Confused about First Direct first account

Treadway1

Hi all,

Have just been reading about the best bank account to switch to and was interested in the First Direct first account, which pays £100 bonus if you pay in £1500 a month for three months, and another £100 if you move away from the account within 12 months. I dont really understand this as it sounds like they would be paying you to leave???

The link to the article is http://www.moneysavingexpert.com/banking/compare-best-bank-accounts and its about two thirds of the way down the page.

I know Im probably being really stupid and missing something obvious, so dont mock me too much...;)

As ever, many thanks in advance for an explanation.

username

Re. the £100 mvojg away thing, yeah it's their satisfaction guarantee thing; if you're not happy with the service you have received, then you can move away (closing ALL accounts with FD) and they will pay you £100. Mind you, there's quite a few strings attached to the closing payment, as some people will testify on this board!

KTF

To get the £100 welcome bonus you have to use their switching service. If you dont want to switch your main account to them then give them details of a secondary one with a few dummy standing orders, etc. set up on it.

splatt30

I switched to First Direct last June as we took on one of their offset mortgages. The £100 joining was quickly applied to both the individual and joint accounts which we opened.

I suspect the £100 if you leave is rarely taken. I can't recommend this bank too highly. The switch was very straight forward, as was the mortgage switch. When you phone them within 3 rings the phone is answered by a person (not a machine), in the UK and if they can't deal with the query you a rapidly out through to someone who can.

Even when I was unable to access my online account after I switched from a PC to MAC, within minutes I was speaking to an IT person who talked me through the steps and it was back working again.

The £100 bonus is nice but it's about the service and I'd think you'd be fool to leave to pick up £100!

DesG

KTF wrote: »

To get the £100 welcome bonus you have to use their switching service. If you dont want to switch your main account to them then give them details of a secondary one with a few dummy standing orders, etc. set up on it.

No there is no requirement to use their switching service to get the £100 welcome bonus!


BUT you need to use their switching service if you want to claim the £100 leaving bonus.

Cheers, Des.

Cat695

To highlight what DesG said you DON'T need to use the switching service to get the £100 joining bonus....only to qualify for the leaving bonus.

Treadway1

Thanks, for all the replies guys. Really appreciated. Looks like FD are the way to go. Thanks again.