Avoid First Direct - They are gonna charge all customers £10!

CopperPlate_2

I received a similar type email from TNS on behalf of Barclays a couple of weeks ago. They were going through all the various options of whether you'd be willing to pay for the account with enhancements (I use the word lightly as they benefits were rubbish) and various combinations of reduced loan rates, reduced credit card rates, etc in return for higher (3%!!) current account rates and a monthly fee of varying amounts. Sounds like FD have been doing their own research there too.

grex9101

CopperPlate wrote:

I received a similar type email from TNS on behalf of Barclays a couple of weeks ago. They were going through all the various options of whether you'd be willing to pay for the account with enhancements (I use the word lightly as they benefits were rubbish) and various combinations of reduced loan rates, reduced credit card rates, etc in return for higher (3%!!) current account rates and a monthly fee of varying amounts. Sounds like FD have been doing their own research there too.

bugg*r, i got that one too....

didn't realise it was geared towards charging for the counts that are currently free, and just clicked whatever to get it over with.

Hope this isn't the basis for the banks research, otherwise i think an inordinately high amount of people have clicked on options that may make the bank think it's a good idea!!!

OOOPS! :rolleyes:

CopperPlate_2

Yep, I thought as I was answering it - suppose I'd better tell the truth on this one!! It sounds suspiciously like the banks testing the water and TNS is one of the more respected market research type agencies for them to do it through.

Hope everyone has clicked on the "never purchase this product" link all the way through!!!!

EagerLearner

See here for at least some good news from FD & a chance for selected FD customers to dissolve this £120 a year fee:

http://forums.moneysavingexpert.com/showthread.html?p=2667200#post2667200

EagerLearner

Hmmm - interesting to note that First Direct are no longer offering money to open a bank account with them via Quidco. Maybe this relates to their plans to charge customers £10 per month? Or maybe too many people have opened accounts with FD to just get the Quidco cashback...

CopperPlate_2

Probably. I posted this a couple of weeks ago that it ends on 13 August. Not surprising really - they're probably being stung for £100 a time if the accounts are being switched over to get the £50 from FD too and then closed the next month or so.

Still, got mine this time, and intend to use them for as long as they remain free for everyday banking...

EagerLearner

Ah, I'm happy - they paid me my £20 'survey incentive' today - haven't even asked me my opinions yet! I transferred the cash straight to ICICI just in case FD changed their mind he he...

CopperPlate_2

Ooooh you rebel! Just think, that could've been two months worth of bank fees... :rolleyes:

CopperPlate_2

Well only another week or so to go and we'll find out if all the rumour and conjecture are true. Anyone heard anything else substantive that can shed more light on this?

eileenjo

Good News. I have just been informed by a First Direct employee that they have decided to scrap this whole idea "due to customer feedback and focus groups". So another example of how this site can influence. Keep up the good work.