Making the most of the First Direct 1st account

Tantalus86

There are various advantages (depending on your situation) to the 1st current account currently offered by First Direct. However there are also some T&Cs that limit how much you can take advantage of it.

My query really comes down to this: is it possible to open the account, put £1500 a month into it for 3 months and obtain the £100 joining gift, open the 8% regular savings account for the year AND receive the £100 leaving 'gift' WHILST not making it my main current account or paying any fees? I.e. getting paid into one current account, transfering it over to the First Direct current account and then moving it wherever I need it?

First glance at the T&Cs this may be possible but I was wondering if anyone had done it or knew of anything preventing it?

gkerr4

why don't you just switch to them - they are awesome.

We moved in November last year, very painless and I am always so impressed if I call them, plus their online access is good including the iphone app. I'm impressed, although their saving rate isn't very good at all and neither is their cash ISA (although it was last year)

Tantalus86

gkerr4 wrote: »

why don't you just switch to them - they are awesome.

We moved in November last year, very painless and I am always so impressed if I call them, plus their online access is good including the iphone app. I'm impressed, although their saving rate isn't very good at all and neither is their cash ISA (although it was last year)

I would, the only reason stopping me is that I currently have the 4.25% ISA from nationwide because I have their flexaccount and switching my current account to FD would mean I'd lose the ISA as well.

Gromitt

It's 6 months of £1500 if you want the leaving gift, and you most close all accounts (including your regular saver) within 12 months of opening.

The 3 months relates to the 'deposit £1500 within 3 months of opening', to get the welcome gift of £100.

You don't have to make it your main account, but you do have to transfer an existing current account to them, which must have transferable payments (SOs or DDs), and you must do it using their 'Easyswitch' service.

Nessie23

Tantalus86 wrote: »

I would, the only reason stopping me is that I currently have the 4.25% ISA from nationwide because I have their flexaccount and switching my current account to FD would mean I'd lose the ISA as well.

Hi Tantalus86,

You can circulate your money around between FD and Nationwide using faster payments to make sure you meet the funding criteria for both.

I initially joined FD with the view of getting the joining and leving incentive, however I liked their service so much I have kept the current account open. Their savings rates tend not to be very competitive, however they occasionally have good products such as the 8% regular saver. You can always open an instant access saver elsewhere and place any extra savings (at a better rate) there.

calypso_rhapsody

I bet if you try FD you will want to stay with them - i transferred our account about 3 months ago and am very impressed .... no way would i dream of going back to my previous bank. I do have a flexaccount with NW too but it has never been my main current account so can't really compare - i'd be surprised if they match FD though.

Am sure you can work out how to move money around to maintain your NW ISA!

Tantalus86

Thank you for all your replies. Well the customer service is sounding very good! Think I may as well give it a go, and if it is as good as you say then will stick with it. Like I say the only reason I'm sticking with NW is for the isa (although I can't fault their customer service either) and i'll just set up faster payments to keep this.