First Direct Regular Saver 8%

KTF

Good stuff. This will give me something to do with (some) of the 1500 I have been transferring in and out after the last 8% regular saver finished to avoid the underfunding penalty.

adindas

Dear All

Could first Direct Send and Receive FP Up to £1,500 ?
I just see the requiremnt for 1st account is that it needs to be fed £1500 a month in order to avoid £10.00 monthly fee ?.

How you guys manage your 1st direct a/c ?
Do you transfer £1500 and transfer it back ?

Thank you
ADINDAS

Meadows

We have wages paid in and then I sweep any excess out leaving just a small amount in there throughout the month.

You are right you have to either pay in £1,500 per month or maintain that balance if regular payments do not go in. We have used them since they opened.

VT82

It sounds good, but I have not long transferred my current account to Halifax. At Halifax, I get £5 per month as a reward for paying in my salary, I get an extra 0.2% on my newly transferred ISA, and I should soon be getting £5 most months for spending on my Clarity Card.

I therefore don't want to transfer away from Halifax.

I still have an old current account open. Could I create a couple of duff direct debits on that account (cheapo magazine subscriptions for example), use their switching service to open a First Direct current account and transfer the DDs from my old current account, and cycle £1,500 into the FD account from savings or my Halifax current account? Would this be a way of getting their £100 introductory bonus and the 8% regular saver?

Empty_pockets

Just started with 1st and have had a few converstaions with them over this.

The £10 banking fee does not apply for the first 6 months.

The £10 banking fee does not apply if you hold more than one first product i.e regular saver.

The £100 opening bonus is automatically paid up to 28 days after the first deposit of £1500 or greater.

Hope thats of help.

pqrdef

adindas wrote: »

I just see the requiremnt for 1st account is that it needs to be fed £1500 a month in order to avaoid £10.00 monthly fee ?.

That nearly put me off, but on second reading it seems like the fee is avoided if you have an ordinary savings account, which I assume needn't have much in it. Am I missing something?

blueberrypie

pqrdef wrote: »

That nearly put me off, but on second reading it seems like the fee is avoided if you have an ordinary savings account, which I assume needn't have much in it. Am I missing something?

No, you're not missing anything. Stick £1 in an e-saver and leave it there :-)

soulsaver

pqrdef wrote: »

That nearly put me off, but on second reading it seems like the fee is avoided if you have an ordinary savings account, which I assume needn't have much in it. Am I missing something?

No, that is correct.

anselld

pqrdef wrote: »

That nearly put me off, but on second reading it seems like the fee is avoided if you have an ordinary savings account, which I assume needn't have much in it. Am I missing something?

The fee is avoided, but you will not get the £100 switching bonus unless you meet the funding requirement.

For those interested in switching remember to ask on the referrals board too as there is a £50 referral bonus which most will share. (On top of the £100 switching bonus)

adindas

That is what I will do.
I am just interested in their swiching incentive and 8% regular saving a/c.

I normallly put 1 SO from one of my RSA and 1 DD from my credit card.

Normally the switching requirement is 1SO and 1DD do not know about First direct. Normally DD could be anything like you say cheapa new paper etc, Credit Card that you do not use it for a long time, etc.

But there is still monthly payment of £1500 requirement to avoid £10 manthly fee. This could in my opinion work well if first direct have FP in and out facility. So transfer £1500 in and then back again to the origin to circle it to other a/c.

Could anyone who has done with first direct confirm about this, please ?

Thank you
ADINDAS

VT82 wrote: »

It sounds good, but I have not long transferred my current account to Halifax. At Halifax, I get £5 per month as a reward for paying in my salary, I get an extra 0.2% on my newly transferred ISA, and I should soon be getting £5 most months for spending on my Clarity Card.

I therefore don't want to transfer away from Halifax.

I still have an old current account open. Could I create a couple of duff direct debits on that account (cheapo magazine subscriptions for example), use their switching service to open a First Direct current account and transfer the DDs from my old current account, and cycle £1,500 into the FD account from savings or my Halifax current account? Would this be a way of getting their £100 introductory bonus and the 8% regular saver?