First Direct Fees: How to Avoid 'Em or Ditch 'Em Discussion Area

computersaysdoh

Has anyone considered if FD are just testing the water here?

It may be that if they see that they could lose accounts, that individually may have small amounts, but collectively are worthwhile funds for FD/HSBC, then mayybe they will change their mind.

weaver

I dont understand were FD are coming from to be honest - they are introducing charges on the current account but you can avoid this by having another product with them - correct.

So in theory the current accounts are being charge because of the costs involved to run them. FD are an internet bank so no high street overheads. i.e rates,rent,light,heat etc.

But if everyone opens a saving account and puts in the minimun investment needed to not get charges on the current accounts is this not costing them more? They not only do not get £10 monthly bank charge on the current account, they now have to manage a savings account as well. - Sounds a bit crazy to me.

I have an account with them and I totally agree best CS by far but not worth £10 a month for the little I use it.

Have 1 DD each month and pay in a couple of amounts a month. If they dont want my business thats ok by me, Ill transfer to another account, at least I am in a position to do this. But I do agree customers who can should close accounts and move giving the banks a clear message.


Bet the other Banks are rubbing their hands in glee at the extra business they are getting.

computersaysdoh

Do they let people pay salary into the savings account? I suspect not

computersaysdoh

......... but I am happy to be proven wrong

kenshaz

Would it be possible to move £1500 into the FD account and then out again to qualify?

kenshaz

I use the bank because of their internet plus ,that would hit me,any-one else use this system.

kenshaz

computersaysdoh wrote:

......... but I am happy to be proven wrong

Easy to transfer the money from current to savings online.

Paul_Herring

kenshaz wrote:

Would it be possible to move £1500 into the FD account and then out again to qualify?

Under the current rules, yes. Or open a savings account with £1. Or have an unused CC with them.

I suspect they'll catch onto people 'not using them as they should' and put further restrictions on them, but at the moment, yes, £1500 put in then out satisfies their current criteria.

nappentass

I think this issue of charging a fee is 'slight of hand' - read the letter the biggie that FD will be raking it in on will be that the overdraft's won't be free anymore and they'll hammer you with interest/charges etc especially if they're not pre-arranged or you want too many of them
I think it's bloody sneaky because the "fee" is causing the uproar yet I feel it'll be the new overdraft charging that is the real issue.

I'm seriously considering changing banks, but I'm now unemployed (redundant) I don't know which banks will let me change to them especially as I want to change career and train to be a complementary therapist to start sometime next year my own business.
Anyone any ideas which banks might be worth looking at?

TIA
Jill

skylight

Do they mean £1500 in one go? Or £1500 in total over the month?

They have worded it as deposit £1500, but not clear on what this means? OH wages do not clear that amount, but with the child benefit and CTC it gets by each month - so would that count??

I do have a savings account, and have some in there, so should be fine anyway - but I want to cover all my options!