First Direct

john987

I was thinking of opening a First Direct current account. The minimum requirement is that you pay in £1,500 a month and then they give you £100.

I am already with A&L premier direct which has a £500 funding limit. I'd rather not close this account completely as I wish to keep the overdraft facility (FD only give £250 as standard). I was thinking I could get my salary paid to First Direct and then just transfer £500 across to A&L each month.

Would this be Okay - I couldn't see anything in A&L t&cs which says it must be your main account, just the £500 minimum.

Thanks

John

nzseries1

Sounds fine to me. I did exactly this last year with no problems.
First Direct say though that they won't give you £100 unless you use their switching service to switch your standing orders and direct debits (well they did last year, don't know if that's changed).

blueberrypie

Re A&L Premier Direct - it doesn't have to be your main account. As long as you fund it with £500 each month, that will be fine.

Re FD's £100 - as I understand it, the £100 for opening a 1st Account is payable as long as you pay in £1500 each month for the first three months. It's only the "service guarantee" payment (£100 if you leave FD after 6 months but before 12 months) that requires you to have used their switching service.