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8% First Direct - Easy Explanation
Comments
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No. Just pointing out that the £100 bonus requirement is £1500 once in 3 months.
From FD website:
Open a 1st Account then transfer your banking using our Easyswitch service (transferring at least two Direct Debits and/or standing orders) and salary/income of at least £1,500 per month to your 1st Account within three months of your account opening and we will add £100 to your account.
Doesn't this mean £1500 every month for first 3 months to avail the joining bonus?0 -
From FD website:
Open a 1st Account then transfer your banking using our Easyswitch service (transferring at least two Direct Debits and/or standing orders) and salary/income of at least £1,500 per month to your 1st Account within three months of your account opening and we will add £100 to your account.
Doesn't this mean £1500 every month for first 3 months to avail the joining bonus?
No, within 3 months, so even if you did it month 3, it should theoretically work.0 -
It means by month 3 you should have 1500 per month going in. It's poorly worded to be honest. If by month 3 (e.g. in month 3 itself) you have 1500 set up to go in, then you have qualified. I happen to have 2200 going in this month (Month 1), so now that I have started already (by chance, as I get paid 3 larger lump sums per year) I would continue to pay in 1500 per month. I would have preferred this large influx to have gone in, in month 3 instead.
If it makes you feel better (it doesn't make me - because the staff seem very confused), then without any asking from me, the lady on the phone at FD told me that I just need to BY month 3 have money (1500) going in - she said that means it doesn't matter if you are not set up to do that yet by month 1 and 2. You can take my word that that was what she said, however I don't necessarily believe in what they are saying because it changes every time I speak to them.
What confuses me more is whether, for the £100 bonus, you do need the money to come from salary. One lady said yes, another said no. The site says salary or income. I get income from someone else's bank by faster payment, and cash in hand (declared because I am way too honest with the tax man), and from work which add up to the right amount roughly However to just take it over, I need to transfer some in from another bank monthly. It is still income. They can't give a straight answer if it's ok - or worse, they can, it just changes weekly!0 -
Gosh...getting confused again.:undecided
Then what do they mean by £1500 per month?:o
Yes this has me a bit confused too. I now understand that a one-off transfer of £1500 to the current account at some point in the first three months is all that is required. This is something that can be done by the account holder (i.e. not organised by FD personnel) and there is no minimum holding time requirement (i.e. transfer it back out straight away). The monthly payments can be organised completely separate to this as regular standing orders to the the current account, and from there to the savings account. Just for clarity, I would appreciate it if someone could confirm they have done this and received the bonus.
I know there are other requirements with standing orders etc but these are pretty clear I think.
Edit:It means by month 3 you should have 1500 per month going in. It's poorly worded to be honest. If by month 3 (e.g. in month 3 itself) you have 1500 set up to go in, then you have qualified.
OK I seem to have been even more confused than I thought! Forget my original post.
So does the £1500 per month need to continue for the remaining 9 months of the year to receive the bonus, or is this just to avoid the monthly fee (which can be done more simply by opening a esaver account)?0 -
OK I seem to have been even more confused than I thought! Forget my original post. So does the £1500 per month need to continue for the remaining 9 months of the year?!
Owains, you may well be right. Or I may be. But FD will definitely be right as they've made the rules
Just wish they would clarify. 0 -
that was what she said, however I don't necessarily believe in what they are saying because it changes every time I speak to them...................
Absolutely...I've had that recently from the CO-OP CS:mad:................money to come from salary. One lady said yes, another said no. The site says salary or income.
Yes salary OR income.One forum member was told by FD that it has to be salary via BACS!!!! couldn't find anywhere in their site:huh:............. They can't give a straight answer if it's ok - or worse, they can, it just changes weekly!
Yes they do....and blame the previous CS rep for wrong info.I always take the name of the rep and note down the date and time, in such situations where I suspect problem in future.
Anyways, I may take the plunge, and atleast avail the 8% reg saver.Then transfer £1500 from another account manually (rather than a BACS salary).If they pay bonus I will be happier:j,................ if not,...... I would be still happy:)0 -
Anyways, I may take the plunge, and atleast avail the 8% reg saver.Then transfer £1500 from another account manually (rather than a BACS salary).If they pay bonus I will be happier:j,................ if not,...... I would be still happy:)
I'll probably do the same. I'll aim to transfer £1500 per month for the first three (quick in-and-out) but not for the rest of the year. I'll then organise a £300 per month standing order to the current account to fund the regular savings. I'll open an esaver to avoid monthly charges. I hope that means I'll be eligible for the bonus... guess I'll just have to see!0 -
It means by month 3 you should have 1500 per month going in. It's poorly worded to be honest. If by month 3 (e.g. in month 3 itself) you have 1500 set up to go in, then you have qualified. I happen to have 2200 going in this month (Month 1), so now that I have started already (by chance, as I get paid 3 larger lump sums per year) I would continue to pay in 1500 per month. I would have preferred this large influx to have gone in, in month 3 instead.
If it makes you feel better (it doesn't make me - because the staff seem very confused), then without any asking from me, the lady on the phone at FD told me that I just need to BY month 3 have money (1500) going in - she said that means it doesn't matter if you are not set up to do that yet by month 1 and 2. You can take my word that that was what she said, however I don't necessarily believe in what they are saying because it changes every time I speak to them.
What confuses me more is whether, for the £100 bonus, you do need the money to come from salary. One lady said yes, another said no. The site says salary or income. I get income from someone else's bank by faster payment, and cash in hand (declared because I am way too honest with the tax man), and from work which add up to the right amount roughly However to just take it over, I need to transfer some in from another bank monthly. It is still income. They can't give a straight answer if it's ok - or worse, they can, it just changes weekly!
Not sure why I feel this but, as a customer of FD for over a year now and having completed one cycle on the Reg Saver, I have to say that I have never once found the staff to be confused, give conflicting information or anything like that.
Could the reason the information seems 'off' in some way be because some people are looking for ways to benefit from the best buy reg saver without using the First account? If you are asking the FD staff for how you get around the requirements of the account then that may result in conflicting information as they are working on the basis that if you want the account and the bonus and the reg saver you would then adhere to the account requirements.
Sorry but I don't see what is confusing about opening a 1st account, switching DD/SO, opening the reg saver and opening the easy saver with £1 so the reg saver sweeps into it at maturity.
This is the market leading current account with fantastic staff who answer the phone in a couple of rings, are human beings not machines, gives a fee free £250 overdraft, and the market leading reg saver account. What is so flaming difficult?????
Sorry for the rant.
SpigsMortgage Free October 2013 :T0 -
Sorry but I don't see what is confusing about opening a 1st account, switching DD/SO, opening the reg saver and opening the easy saver with £1 so the reg saver sweeps into it at maturity.
Can this all be done entirely online?
Or is it necessary /advisable to ring them up at any stage?
What is the difference between Everyday E-saver and savings Account?0
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