Should I Switch to First Direct?

Calchas

My understanding is yes.

That is all I have been doing, although my account has only been open a matter of a month or so.

The idea of moving untold direct debits so I can move my wages as well is not something I will do willingly. I have heard too many horror stories, although, to be fair, not from first direct.

Beatlefan

Thanks, I was wondering about that. I don't want to cancel my existing bank account elsewhere, cos we've got identity protection and various other things with them as part of the account package. It's paid for, for the rest of this year. Not sure whether these benefits are worth what we've been charged (and I'll definitely shop around next year), but they're paid for now, so I want to keep that account going.

However, I'd like to sign up to FD for the £100 and because I'd like a back-up bank account as a bolt-hole when I try and reclaim old bank charges from my existing bank.

I'd therefore not be looking to pay in my salary into FD. I'd just "circulate" the £1,500 through at the beginning of the month and then gradually transfer it back to my existing bank account during the month as DDs become payable there. Will I be able to do that or will they want to see my whole salary going in to qualify for the £100?

Does anyone know how long you have to pay the £1,500 in each month? Is it just three months or longer? I'm not sure if the FD account pays any interest if you stay in credit?

Many thanks for anyone who can help. :A

EarthBoy

Beatlefan wrote: »

.....Does anyone know how long you have to pay the £1,500 in each month? Is it just three months or longer? I'm not sure if the FD account pays any interest if you stay in credit?
:A

If you want to avoid the £10 per month charge, you will have to pay in £1500 each month for ever, not just for the first three months. Alternatively, you can leave an average balance of that amount in the account permanently, or take out a FD mortgage.

There is no credit interest paid.

DesG

I don't suppose anyone knows anything about the FD Equity Release Loan?

At a rate of 1.5% APR it is interesting! That rate only applies if you have a mortgage with FD or no mortgage borrowings.

But it seems too low, and no mention of charges, but also I can't find it listed as a product on the website, it is only listed in their rates section.

Cheers, Des.

ShelfStacker_3

DesG wrote: »

But it seems too low, and no mention of charges, but also I can't find it listed as a product on the website, it is only listed in their rates section.

Cheers, Des.

That's because it was taken off sale some time ago - not least because having any equity to release is becoming something of a rarity these days...