First Direct?

dave1983_2

Hi,

I'm considering moving my current account from Abbey to First Direct as they have quite an attractive offer of £100 if I pay in £1500 per month within 3 months of opening. I've asked Abbey if I could go back onto their preferred in-credit rate and they said no so I'm stuck on 1.5% which gives me around £2 interest per month.

Has anyone switched to First Direct and what are they like? I'm just concerned because I can't go into the branch if anything goes wrong! What are they like generally?

It seems quite an attractive offer as, although FD don't pay interest, I'll double what I would have got from Abbey in a year!

greenmantle

Has anyone switched to First Direct and what are they like?

Yes, three months ago, and so far: good.

Phone banking is different from every other bank - advisors much more able to help, and you'd be surprised how much better it makes you feel to have a human being answer within 3 rings and almost immediately be able to help you.

Where I've amended payments online, I've always had confirmation or requests for clarification back immediately, so they make the effort to eliminate the wrinkles that might need a branch visit normally.

Not sure about their accessibility via HSBC branches. I'm with HSBC too, but my impression is that you could get some FD help through HSBC in an emergency.

typistretired

Been with them 15 years and cannot fault their service. The only complaint I have about them is when they stopped paying interest on current accounts they balanced this by saying they were introducing a great percentage rate regular saver and everyday esaver. The regular saver has now gone and the everyday esaver pays 0.25%. But still with them as they do provide good customer service and were excellent when I transferred ISAs from another provider to them

LongTermLurker

dave1983 wrote: »

Hi,

I'm considering moving my current account from Abbey to First Direct as they have quite an attractive offer of £100 if I pay in £1500 per month within 3 months of opening.

Be careful and read the Ts & Cs again - you get £100 if you transfer your salary or income of £1500 or more in the first 3 months

If you don't pay in £1500 every month, or maintain an average balance of £1500, or have another qualifying account (which only applies if you opened the account before a certain date) you will be charged £10 for that month. So don't think you can open it in July and make 1 payment in September and get £100.

http://www.firstdirect.com/1st-account/overview.shtml - *Open a 1st Account and transfer your salary/income of at least £1500 within 3 months and we will add £100 to your account. This offer is only available for people who haven't previously experienced the delights of banking with first direct.

http://www.firstdirect.com/1st-account/in-detail-charges.shtml - Banking with first direct usually costs £10 a month, but it's free when you pay in at least £1,500 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,500 or hold a first direct mortgage (or a selected additional first direct product if your account was opened before 2 February 2009)

If you use their Direct Debit switching service and don't like them after you've been with them 6 months, they offer to pay you another £100 as well.

Have to agree with Greenmantle, it's a breath of fresh air to have such good telephone service, though they were dog slow to open my account.

dave1983_2

Hi all! Sorry I didn't make things clearer, I would transfer my salary of about £2500 p/m to the FD account and have it as my sole current account, thereby getting round the £10 p/m charge and getting me the £100 but I would be unlikely to maintain £1500 in my account at all times however. Either way, from how I read their T&Cs I would still qualify for no charges and the £100 by just paying in my salary.

Abbey telephone services are pathetic although their local branch is spot on so that's why I'm a little afraid of moving to somewhere where you can't speak to them in person. However, I might give it a try.

Thanks again!

greenmantle

I'd say go for it. I had the same reason for not ditching Lloyds TSB (nice nearby branch - tricky phone interaction) and, to a certain extent HSBC (increasingly inflexible and complex international phone networks).

But as local branches get consolidated and shut down, I find one more and more has to depend on the efficiency of the banks overall administrative systems and the competence of the call centre staff, and that's what FD has been set up to excel at from the start. Makes a difference.

LongTermLurker

dave1983 wrote: »

Hi all! Sorry I didn't make things clearer, I would transfer my salary of about £2500 p/m to the FD account and have it as my sole current account, thereby getting round the £10 p/m charge and getting me the £100 but I would be unlikely to maintain £1500 in my account at all times however. Either way, from how I read their T&Cs I would still qualify for no charges and the £100 by just paying in my salary.

That's right

Abbey telephone services are pathetic although their local branch is spot on so that's why I'm a little afraid of moving to somewhere where you can't speak to them in person. However, I might give it a try.

Thanks again!

To be honest I bet I haven't been into a bank branch more than 1/2 dozen times in years. It's only ever if someone's awkward enough to send me a cheque, and for that you could just open a supplementary account with someone who has a good branch network (Halifax?).

The thing about Internet banking is that you're much more in control and there's far less need to actually speak to anyone - again, I very rarely even phone banks; I set up my own bill payments, transfer my own funds and withdraw cash from cash machines

greenmantle

if someone's awkward enough to send me a cheque, and for that you could just open a supplementary account with someone who has a good branch network (Halifax?).

All HSBC branch pre-printed paying-in materials have a First Direct option, so you can use their network.

paulwellerfan

well i changed over with them over three months ago and they still havent paid me the £100 yet
i emailed them though and they said they would sort it out with in 28 days.
however i believe if your not happy with the bank after 12 months you can change bank again and they will give you another £100.

splatt30

We switched to them a year ago when we took out one of their offset mortgages. I've been so impressed with the service. The phone is answered by a a trained person in the UK within a couple of rings who has more about them than just "computer says noooooo"!
It's a revelation. I use HSBC to pay in any cash or cheque and any other issues have been swiftly sorted on the phone or email (not that their have been many). £100 is to join is nice but even without I'd still be highly recommending them.

cuedini

My wages aren't £1500, does the re-deposit thing work with all banks? Where I can take £300 out say then put it back in? Also, is it laundering if I open more than one bank account and transfer funds through them to take advantage of offers?