVE to switch to get it? I really don't want to switch as I want to keep my nationwide flex account. Thanks for any replies
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  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 23 October 2014 at 9:49AM
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    First Select?
    First Direct maybe?

    No, you don't have to switch to get access to their Regular Saver, but £100 for switching is much more than extra ~£50 in gross interest per year that you can make compared to a 3% account, not to mention 4%-5% ones.

    It's worth just opening some other temporary account for switching, e.g. with the same Nationwide.
  • babe-ruth
    babe-ruth Posts: 188 Forumite
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    Thanks Grumbler, so if I open a current account with nothing in it and no direct debits does that work?
  • babe-ruth
    babe-ruth Posts: 188 Forumite
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    I now have (like lots on here do) several current accounts but that's because I'm getting the interest (like 3% santander) so I don't want to switch any of those.
  • babe-ruth
    babe-ruth Posts: 188 Forumite
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    This shuffling money business is turning into a part time job:)
  • grumbler
    grumbler Posts: 58,629 Forumite
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    babe-ruth wrote: »
    Thanks Grumbler, so if I open a current account with nothing in it and no direct debits does that work?
    ** Open a 1st Account, then transfer your income of at least £1,000 per month using the Current Account Switch Service within three months of your account opening and we'll add £100 to your account. This offer is only available for people who haven't previously held any account with first direct and is limited to one payment per customer or joint relationship. Incentives are paid within 28 days of criteria being met. This offer may be withdrawn at any time without notice.
    ....................................
  • patientperson
    patientperson Posts: 481 Forumite
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    The regular saver is fixed at 6% for 1 year .. closure after 1 year is mentioned but I don't see whether another regular saver continues after that .. anyone in the know?
  • babe-ruth
    babe-ruth Posts: 188 Forumite
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    Thanks again Grumbler but I didn't understand the quote so had to call them In the end to clarify. We are self employed so no regular wages as such but they are ok with that as long as we pay in the £1000 per month.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    patientperson wrote: »
    The regular saver is fixed at 6% for 1 year .. closure after 1 year is mentioned but I don't see whether another regular saver continues after that .. anyone in the know?
    IIRC, you have to open a new one, and the rate can change (it was 8% about a year ago).
  • grumbler
    grumbler Posts: 58,629 Forumite
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    Don't forget to open some other saving account with a small balance to avoid their £10 p.m. 'Banking Fee' after getting £100 (or in 6 months) when you don't need to make £1000 monthly credits any more.
  • babe-ruth
    babe-ruth Posts: 188 Forumite
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    Are there people on here who have opened a current account the the sole purpose of switching it to another to get the incentive?

    Just wondering if the bank who you are switching to do a credit check and see that that you have only just opened the account you are switching
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