TSB 5% -v- FD 8% > application hassle

LongTermLurker

linz wrote: »

Hello all,

I am seriously thinking of using their switching service and opening the First Direct current account and 8% savings account. Would anyone be able to answer just a couple of questions that i'm not sure about please?

Firstly, am I right in thinking I won't need to open one of their esaver accounts to waive the £10 monthly fee if I have my salary paid into the current account and am meeting the £1500 a month criteria. Or do I need to open an esaver and deposit £1 aswell?

Correct. If you fund the account with £1500 per month, the fee is waived and you don't need a standard savings a/c.

Second, might sound a daft question but i've always had a current account with a high street bank - how would I pay money/cheques into a First Direct account!?

Many thanks in advance.

I think you can pay cash/cheques in at an HSBC branch. Failing that, if there isn't one close by, keep your old account open, set up internet banking and a bill payment to FD, then use your old a/c solely as an "input channel" to your 1st account. You could also post cheques to FD, though that's old and messy.

Remember, cheques are being phased out, so that requirement has a limited shelflife

linz

Thanks a lot LongTimeLurker, I plan on keeping my existing (Halifax Rewards) current account open for the £5 a month so can pay stuff into that and transfer online like you suggested. Cheers

LongTermLurker

^^ exactly what I do - and they both have instant balance updates, allowing lightning-speed fiver generation and exit :cool:

BigDonut

^^ exactly what I do - and they both have instant balance updates, allowing lightning-speed fiver generation and exit

Do you do it manually or setup SOs for dogin it?

I finally got round to upgrading my halifax account to a reward account today but its not my everyday CC.
Can I safely setup a SO from my current account to the reward account and then one on the reward acount out elsewhere on the same day?

Nine_Lives

Can't do the referalls thing i'm afraid - have submitted the gfs application.

Got return email from them today (yes, Sunday) saying that my papers have been sent off to me.


I just want to get clear how i get the £100 fee for joining. I know it's been mentioned elsewhere, but i'm just checking i've understood it.

** All i need to do is fund in full, £1500 for 3 months & i get the £100? Put £1500 in the account & transfer it straight back out?

Can't see why it'd need to be done for 3 months, i'd have thought surely the full 12 month?

LongTermLurker

BigDonut wrote: »

Do you do it manually or setup SOs for dogin it?

I finally got round to upgrading my halifax account to a reward account today but its not my everyday CC.
Can I safely setup a SO from my current account to the reward account and then one on the reward acount out elsewhere on the same day?

I do it manually - it's easy and I keep control. You could set up the SOs I think - Halifax allocate receipts before payments within the same day and so long as your account's above zero at the end of the day you won't face a charge - the only risk is if there was a problem with the FD payment.

However, I don't think SOs currently get sent by faster payment, so you may well find it takes 3 days to get to Hx and then 3 days to get back to FD. Just remember to do it at the beginning of each month, or on payday, and do it manually - it's safer.

Cash-Strapped.T32

linz wrote: »

Hello all,


Second, might sound a daft question but I've always had a current account with a high street bank - how would I pay money/cheques into a First Direct account!?

Lurker gave the answer, but just to confirm that yes, you definitely can use HSBC branches as the "home" branch for First Direct customers, as confirmed in my account-bumph.

Since I'm already with HSBC this is doubly convenient for me, unless they're shut.

Nessie23

Cash-Strapped.T32 wrote: »

Lurker gave the answer, but just to confirm that yes, you definitely can use HSBC branches as the "home" branch for First Direct customers, as confirmed in my account-bumph.

Since I'm already with HSBC this is doubly convenient for me, unless they're shut.

I can re-confirm that, I have used the HSBC branches to pay in money into a FD account. You can either use your card on their automatic machines or pay at the cashiers.

Alternatively FD can send you pre-paid envelopes which you can use to send cheques by post. Personally I prefer to go in branch, as then I am sure that the money gets paid in.

Nine_Lives

K_P83 wrote: »

I just want to get clear how i get the £100 fee for joining. I know it's been mentioned elsewhere, but i'm just checking i've understood it.

** All i need to do is fund in full, £1500 for 3 months & i get the £100? Put £1500 in the account & transfer it straight back out?

Can't see why it'd need to be done for 3 months, i'd have thought surely the full 12 month?

any takers on the above?

cautiousjon

K_P83 wrote: »

any takers on the above?

I recently set up a First Direct current account. The rule is that you have to use their 'Easyswitch' service to move your DDs and SOs over and pay in £1500 just once within the three month period. Once you do that, you get the £100 about 2 weeks after the money went in.