8% First Direct - Easy Explanation

gkerr4

slightly off topic - but I've been really impressed with FD since we (wife and I) switched to them last November - very good service and products, although their current cashISA range leaves a bit to be desired.

Just saying, as people are clearly thinking of opening a 1st acc for the regular saver, but not intent on using the current account - it might be worth it and not just for the £100 joining bonus.

MoneySaverLog

Other than the 8% account their savings range of products and current account rates leave a lot to be desired. I suppose that's the trade off with good customer service, it comes at a cost.

Still a good bank though.

anselld

MoneySaverLog wrote: »

I suppose that's the trade off with good customer service, it comes at a cost.

What cost? You just have to save elsewhere.

MoneySaverLog

indeed.....

anselld wrote: »

What cost? You just have to save elsewhere.

Gromitt

Even though my main account is First Direct, my only savings their is the Regular Saver, everything else is with various building societies.

I get secure messages and post from FD saying how much easier it is to have all your cash in one place, and I totally agree, but not for the cost of the severe lack of interest, and I'm not sure its better - I've spoken to people before who accounts have been hacked into, and then they transferred their savings accounts to their current account to empty those as well. Thats a little more difficult if your savings are spread out over multiple building societies - all with unique login information (I only ever use a password once, for one site).

warwicktiger

Want to share the £50 introduction bonus? pm me your address and I'll send you a card

ejv

anselld wrote: »

Yes, you do need a 1st Account.
You can avoid the monthly funding requirement by having another qualifying account, hence my point about the eSaver (but you still need a 1st account).
(The other advantage of eSaver is it can be used to receive funds on maturity for onward transfer etc)

Does it matter if its "Everyday e-saver" or "savings account" to avoid the monthly charges?:o What is the great difference between these two?:huh:
Can't wish for £100 bonus as I have to park £4500 with them in the initial 3 months:(

Gromitt

Any 'additional product' which is not 'regular saver'. You can apply for the credit card if you like and that'll work just fine.

The £1500 can be deposited and withdrawn, so you don't have to worry about £4500.

ejv

Gromitt wrote: »

The £1500 can be deposited and withdrawn, so you don't have to worry about £4500.

Oh...the shuffle between 2 accounts..
When should this £1500 to be remitted?On starting the account or after starting the account?(hope you know about the recent CO-OP story)
Do they insist on closing the switching account or are we allowed to transfer the DD&SO alone?

MoneySaverLog

£1 in a savings account with them will qualify you for free banking :-)

They're really pushy for you to use their "Easy Switch" service. I believe you have to use this to qualify for the £100. I don't qualify for it so I'm not bothered and prefer to leave DD's and SO's alone. Though I hear Lloyds are contacting customers who switch to FD to offer incentives to stay so I'm tempted.

The easy switch will just transfer your DD's and SO's they wont close the old bank account unless you instruct them to do so and it's not mandatory to close the old account to get the bonus.