Santander Prefered Current Account & First Direct Question

Shiloe

Just two quick questions before I finally decide what to do I already have the Santander account and have been been given my £100 switching bonus anyways

1) I know you need to pay in £1000 per month to retain the 5% however does anyone know if you still have to have atleast 2 direct debits to retain the 5% interest [up to balances of £2,500] for the Santander Preferred Account ?

2) Do First Direct base their pay in time scales on calander monthly or date of opening to date before opening i.e 20/08/11 - 19/09/11 timescale ?

Thanks to anyone that can help and I will be sure to "thank" you on the forum :blushing:

Shiloe

Oops wrong place sorry could a MOD move to Budgeting and Bank Accounts Section please !

10_66

Shiloe wrote: »

Just two quick questions before I finally decide what to do I already have the Santander account and have been been given my £100 switching bonus anyways

1) I know you need to pay in £1000 per month to retain the 5% however does anyone know if you still have to have atleast 2 direct debits to retain the 5% interest [up to balances of £2,500] for the Santander Preferred Account ?...

Once you've had the £100 cashback, you don't need to continue with the direct debits/standing orders to keep the 5% interest. You just need to make sure you transfer £1k into the account.

YorkshireBoy

Shiloe wrote: »

2) Do First Direct base their pay in time scales on calander monthly or date of opening to date before opening i.e 20/08/11 - 19/09/11 timescale ?

Calendar month - see the T&Cs (section 3, condition 1.1.2), and their interest rates and charges document (section headed "banking fee waiver").