First Direct 1st Account and Regular Savers Catch?

starson79

Hi I've just been comparing the bank account offers between Santander and 1st Direct.

I noticed that if you decide to switch from the Santander current account after 6 months but before 12 months anniversary of opening account you can get another £100 cashback.

However you need to be a First Direct customer in order to open the Regular Savers account (5% interest paid on the 12 month anniversary of opening this account).

So you can either switch the current account, no longer be a customer and forfeit the savings interest?
Or get your savings interest and not get your second £100 cashback for switching your account after 12 months has passed.

Anyone else noticed this?

MoneySaverLog

First Direct are renouned for their high levels of customer service, the other for the worst.

No comparrison really.

Gromitt

You get the £100 if you leave and have an upheld complaint.

You get £154 (gross) each year if have the Regular Saver account.

So you could make £200 if you leave, or £254 if you don't leave (and a further £154 for each year they offer the account).

I know which I'd prefer.

I wouldn't even dream of investing money in a Santander account. Their staff are completely useless.

First Direct staff, on the other hand, are actually quite helpful.

A_Flock_Of_Sheep

I did the open and leave trick with First Direct. I just wanted £200 as I was quite unimpressed with them really. There will always be a few that don't like them.

YorkshireBoy

Gromitt wrote: »

...or £254 if you don't leave (and a further £154 for each year they offer the account).

Less of course the 3-4% gross (up to £78) you could get by saving your £300 per month elsewhere.

The true figures for comparison would therefore be (up to) £176 and £76 respectively.

Lith

Tried to open an account with FD, but he 'states' £1500 should go in a month... 0_o not true if you open an e-saver with £1.

my mistake to tell him that i'll try again soon.