Bank account reqs £1500 a month - can I just trans in and out?

KILOCHARLIE

Looking at First Direct's 1st account. £100 bonus if you put in £1500 a month. I only earn £900. Can I just transfer the whole amount out to my old bank account every month, then stick it back in. Thus £1800 is actually paid in?

Also does anyone know if any cashback site has First Direct. Quidco doesn't and that the only one I've ever used!

Thanks all

agsnu

I think they ask you for details of your income on the application form. If you only earn £900 a month, you will probably not be accepted.

AFAIK they don't offer cashback. It's not like they need to.

spamberler

I get £1400 and I called to ask them and they said I couldnt do that but they are probably told to say that.

talana

Even if it is possible to do that under the t&c's (and I don't know if it is), I wonder whether it's actually worth the hassle of doing so.

Yes, I know there's a £100 bonus here.
- On the flip side though there's the hassle of transferring the money out and back in once a month.
- And there's a real danger in emptying your account completely. If any DD's, SO's, bills or unforeseen payments fall due when your account is empty, what then? That £100 bonus could quickly be swallowed in charges and the like. The whole thing would need careful planning month on month.

YorkshireBoy

talana wrote: »

Even if it is possible to do that under the t&c's (and I don't know if it is), I wonder whether it's actually worth the hassle of doing so.

Yes, I know there's a £100 bonus here.
- On the flip side though there's the hassle of transferring the money out and back in once a month.
- And there's a real danger in emptying your account completely. If any DD's, SO's, bills or unforeseen payments fall due when your account is empty, what then? That £100 bonus could quickly be swallowed in charges and the like. The whole thing would need careful planning month on month.

It could be £200* though...if the OP is planning on claiming a 'leaving present' as well.

Also, there's no "hassle" or "danger" as FD are FP enabled, meaning money could be transferred out and back in seconds (providing the other account is also FP enabled).


* Plus, there could be an additional £150 in (3 x £50) referral monies to be had whilst waiting for the 6 months to tick by, meaning this is a £350 venture...as it was for me last year. Now ask yourself, is it worth it?

KILOCHARLIE

Thanks all.

Surely they won't ask for my income on application? I thought that was only for credit card etc. I can't remember ever having to state my salary for a current account. Or am I wrong?

I know it might be not worth the £100 but I can manage it ok. I have a few hundred in saving too which will help not go overdrawn etc. I will probably refer people and leave after 6 months too as otherwise they charge me £10 a month if I don't continue to trans in and out every pay day.

Has anyone actually done this then? I'm sure there must be some people who have tried and earn less than £1500 a month like poor people like me!

thanks again all

YorkshireBoy

KILOCHARLIE wrote: »

Surely they won't ask for my income on application? I thought that was only for credit card etc. I can't remember ever having to state my salary for a current account. Or am I wrong?

Why not take a look at the application form on the FD website and find out? But a bank account offers a line of credit (in FD's case a £250 overdraft facility, and in nearly all cases a book of 30 cheques and a guarantee card meaning another potential £3,000 O/D facility) so I'd be very surprised if they didn't.

Has anyone actually done this then? I'm sure there must be some people who have tried and earn less than £1500 a month like poor people like me!

There was a long thread running last year when FD launched the offer. A search will find it, and the answers to many of your questions.