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

mrcow

Hi Pinkfluffybabe,

Do you have internet banking? I also bank with LTSB (as well as FD) and have had internet banking for many years now (I took the LTSB offer for it when it first came out). I don't think I've EVER had to speak to them since (although don't hold me to that), as I can manage everything that I need to on the net.

I think I've called FD once since I've been with them (about two years). My experience of calling FD was absolutely fine (no less than I would have expected lol) but I've also used lots of call centres in India (I guess it's been India....eg. Bristish Gas) and have also had a very polite and informed service.

Unless you called the bank on a very regular basis (and I can't see why anyone would need to? perhaps my banking practices are strange compared to other people?) does spending an extra few minutes on the phone whilst you're transferred to another dept really make a big difference? As you say, for sure it wouldn't make £120 of difference to you!

tomstickland

I tend to agree about FD not offering anything unique - I use internet banking for all of my online accounts and very rarely speak to anyone. I'd happily add 10 minutes to any phone calls in exchange for not paying £10 per month.

inmypocketnottheirs

Glad to hear that FD are introducing £10 per month charge. As has been stated numerous times above - there is no such thing as free banking.

Hope the other banks follow suit.

YorkshireBoy

inmypocketnottheirs wrote:

Glad to hear that FD are introducing £10 per month charge.

Hope the other banks follow suit.

What a strange thing to say on a money saving site!

Paul_Herring

inmypocketnottheirs wrote:

Glad to hear that FD are introducing £10 per month charge. As has been stated numerous times above - there is no such thing as free banking.

In that case, if it's more clarity over costs and profit they're after, may I hope and suggest the banks now start:

1) putting up their in-credit interest rates to match what they are currently making with our money on the market instead of skimming the excess off the top and giving us customers a pittance of an interest rate. (e.g. the banks make 6%, they pass 4% (if you're lucky!) onto us, pocketing the other 2%) This would bring bank accouts in line with the likes of, say, the things you find in pension and ISA wrappers, where they tell you the real return on your money, and how much they are skimming off the top. If the banks want to skim a percentage off, tell us how much instead of obfuscating it behind their current rates.

2) stop with this silly 3-day wait for your funds to clear nonsense, and give us the interest from day 0 instead of (yes, you've guessed it) pocketing the 3(+) days interest while it's in neither account.

I'm sure others can come up with other suggestions for more clarity in how the banks deal with their customers regarding accounts.

inmypocketnottheirs

YorkshireBoy wrote:

What a strange thing to say on a money saving site!

Maybe, but there is no such thing as a free lunch, just as there is no such thing as free banking.

MPH80

Paul_Herring ...

How do you want the banks to make any money on current accounts? Or would you prefer all banks become non-profit organisations?

CopperPlate_2

It appears that smile have worked out how to do it to a certain extent...

http://www.smile.co.uk/servlet/Satellite?cid=1153292772353&pagename=Smile/Page/smView&c=Page

Chadsman

I opened an account with FD about 10 years ago so I could do my banking out of hours but now pretty much all banks have internet and phone operations. Calling themselves an 'internet bank' is a bit of a gimmick.
When their rates dropped and Nationwide offered internet banking and a decent e-saver I swapped to them. NWs phone operation isnt as slick as FD but I very rarely need to call them and can do the vast majority of things online.
I still have the FD account tho rarely used*, the fee will probably push me into closing it.
:beer:

*tho I did get a 0% CC BT out of them

seven-day-weekend

I have a joint First Direct current account . My husband has £200 paid into it every month, and every so often I transfer the balance into a high-interest savings account. These are the only transactions we do with FD.

If they charge £10 a month, I'll close it and find another home for the £200.