8% First Direct - Easy Explanation

princessdon

I want to open the 8% savings account for 300 pm

but I have a current account I am happy with

Can someone explain to me how I can keep my current current account but open the current account with FD to have access to their 8%?

Is is as easy as transferring say £1500 pm from my current account (halifax) to FD then transfering most of it back via DD or is this is a no no?

rachelonna

I'm pretty sure transferring would work, but just phone them and ask them

I think that you can open a bank account with FD, and not use their bank transfer service. Just phone them though and ask these questions,

Having heard from the first direct service, I think you may want to switch really soon though!

YorkshireBoy

princessdon wrote: »

Is is as easy as transferring say £1500 pm from my current account (halifax) to FD

Yes.

then transfering most of it back via DD

You won't be able to DD it back...you'd FP it back.

princessdon

Thanks all - will ring them over the weekend (if open)

anselld

princessdon wrote: »

Thanks all - will ring them over the weekend (if open)

Why not ring them now? They are open 24 7 365.
You only need to transfer 1500 for the 100 switching bonus. Otherwise just open an esaver with £1 to avoid the 1500 monthly funding requirment.

innovate

YorkshireBoy wrote: »

Yes.You won't be able to DD it back...you'd FP it back.

FP, or SO, it back.

YorkshireBoy

innovate wrote: »

FP, or SO, it back.

Agreed, but with FP you have far greater control, especially if emptying all but the £300 due to be paid into the regular saver, since using SOs for the monthly merry-go-round often catches people out.

jahalamo

princessdon wrote: »

Thanks all - will ring them over the weekend (if open)

Did you find out if you could transfer in and out the same money?

mildred1978

You don't get 8%. Because it is a regular saver you'll actually get about 4%.

anselld

mildred1978 wrote: »

You don't get 8%. Because it is a regular saver you'll actually get about 4%.

You do get 8%, its just your money is not invested for a whole year.
And yes, you can transfer in/out via FP to meet funding requirements if you want to.

mildred1978

anselld wrote: »

You do get 8%, its just your money is not invested for a whole year.
And yes, you can transfer in/out via FP to meet funding requirements if you want to.

Okay, I mean over all.

And you can only transfer out by phone, not via internet banking. (I've just come to the end of one of mine).