First Direct 1st Account criteria

ja3_2

I know this topic has already been covered elsewhere in the forum (cannot post link still a newbie - in particular threads 3047442 and 722581) but I want to double check which savings account you need to open with First Direct to waiver the £10 fee for the 1st Account if you don't meet the £1500 pay in per month (and does this savings account have any associated fee?).

Also in order to qualify for the £100 incentive for transferring your current account to First Direct 1st Account does the £1500 pay in per month have to come directly from my employer, or can I transfer it in from an account not part of First Direct (or HSBC)?

Thanks for looking.

Baldur

ja3 wrote: »

I want to double check which savings account you need to open with First Direct to waiver the £10 fee for the 1st Account if you don't meet the £1500 pay in per month (and does this savings account have any associated fee?).

See the section headed 'Banking Fee Waivers' in this document: http://www2.banking.firstdirect.com/1/PA_1_1_S5/content/content_static/pdf/rates_charges.pdf;jsessionid=0000pRBJ4t3oV9Ks6NZNko4rXiP:11qkqgmtb

....can I transfer it in from an account not part of First Direct (or HSBC)?

Yes - it doesn't need to be a single transfer, as long as the total deposits amount to the £1,500 minimum.

ja3_2

Baldur wrote: »

Yes - it doesn't need to be a single transfer, as long as the total deposits amount to the £1,500 minimum.

Thanks Baldur.

I guess my concern is that First Direct will make the distincition between transfer into my 1st Account from another account belonging to me, and salary paid directly into my 1st Account by my employer in the form of salary.

So the £1500 desposit can come purely from my own account(s) transferred by myself, or in the form of salary tranferred by my employer (or some fragmented combination of both)?

agsnu

ja3 wrote: »

I guess my concern is that First Direct will make the distincition between transfer into my 1st Account from another account belonging to me, and salary paid directly into my 1st Account by my employer in the form of salary.

So the £1500 desposit can come purely from my own account(s) transferred by myself, or in the form of salary tranferred by my employer (or some fragmented combination of both)?

Are you saying you find the following ambiguous?

- pay into your account* (other than by internal transfer from another first direct account) a minimum of £1,500 or you maintain an average monthly balance on your account* in excess of £1,500 (month means calendar month and we will work out the average monthly balance by adding together the end of day balances for each day during the month and dividing the sum by the number of days in the month); or

(from the banking fee waiver section of the above linked document).

ja3_2

Hi asgnu.

For some reason I have it in my mind (read somewhere, cannot remember where, perhaps in threads here/elsewhere) that applicants tend to make sure they desposit at least one £1500 direct form their employer in the form of salary within the first 3 months to qualify for their £100 current account switch incentive from First Direct.

However I may be wrong.

dtsazza

They're probably doing it to be safe - the terms and conditions of the account itself do not stipulate that the deposit must be from an employer's payroll. Besides, I don't believe that would even be possible to check outright - most payroll payments are just BACS from a particular account, just as a transfer from your other bank account would be (correct me if I'm wrong).

Baldur's link doesn't work for me, instead I went from 1st Account Charges to this PDF.

The specific section on applicable savings accounts says:

First_Direct wrote:

You will not have to pay the Banking Fee... for any month in which you... hold a First Direct mortgage, credit card, personal loan, savings account (*excludes Regular Saver Account and a Regular Saver ISA held for less than 12 months), first directory, or First Direct car or home insurance policy.

Baldur

ja3 wrote: »

However I may be wrong.

You are - my salary doesn't go anywhere near my FD account, solely transfers from other accounts and I certainly received the incentive payment.

ja3_2

dtsazza wrote: »

They're probably doing it to be safe - the terms and conditions of the account itself do not stipulate that the deposit must be from an employer's payroll. Besides, I don't believe that would even be possible to check outright - most payroll payments are just BACS from a particular account, just as a transfer from your other bank account would be (correct me if I'm wrong).

Thanks dtsazza. I know with HBOS my salary and transfers have different acronyms online (sorry cannot remember them!), but it does sounds like First Direct aren't particular about how you deposit the account.

ja3_2

Baldur wrote: »

You are - my salary doesn't go anywhere near my FD account, solely transfers from other accounts and I certainly received the incentive payment.

Thanks Baldur, that's good to know.

Thanks again.

mhuk01

i have a quick question about this account...

up until last week I had an ISA with first direct. Would this affect my ability to get the £100 incentive as i've been with first direct before?

thanks

Baldur

mhuk01 wrote: »

....up until last week I had an ISA with first direct. Would this affect my ability to get the £100 incentive as i've been with first direct before?

Having an ISA with them could hardly be interpreted as 'banking' but the easiest thing to do is to give them a ring to check - 0800 24 24 24.