Switching to First Direct

ministrymason

I currently have an account with Halifax but I want to switch to first direct. I earn £23500 PA but once my student loan is deducted my salary per month is £1485. The first direct account requires a minimum deposit of £1500. Does this have to be a single transfer or can I transfer £15 from and back to another account each month to make up the difference? Thanks

ministrymason

The answer is yes looking at other posts

coollittlew

I did that to make up my quota a few months ago and it worked to recieve a bonus. To avoid the monthly charge once you have received you bonus, you can open a savings account with them and drop £1 in there. That is then classed as another product with First Direct thus avoiding the monthly charge. I think when you open the account it will give you an option to open the saving account at the same time.

Gromitt

You only need to deposit the £1500 for the switching bonus, once you have that it doesn't really matter as long as you have an 'additional product', such as a savings account (not regular saver).

ministrymason

ok that's great thanks for the responses.

JournalGirl

And enjoy....they're the best bank I've ever dealt with :-)

annie1975_2

I would just like to say. We have been with First Direct now about 12 years. They are a fantastic bank...

innovate

Depends what you expect from a fantastic bank - - - if it is decent interest rates for your ISA, your savings, and your current account balance, things look decisively bleak. The only thing they have going for them on that front is their 8% Regular Saver, the rest is total pants.

I would never let my money linger in a 0 % current account when there are easy alternatives such as Lloyds and Santander. But I'd definitely have the FD Regular Saver since it pays approx 3.4% over 12 months - the best you can get for monthly savings (albeit max £300/pcm only).

If earning interest is of little or no interest to you, then FD are a very good choice.

seriousDFW

Agree about quality of service and lack of good interest rates. For me, a current account doesn't need a high interest rate as money goes in and out quickly. But I like their customer service on the phone and online banking, which for me personally is important for a current account.

staffie1

innovate wrote: »

I would never let my money linger in a 0 % current account when there are easy alternatives such as Lloyds and Santander.

What price excellence in customer service and reliability..? Judging from the regular complaints in these forums about the 'alternatives', I wouldn't go near them with a barge pole

Go with FD. You will not regret it if you value service and reliability.

MoneySaverLog

I've had just as good service from Lloyds TSB (and they pay interest on their current accounts) as I have had from First Direct, I'd go as far as saying at times better.

I only use first direct, and hsbc for that matter, for their regular savers. I've no need to even call up their customer services line, and I would not expect to unless something goes wrong.

Santander would be a whole new story and I would not go their either.