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

CopperPlate_2

Hi BBColin and welcome to the Boards.

I'm with smile and I've dabbled with other banks - including FD which I think is as good as smile so far - but I've always gone back to them.

Their site is fairly flexible and the staff are usually knowledgeable and fairly quick at acting on instructions.

The interest rate on the current account is also a bit higher than FD although the other products could be more competitive, but hey ho!

BBColin

For me customer service trumps rates when margins are so tiny as they are on current accounts (we all talk about interest as if we have £2k in there all the time - but, honestly, who does? Its gone as soon as it arrives in my case). So, nice to hear Smile is good. My experience so far (signed up but not transferred salary, DDs etc) is fine. Unlike A&L!

CopperPlate_2

The transfer process went completely smoothly for me (3 years ago now) with the exception of 2 DD's which refused to acknowledge the bank's authority to transfer so I had to complete new DD mandates but if you keep on top of it and check that they are being added onto the new account you'll have no problems at all (he says :rolleyes:)

Mercenary

We've banked with FD for the past 10 years or so and have a joint a/c, a savings a/c and some Don't-Touch savings in the e-savings account. We also have a savings account earning good interest elsewhere.

We've always been impressed with the customer service if we've had any concerns and it's lovely to be able to speak to a human being (and in the UK) straight away without having to go through a *expletive deleted* number menu maze.
I had to deal with LloydsTSB's customer helpline for my mother just after my father died. They didn't understand what I was trying to do (i.e. change the account name from joint to single name etc) and eventually, having put mother on the line to authorise it all (she also had to fend off a sales pitch), they finished by saying "Have a nice day" true to their script. Her husband had just died! That was crass.

Finding this thread late, this threat of monthly charges did worry me quite a bit until I got to the last couple of pages. I hope FD have truly reconsidered their position on this.
For people like us, who don't owe anything except a mortgage, there would be no gain for us in the bank sweetening a 'deal' like that with loan or overdraft rates or other such things . We pay off the credit card every month, do not have any loans, do not go overdrawn and generally live within our means.

It would take a lot for us to move, but £120 charges per year would probably persuade us .

CopperPlate_2

I have to agree with all of what you say Mercenary. If you don't borrow and thus pay interest back at probably uncompetitive rates then you won't make the bank that much money.

Had cause to phone FD tonight and was really pleased and impressed by the attitude of the person I spoke to. No sales pitch, just a case of 'sure, we can do that for you - we're not really supposed to, but I'll do it for you anyway!'

Some might've said 'no, more than my jobs worth...' - hope it continues like this.

arnoldaardvark

I got an invite from first direct to do a customer survey. Doing this tonight I was asked to comment on the following new idea for a current account (see below). Don't be so sure this idea is dead and buried!!! Needless to say I told them what I thought of it.

first direct are exploring the ideas of a new current account which offers...
Money Management
• One current account where you can organise your money into different “pots” and call call them what you want
• Manage your pots using interactive online tools and alerts
• Your current account and instant access savings account would have the same rate of interest so it doesn’t matter where your money is
Tiered credit interest rates on your current account balance
•0.50% AER on balances below £1000
•2.50% AER on balances £1000 - £4999
• 4.00% AER on balances over £5000
Fee Free cash withdrawals
• In the UK and overseas
Free text message banking
• Receive free statements and alerts direct to your mobile phone
Overdrafts and debt interest
• You would receive an automatic fee-free overdraft of £500
• The rate of interest on your overdraft will be 12.9% EAR
• There would be one overdraft arrangement fee of £15 to arrange an
overdraft increase above £500 or if your agreed overdraft limit was exceeded
Loyalty reward
• Loyalty reward at the end of the year based on how much business you have first direct
• Pay-back reward for recommending family and friends
Monthly banking fee:
• You would pay a monthly fee of £10

Tim_L

Why on earth would you use this when there are equivalent products available with no fee at all?

regularsaver1

I was thinking the same

Lazy_Runner

If I am going to consider paying £10, then I would want all HSBC branches open on Saturday for paying in money and getting a receipt.

Mushy

Paying £120 a year for the convenience of Saturday openings and a reciept!?
I wouldn't entertain that thought for even a second and close my all accounts as quick as you can say "extortionate bank charges" !!!

Lazy_Runner wrote:

If I am going to consider paying £10, then I would want all HSBC branches open on Saturday for paying in money and getting a receipt.