8% First Direct - Easy Explanation

DreamerV

Hi owains, I did mine over the phone as they were very helpful with that. I didn't open the esaver at the same time, but you can. The account doesn't start charging for 6 months, so I thought I'd wait and see how I find them first and also check at that point if there is a better qualifying product to suit me. I set up the Current Account first on the phone, and on the same call set up the Reg Saver to open the next day (I didn't have the funding ready and didn't want it coming out of overdraft, so they set it up for the next day giving me time to move money to the current account). They told me I had to do the easyswitch from the paper forms they sent (although I am not convinced either way if this is right/wrong). I received all my correspondence very quickly (and securely) in the post. Setting up the online banking was very easy after this.

DreamerV

vixen1500 wrote: »

Hi,

Anyone know how long it is before you get the signup bonus with FD?

From what I've read in some posts, after you've had £1500 come out and switched direct debits, although I can't be sure.

amictus

DreamerV wrote: »

Hi owains, I did mine over the phone as they were very helpful with that. I didn't open the esaver at the same time, but you can. The account doesn't start charging for 6 months, so I thought I'd wait and see how I find them first and also check at that point if there is a better qualifying product to suit me. I set up the Current Account first on the phone, and on the same call set up the Reg Saver to open the next day (I didn't have the funding ready and didn't want it coming out of overdraft, so they set it up for the next day giving me time to move money to the current account). They told me I had to do the easyswitch from the paper forms they sent (although I am not convinced either way if this is right/wrong). I received all my correspondence very quickly (and securely) in the post. Setting up the online banking was very easy after this.

Thanks for sharing your experience. It all sounds very straightforward, which would make a welcome change! Ordinarily a phone application for something like this is unbearably frustrating... for me anyway.

vixen1500

DreamerV wrote: »

From what I've read in some posts, after you've had £1500 come out and switched direct debits, although I can't be sure.

Direct debits due out around 23rd - so will have to wait and see - fingers crossed

DreamerV

Mine's around the 25th so I'll be watching with interest

Perelandra

MoneySaverLog wrote: »

Though I hear Lloyds are contacting customers who switch to FD to offer incentives to stay so I'm tempted.

Indeed they are... looks like my direct debits will be staying with Lloyds after all!

Cyrus

DreamerV wrote: »

From what I've read in some posts, after you've had £1500 come out and switched direct debits, although I can't be sure.

I was on the phone to them today and the guy said that I would only need to have £1500 going in just one calendar month and after 28 days I would receive the bonus. Didn't mention anything about the direct debits though. Going to try it this month when I get paid.

ejv

Just set up the telephone banking and internet banking over the phone.
Logged in straight away and created Reg saver in 4 clicks!!:D
E-saver is also active with £10;)
Simples:j

burrows

hi, i'm a new user and have been reading all threads on first direct 1st account and regular saver to try and get confirmation on the bonus and how to get round the admin fee.

I have found a lot of misinformation and confusion.

so i got on the blower to first direct half an hour ago told them the whole story, asked the questions and learnt the following.

Regarding the £100 bonus

Q: do i need to use the transfer service and move direct debits and standing orders.

A: yes you have to use transfer, any two standing orders or direct debits will do. (you could even make some standing orders up just for this).

Q: do you have to pay in 1500 for just one month in the first three or in each of the first three.

A: just one.

Q: does the 1500 have to be a real income or just any deposit such as a fast pay.

A: no it must be an actual income i.e. BACS, pension, payslip.

Q: does it have to be BACS is there no way around it

A: it may work as something else such a FP but you only qualify if its an income such as pay from a company or a pension,it is checked. basically you can't bounce or fake it.

At this point i gave up on the bonus and didn't ask more about what counts as income because i don't earn 1500 an month.

Regarding the regular saver and admin fee

Q: do i have to open a 1st account to get the regular saver and another product to avoid the admin fee.

A: yes, the everyday e-saver is recommended as it is an online account with a min deposit of £1.

I hope this becomes a sticky post and lays the matter to rest.

BTW I have found first direct to have customer service line i have ever used.

vixen1500

DreamerV wrote: »

Mine's around the 25th so I'll be watching with interest

Hope yours came through - mine has:j