8% First Direct - I cant work it out!

ejv

Does it matter whether its "e-saver" or normal "savings" account as the qualifying product? can't find much difference between these !!

sharloid

jahalamo wrote: »

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?

I'd be interested in finding this out too. I don't earn that much myself but as a couple we do...

rangers_fc

Ok was thinking on using this offer plus trying to qualify for the additional £100 bonus

So I phoned up to ensure what Ive read here is correct the operator said to me the £1500 cant be transfered from another Bank group and need to be transfered by BACS i.e salary . So now Im confused was thinking on utilsing the faster payment system to transfer the £1500 in out but Im now under the impression that wont work?

Thoughts and expeirience apreciated

princessdon

I rang them (as needed it explain - I'm not good at things)

The funding can be from anywhere as long as £1500 but for the £1500 BUT if you want the £100 bonus it has to be salary and all DD/SO transferred to. They are open 24 hours and they answered me immediately if you need to ask questions.

I have to say I was very impressed by them (from my limited dealings) but they inspired confidence to swap.

MoneySaverLog

£1 into a savings account negates the requirement for £1500 to be paid in each month but not sure if by doing that you'll qualify for the bonus.

Could ask the question. As I'm not eligible for the bonus being a previous customer, I'm quite happy to do that for the 8% savings account.

princessdon

£1 into a savings account doesn't qualify for the £100 bonus (from what they said to me anyway) for the £100 bonus.

In order to qualify for the £100 bonus it must be £1500 pm and DD swapped.

You can still qualify for the account - but not the £100 bonus (that is what they told me).

ejv

rangers_fc wrote: »

need to be transfered by BACS i.e salary .

Does BACS always means salary?
So this FD bonus offer is out of reach for a self-employed?

Biggles

princessdon wrote: »

The funding can be from anywhere as long as £1500 but for the £1500 BUT if you want the £100 bonus it has to be salary and all DD/SO transferred to.

No, you just have to transfer £1,500pm. Any method and any source will do.

I just use Faster Payments from my main current a/c and send £1,200 back instantly (leaving £300 for the SO to the 8% Regular Saver).

£100 bonus paid after three months with no problem.

ejv

Biggles wrote: »

No, you just have to transfer £1,500pm. Any method and any source will do.

This is what I understood as they've mentioned £1500 salary or income

Biggles wrote: »

I just use Faster Payments from my main current a/c and send £1,200 back instantly (leaving £300 for the SO to the 8% Regular Saver).

Some forum members say you have to remit £1500 only once within 3 months, but the FD website says £1500 per month in first 3 months. Whatz your take on this Biggles?

Biggles wrote: »

£100 bonus paid after three months with no problem.

Can everything including easyswitch be done entirely online or is there any point we have to/or advisable to ring up?
And how long would the process take?

Thanx in advance.

penrhyn

I'm on my second regular saver. Opened the second as soon as the first matured. Proceeds from the first regular saver went into a cash ISA.