First Direct Regular Saver 8%

Nomad2006

What I have been informed as well as few people in this forum has said that it will take about 3 months before you could get the £100 swithcing incentive, as they need to see it for 3 consecutive months.

It was within a month of my first salary payment for me (this was about two months ago). I was under the impression that three months was the max time you were allowed before your first £1500 deposit, in order to get the bonus.

But I second the suggestion above that it's not worth just cycling money through the account - it's the best customer service I've ever had from a bank. If you've ever spent 30 mins on hold to Santander before, and only then getting to talk to a menu system, FD will be a revelation - you phone, they answer within a few rings, and it's a real (British based) person, not a menu system.

adindas

I have been informed there is no switching requirement if you just want £100.00 incentive. This info I got it when I opened mind a few days ago. Just pay 1500 until you get your reward.

As soon as your FD a/c is open you could open FD regular saver

"You should also read Blueberrypie posting #[FONT=&quot]43" [/FONT] [QUOTE=To answer 1, 2 and 3: The e-saver account will avoid the monthly fee on the First Account - I think this is the easiest way, and it doesn't involve holding or applying for a credit-card. If you have the e-saver, you don't need to fund the First Account with £1500/month.
To answer 4 and 5: To get the switching incentive, you do need to fund the account with £1500/month for the first three months (iirc), but you don't need to use FD's switching service. Once the switching incentive has been paid, there's no need to continue to fund with £1500/month.

[FONT=&quot]If you later want to claim the payment for moving away from FD, you have to have used the switching service when opening the account[/FONT][/QUOTE]


Hope this clarify the matter

ADINDAS

Loco wrote: »

Do you know if this includes E-ISA's? (I opened a FD 1 YR Fixed 3% E-ISA about 6 months ago)
Would like to know this too
Anyone else happen to get confirmation of the exact switching requirement? 1 DD and 1 SO enough?
Actually I only have SO's but no DD's currently. Would also like to know if I have to have both to qualify. I will have to find some cheap DD subscription if that's the case.

chris888

Hi
I'm looking to open 1st direct current account and 8% regular saver and
I have Quick question regarding the £100 switching/opening incentive, hoping someone could answer for me.

I joined first direct in April last year for the first time, to take up their 3.2% ISA which I funded with the full amount when it opened.
At the same time I also opened an e-saver account which I have never funded and have never used and it is still showing up on-line when I sign in to First Direct.
I transferred the ISA to another bank back in April/May this year, which now just leaves the e-saver with nothing in it.

Since I have already have/had savings accounts with them but never ever a current account,
would I still get the £100 for opening a new first current account with them as long as I funded it with the £1500 a month, or does the £100 only apply for completely new customers?

Thanks

kanchhelskis

i want to open one of this accounts tonite!

1, i will use one of my nationwide accounts for the switching service, but the 1, 500 pounds will come from my loyds.tsb account.

does this matter i should i transfer this amount over now???

thanks in advance!

KTF

The transfer to the regular saver has to come from the FD current account so you have to have that up and running first.

You dont need to switch to them.

CosmicTen

After asking them to close my RS 5% account via secure message, this was done just over 24 hours later (though no reply to confirm this which was a bit unusual for FD) just noticed the account gone and my balance back in my current account. Just applied for the 8% account so pretty easy to convert from the old RS to the new.

8%!!

BigDonut

Loco wrote: »

Do you know if this includes E-ISA's? (I opened a FD 1 YR Fixed 3% E-ISA about 6 months ago)



Would like to know this too



Anyone else happen to get confirmation of the exact switching requirement? 1 DD and 1 SO enough?

Actually I only have SO's but no DD's currently. Would also like to know if I have to have both to qualify. I will have to find some cheap DD subscription if that's the case.

Loco, pretty sure that if you have a FD e-ISA you are not eligible for the switching bonus.
When I got an e-ISA at the end of last year I asked them would that still allow me to get the switching bonus and they said no it was only for "new" customers i.e. those not having previously held a FD product.

adindas

Using it as normal current account is different with transferring your salary.

For some people transferring your salary to other a/c which you just open is a risky undertaking.

In salary transfer and switching, you are not fully in control as you need to tell your finance department, they might forget it or they might delay it, It might be too late for this month, etc. As the result you might end up without having accessible salary in that month.

Another issue what happen if you are not happy with your new bank a/c ? Are you going to tell your finance dept to transfer it back your salary to the previous bank ?

Some people might just want to try their new a/c first before making a firm commitment.

So you see it is not that simple.

As far as I am aware there is not anything stated on their website or on the T&C that the £1500 has to be salary unless people could proof it otherwise. This is the perception of most people on this forum that I have got.

In my experience open the bank a/c different adviser could tell you different story. Especially If they are not sure or not familiar with the matter. Most people which include bank officer tend to tell us something that do not carry any risk associated to what they have said. Certainly, they do not carry any risk if they just tell us it has got to be salary.

I have been having this experience a few times and when I try to call or ask difference people on the same bank they sometimes will give you a different answer.

So what we could only certain if it is written on their website or on the T&C.


ADINDAS

CosmicTen wrote: »

Why not just use it as a current account anyway. They're service is better than any others I've used and you'll get your £100. You can always switch back some time if it doesn't work out.

Regarding the RS 8% (back on topic) I e-mailed them as I'd opened an account a week or so ago. I asked them (before I'd had chance to read this thread) if they would upgrade my account from the 5% to 8% or whether I could open a second RS account for the 8%. They're reply was that my 5% account would remain as such and I can't change it to a 8% account and they said that you can only have one RS account at a time. just to let you know in case anyone else is thinking of asking this. Funnily at no point (via secure messages) did they suggest closing one and opening the new account. I suppose it's not for them to advise this but you'd think they'd make the suggestion. Shame they'd can't just convert it, but then the rules are to loose the 5% rate if you close early which is fair enough.

I've asked them to close the old one so I can open a new one. Responses at the moment seem to be taking 24 hours.

adindas

Dear All

I have opened my RSA last month and now about to pay my second installment for December.

I am not quite sure, whether they allow online transfer payment (we move it by ourselves) from 1st direct a/c or it need to be SO from 1st direct a/c ?

Also could we change the SO date to the 1 December ot it has got to be the same date with the date the account was opened ?.

Thank you in advance for your suggestion.

ADINDAS

johnmoney05

adindas wrote: »

Dear All

I have opened my RSA last month and now about to pay my second installment for December.

I am not quite sure, whether they allow online transfer payment (we move it by ourselves) from 1st direct a/c or it need to be SO from 1st direct a/c ?

Also could we change the SO date to the 1 December ot it has got to be the same date with the date the account was opened ?.

Thank you in advance for your suggestion.

ADINDAS

You can't change the date. It will go from your 1st direct account every month.