8% First Direct - I cant work it out!

Therese1

:oI don't think I'm normally thick but this is one that I cant quite work out!? Help!:o

I have lurked and see folk talking about this Regular Savings account - and Ive read the MSE summary, but still not sure.

I don't want to bother changing my current account and all the direct debits but have noticed folk also talking about just opening one by moving £1500 around - how do you work that in practice?

Can someone please give me an "idiots" guide so that I can get this 8% savings rate.

ta much!

warwicktiger

If you do open a FD current a/c I'll go 50/50 with you on the £50 introdution!

R34GTT

1. Open their First Account (ask me or someone else for a referral to get an extra £25 on top of their £100 joining bonus).
2. Open their Everyday e-Saver and deposit £1
3. Open their 8% Regular Saver

If you want their £100 joining bonus you need to pay in atleast £1500 a month for 3 months and switch at least 2 DDs from your current bank.

Step 2 means once you have received your £100 you can then stop the £1500 monthly payments if you so wish and avoid their £10 a month under funding fee.

If you don't care about the £100 joining bonus you can just do 1,2,3 without the monthly £1500.

Cyrus

R34GTT wrote: »

1. Open their First Account (ask me or someone else for a referral to get an extra £25 on top of their £100 joining bonus).
2. Open their Everyday e-Saver and deposit £1
3. Open their 8% Regular Saver

Did it last month, totally worth it and really easy. Def recommend it.

Therese1

Thank you for your explanations - and offers of help with the references : ))

I'm going to phone now and get sorted. Don't think I'm organised enough to get the £100 so will just go for the simple route!

Appreciate your help!

td_007

Therese1 wrote: »

Thank you for your explanations - and offers of help with the references : ))

I'm going to phone now and get sorted. Don't think I'm organised enough to get the £100 so will just go for the simple route!

Appreciate your help!

Give it another thought...if you save £300/month for a year in the 8% Regular Saver you will have approx £123 (after tax) after 1 year. However, by giving up the joining bonus and referal you are missing a chance to almost double your returns - £123 (interest) + £100 (bonus) + £25 (bonus) = £248!

princessdon

I'm gonna do this

How does the referral system work?

nearlyretired2004

Just out of interest .....

Everyone talks about depositing £1 into the eSaver, but when I started my first 8% reg saver ....(..... just matured and started another one....) the nice lady on the phone explained the qualifying accounts to avoid the need for funding the current account.

She opened the eSaver over the phone with a NIL balance ..... and there it has stayed for about 14 months .... never been charged a penny on the current account and got my 8% on the reg saver .... so I dont think theres any requirement to fund the eSaver with £1 .

innovate

princessdon wrote: »

I'm gonna do this

How does the referral system work?

Not doing this myself but I think you get the details over in the Referrers Boad First Direct thread

jahalamo

What is the deal with paying in £1500 each month? Can you pay it in from an existing account from another bank, or does it need to be from an employer?
If you can do it yourself would it be possible to pay it in and then transfer it out, using the same £1500 each month?

Gromitt

They don't care where it comes from, as long as its a non-FD account.