First Direct £100 - can I do this?

7sefton

In order to get the £100 FD sign up bonus, can I do this:

Transfer £1500 from another of my current accounts into FD, thus meeting the minimum criteria. Let FD transfer one minor standing order and one minor direct debit from another current account, thus meeting their 'Easyswitch service' rule. Then transfer the £1500 out of FD back to my other current account each month?

This is following the rules very much to the letter, but any idea if it will work?

SalsaDanca

I don't think so. Some banks, such as Alliance & Leicester, are happy if you meet their funding criteria by transferring money from another account, but First Direct want you to have your salary paid into the current account.

I've seen a thread about this with more detailed information from people who've done what you suggested and tried to get First Direct to pay out - I think it's on the referrers' board. Can't you just switch all your banking to First Direct? I opened an account last year, just to get the £100, and I decided to stay with them.

staffie1

SalsaDanca wrote: »

I don't think so. Some banks, such as Alliance & Leicester, are happy if you meet their funding criteria by transferring money from another account, but First Direct want you to have your salary paid into the current account.

I've seen a thread about this with more detailed information from people who've done what you suggested and tried to get First Direct to pay out - I think it's on the referrers' board. Can't you just switch all your banking to First Direct? I opened an account last year, just to get the £100, and I decided to stay with them.

I agree. I joined FD in January. You have to have your salary (£1500+) paid directly into the account for 3 consecutive months and have used the easyswitch service to move all your DD's from your old bank to FD to qualify for the incentive.

They are very good to bank with so you might find you want to stay with them like SalsaDanca says.

SparciaM

It doesn't have to be your salary, it can be an income of a min of £1500.

In the T&Cs it only says transfer your salary or income. I'm sure you can use that loophole as a way of transferring funds into the account.

FD are just as good and bad as the rest of them. They only major plus is when you ring you speak to someone straight away, bar that they're nothing special.

menhim_2

7sefton wrote: »

In order to get the £100 FD sign up bonus, can I do this:

Transfer £1500 from another of my current accounts into FD, thus meeting the minimum criteria. Let FD transfer one minor standing order and one minor direct debit from another current account, thus meeting their 'Easyswitch service' rule. Then transfer the £1500 out of FD back to my other current account each month?

This is following the rules very much to the letter, but any idea if it will work?

If you have several existing current accounts it may be worth your while "switching" one of these to first Direct, which is what I did with an account that had one standing order going out a month. It took so long for First Direct to switch, I ended up doing it myself anyway. You dont have to close the original account, which I have left open in case I want to return to them. I have a small monthly income paid into FD, transfer £1500 from another account every month and set up standing orders totally £1500 to make payments to other accounts, and repeat monthly ;-) I got my hundred pounds 4 months after opening the account.

Cant say I am that impressed with them though. I really detest their website and as all my banking is done online it is a big problem for me. The times I have had to speak to FD with a problem, they have been extremely helpful though, and CAN understand what you are saying to them and you can understand what they say back

Still in two minds whether to stay or go, if they improved their web site I would definately stay, but I just find the website so irritating everytime I log onto it.

nalin

I have no problem funding £1,500 to FD account, either from another account or directly from my income, but the only problem I have is that I do not have any Standing Order or Direct Debits with my current bank.

I can give FD their EasySwitch mandate, but then they will be told by my present bankers that there no Direct Debits or Standing Orders on the account.

Would this then affect my incentive of £100???

Any advice shall be highy appreciated.

Thanks

Dave101t

i noticed one of these offers states in small print 'if you have no direct debits to transfer, the 100 quid will not be paid' so i decided to abandon it.

menhim_2

If you have another current/savings account in addition to your main current account, then you could set up a S/O into that account, then back out from it into your main current account again. It doesnt have to be for very much and can be cancelled after you get your FD account.

If you dont have one, and have £1000 available for a couple of hours/overnight, it could be worth opening a Halifax Reward Current account for your "standing order" and earn £5 a month if you can "circulate" 1000/month. You dont get penalised by the Halifax if you dont pay in £1000 month ... you just dont get your £5.00. Just make sure you NEVER go overdrawn !!!!

If both banks operate faster payments this can be done instantly but I prefer leaving in overnight before transferring out. It would need careful money planning and a strict eye kept on your account but us MSE members should be doing that anyway, shouldnt we ;-)

For a Direct Debit, set up a PayPal account to be funded from your (existing) bank account. They will then set up a DD and even give you a couple of pennies for doing so. Well you know what they say about looking after the pennies :-)

You will then have a standing order and DD to transfer to First Direct to earn your £100 from them, plus potentially £60 year from Halifax and a couple of pence from PayPal ;-)

robin123_2

I was under the impression, and have just opened an account on this impression, that you only have to pay £1500 into your new account within 3 months of opening it to get the £100. In order to get the second £100 (by leaving after 6 months) you have to trasnfer your existing direct debits and standing orders to them and pay in £1500 each month.

When I was opening the account I didn't see any mention of having to transfer your current account to them to get the initial £100. Please correct me if I am wrong.

withnell

robin123 wrote: »

I was under the impression, and have just opened an account on this impression, that you only have to pay £1500 into your new account within 3 months of opening it to get the £100. In order to get the second £100 (by leaving after 6 months) you have to trasnfer your existing direct debits and standing orders to them and pay in £1500 each month.

When I was opening the account I didn't see any mention of having to transfer your current account to them to get the initial £100. Please correct me if I am wrong.

i agree with this - I've just opened one, and there is nothing in the offer T&C's for the first £100 that you have to switch anything

PinkPig

robin123 wrote: »

I was under the impression, and have just opened an account on this impression, that you only have to pay £1500 into your new account within 3 months of opening it to get the £100.

It says you need to "transfer your salary/income of at least £1500 within 3 months" in order to get the first £100. That's not exactly the same as just crediting your account with £1500.

Also remember that the account has a £10 a month fee if you don't pay in at least £1500 every month or meet certain other conditions.