Close unused first direct account

greenorange

I opened a first direct account when I was 18 and have used it ever since (am 21 now). However I'm at university now and they aren't very student friendly.

I've moved all of my direct debits over to my student account at HSBC and the first direct account is now at £0.

Should I close it or leave it open, or does it not matter?

VfM4meplse

If there's no charge for keeping it open, then do so. FD are notoriously fussy about who they will take on, it may be a while before you are financially desirable again.

I thought I read somewhere that FD expect new account holders to deposit £1500 pm.

ETA: I've been a v happy FD customer for nearly 20 years.

greenorange

VfM4meplse wrote: »

If there's no charge for keeping it open, then do so. FD are notoriously fussy about who they will take on, it may be a while before you are financially desirable again.

I thought I read somewhere that FD expect new account holders to deposit £1500 pm.

ETA: I've been a v happy FD customer for nearly 20 years.

They do I believe, however I have £1 in a savings account which apparently offsets the fee I think (I've never been charged).

First Direct are a great bank, but at this moment in time, having someone who will be able to offer me an overdraft, credit card, tell me what direct debits are coming in and out online is more important than customer service.

VfM4meplse

greenorange wrote: »

at this moment in time, having someone who will be able to offer me an overdraft, credit card, tell me what direct debits are coming in and out online is more important than customer service.

I wouldn't have any hesitation in opening another account for that purpose, and returning to using the FD account when you're ready - just keep it open in the interim.

Although FD do have an overdraft facility, ccs, online banking to view payments and transfers etc, I realise they do not specifically cater to customers in your position.

Gromitt

I'd keep it. Who knows, when you are no longer a student and paid off your overdraft and CC, the Regular saver account might still be available and desirable.

samwsmith1

I would keep it open just in case you want it in the future, as has already been said they can be picky who they open an account for. I would, however, cycle a few hundred pounds through each month to make it seem like it's being used.

I'm also a student (although almost always in credit!) and have found them an excellent bank, I have a £250 interest free overdraft with them, and 8% regular saver for my car insurance and a standard credit card with a £1800 limit.

Maybe it's because I'm just about always in credit and have savings with them they don't mind me?