First Direct Current Account holders

BS999

I am thinking of switching to the First Direct Current Account to take advantage of the £75 from www.wepromiseto.co.uk and £100 from First Direct.

However, it states you need to pay in salary of minimum £1500 for the first 6mths, i can't do this... but what i would like to know is... can i top up my wages with savings to take it above the £1500 threshold, and then simply withdraw it again?

I did email First Direct this question yesterday, but no reply yet!

Also, does anyone know if this 'double' cashback method works?... I cant see any reason why it wouldn't?..

Many thanks
BS999

moneysavingallday

i'd think that so long as you pay in £1500 per month it doesn't matter where it comes from - as long as it's not proceeds from drug dealing

Sun

No. To qualify for promotion, salary must be deposited by BACS.

ShelfStacker_3

Sun wrote: »

No. To qualify for promotion, salary must be deposited by BACS.

This is correct. Gotta have a salary paid in from an employer, not just from a personal account.

BS999

Thanks all

I have now had a reply from First Direct.... this is what they had to say for anyone thinking of doing the same!!...

Thank you for your message dated 24-Nov-2008, asking whether you can set up a standing order to meet the £1500 needed to waive the banking fee.

I can confirm that the account needs to have a turnover of £1500 a month or a credit balance of £1500 a month to waive the banking fee. This means that you can set up a standing order to make up any difference.

Also if you have a need for a savings account then holding and using one of these products will also waive the banking fee.

Regards

Tim Mitson
New Customer Team

YorkshireBoy

BS999 wrote: »

I have now had a reply from First Direct.... this is what they had to say for anyone thinking of doing the same!!...

Thank you for your message dated 24-Nov-2008, asking whether you can set up a standing order to meet the £1500 needed to waive the banking fee.

I can confirm that the account needs to have a turnover of £1500 a month or a credit balance of £1500 a month to waive the banking fee. This means that you can set up a standing order to make up any difference.

Also if you have a need for a savings account then holding and using one of these products will also waive the banking fee.

Regards

XXX XXXXXX
New Customer Team

But that doesn't answer your question...does it? You wanted to know if you'll get the £100 joining incentive (not avoid their £10 per month banking fee). That's answered on their website...

Open a 1st Account and transfer your salary/income of at least £1500

http://www.firstdirect.com/1st-account/overview.shtml?WT.ac=BA0236

BS999

Part of the condition of receiving the £100 is being able to pay in £1500 each month for 6mths.... if that solely had to come from wages... i wouldn't be able to do it.... but this confirms it should be ok... the £10 monthly fee is a side issue really (i certainly wont be paying to keep my money in any current account though!!)

when they said £1500 from your salary/income... to me that is the same thing?!... so that was what i wanted clarification on before signing up to anything!...

thanks all

Notimpressed

Hi I cant answer the question you have but I would like to make you aware that if you are taking a 1st account and keep the standard £250 overdraw which comes with it, you will have to pay a £25 charge on the anniversay of the account opening. The only way you can stop the charge is to make sure your not overdrawn in the 6 months prior or not to take the overdraw. I have just been stung with this!!!

YorkshireBoy

BS999 wrote: »

when they said £1500 from your salary/income... to me that is the same thing?!... so that was what i wanted clarification on before signing up to anything!...

If I was you I'd send them another e-mail asking specifically about the source of the funds coming in.

I'd also read the reports on here before banking on a free £100...

http://forums.moneysavingexpert.com/showthread.html?p=11869329

http://forums.moneysavingexpert.com/showthread.html?t=722581

http://forums.moneysavingexpert.com/showthread.html?t=678379

The above is not an exhaustive list. If you use the forum search tool you will see there are several other FD threads this year where people have reported 'problems' in claiming their £100 from the January offer.

BS999

Thanks Yorkshire boy.... i did do a forum search before posting this thread but i don't find it very easy to use! (maybe its just me?!)

Having looked at your links i think its not really worth the hassle and disappointment of not getting the bonus cash!

thanks for your help