First Direct 1st Account Switching.

mrchagle

Hi there.

Many years about 6+ years I have a savings account with First Direct which I closed about 3 months after I opened it due to personal circumstances.

Last month I thought I would switch to First Direct (1st account) and take advantage of their £100 switching off -- I have opened the account successfully plus a e-Saver & Everyday saver account & credit card -- Didn't need it but I believe if you have qualifying products the mandatory £1500 credit each month is waved.

To cut a long story short I have heard by googling that any existing customer isn't entitled to the £100 switch incentive even if you didn't have a current account.. does any know if this is true?

Many thanks

anselld

"to qualify you need to transfer your salary/income of at least £1,500 per month within three months"

As I understand that means you need to pay in at least £1500 once within the first three months for the bonus. This has nothing to do with the fee.

"sorry, but we can only offer this to people who haven't previously experienced the delights of banking with first direct."

I guess that depends how they define "banking" relating to your previous account, not sure.

It can take a couple of months to come through - first step would be to make a £1500 pay in then see what happens.

mrchagle

anselld wrote: »

It can take a couple of months to come through - first step would be to make a £1500 pay in then see what happens.

Absolutely which is what I am going for the next three months or so - This isn't a problem. :-)

Just hope that I'm still OK for the £100 incentive - if not, at least I've now opened Everyday saver account @ 8% which is excellent.

anselld

mrchagle wrote: »

Just hope that I'm still OK for the £100 incentive

Hope so - good luck!

mrchagle wrote: »

- if not, at least I've now opened Everyday saver account @ 8% which is excellent.

Errm - presumably you mean Regular Saver??

mrchagle

anselld wrote: »

Hope so - good luck!



Errm - presumably you mean Regular Saver??

Sorry Yes!

freemoneyrocks

I had an ISA with first direct Which I closed 2 months prior to switching to FD. I got the switching incentive without any problems.

I was ready to argue that banking and saving is not the same, but didn't need to.

mrchagle

freemoneyrocks wrote: »

I had an ISA with first direct Which I closed 2 months prior to switching to FD. I got the switching incentive without any problems.

I was ready to argue that banking and saving is not the same, but didn't need to.

Thanks for the info.

Do they take a while to put the incentive in the account? I've heard some people it was in the account within 28 days.

butterfly72

the £1500 you need to deposit... does it have to be my salary direct from my employer or can i just transfer it from another current account every month?

thanks

YorkshireBoy

butterfly72 wrote: »

the £1500 you need to deposit... does it have to be my salary direct from my employer or can i just transfer it from another current account every month?

The terms are quite clear in that in needs to be "salary/income"...NOT "an amount equal to salary/income".

Some on here will tell you they've bagged the incentive by using BACS transfers, rather than BACS direct credits (which is how the bulk of UK salaries are paid).

However, when I bagged this incentive 3 years ago (and the £100 for leaving them 7 months later) they raised the issue that my first credit was a Bacs transfer, not salary deposit. This delayed the £100 joining incentive payment by a month or so.

I wouldn't risk it personally...I'd switch my salary. Don't forget you can FP it straight back out again to your main bills account should you so wish.

butterfly72

YorkshireBoy wrote: »

The terms are quite clear in that in needs to be "salary/income"...NOT "an amount equal to salary/income".

"salary/income" - I don't think thats clear at all. Salary could be different to income.

edit: have just checked and it says salary or income.

YorkshireBoy

butterfly72 wrote: »

"salary/income" - I don't think thats clear at all.

I gave you a reply based on my experience, detailing their trying to wriggle out of paying the incentive. You can either take that experience on board or go your own way, it's up to you.

edit: have just checked and it says salary or income.

It actually says both..."salary/income" and later "salary or income" in this document...

http://www2.firstdirect.com/1/2/banking/1st-account/overview?wt.ac=BA0840

The inference, which they tried to use against me, being that they both come direct from 'source', ie employer, pension, benefits, etc