First Direct Current Account Incentive

Spinner

Since I could do with the freedom of a cheque book and debit card, I'm planning to open a new current account with First Direct and transfer there my money currently in my HSBC savings account.

The £50 incentive certainly isn't my primary interest in such an account, but I was thinking of doing this:

1) Open First Direct current account
2) Get £50 incentive
3) Open Intelligent Finance current account with better rate of interest
4) Transfer money from FD to IF account

Would this be possible, does anyone know?

Thanks!

bylromarha

Confused.

If the incentive isn't your motivation, then why bother going via First Direct to IF? Why not go straight to IF?

Can't see why it wouldn't be possible though, although the T + C to get the £50 appears to be if you have your salary transferred into the First direct account. Would you do this as well as put your HSBC savings in the account?

I can refer you to First Direct if you PM me, although I'm not sure if that means you get less money as I don't have any referrers cards at present. However, either way, they are a fab bank which I am really pleased I switched to. Mind you, after A +L any other bank was better!

Spinner

Hi bylromarha,

Sorry for the confusion. I meant that having in incentive is not the primary reason for my going to any one bank - I won't stay there if the account isn't good enough in other ways. I would, however, like the incentive if possible!

Thanks for the referral offer - I'll consider it once I fully understand it!

Any more advice would be welcome.

bylromarha

I really don't want to go anywhere else with my money. first direct are excellent, even if their current account rates aren't the best.

In addition to offering all the services of other current accounts, I get texted each week to tell me a mini statement. You also get to access HSBC counter services, plus they are excellent at replying to emails, I have never been put on hold on the phone and the account is really easy to manage online.

If you have any specific questions about 1st direct, I'll be more than happy to answer them.

mancitychick

I opened my first direct account at the end of september (to late to get my salary for Sept paid in) anyway they credited me my £50 two weeks after account was opened. I did however open an e-saver and move my savings to it, but still no salary gone in yet.

Spinner

Well, I applied for a FD current account, but received a letter today telling me that my request "was declined because it did not achieve the required credit score"!

Have any of you any idea why not? I've never opened a credit card account, haven't taken out loans, etc.

Or is it because I haven't a high enough income for them?

grumbler

Spinner wrote:

..Have any of you any idea why not?

It depends on many factors: Your Credit Rating: How they decide and how you find out for free

I've never opened a credit card account, haven't taken out loans, etc.

You are wrong thinking that this is good for your credit scorring. In fact this is bad as you probably don't have any credit history.