Is the First Direct Current Account worth it if you don't pay in £1,500 per month?

*Kat*

I'm still a student, working 27hrs per week, don't meet the criteria for FD's free current account, so I'll have to pay £10 per month, right?

I'm done with RBS, Halifax, Natwest. DONE!!!!!!!!!

HappyMJ

You can cycle the same money around to total £1,500 per month. Transfer it to the Halifax to get £5 from them and transfer it back again. If you only have let's say £500 then do it 3 times and it totals £1,500.

*Kat*

Oh wow, you can do that?! That's amazing! I earn ~£700 per month, so I can just transfer in and out and as long as it's £1,500 per month I'm sorted?

MoneySaverLog

You can open up a savings account, not the regular saver, with FD with £1 and not have to pay in £1,500 a month. :-)

teeni

MoneySaverLog wrote: »

You can open up a savings account, not the regular saver, with FD with £1 and not have to pay in £1,500 a month. :-)

You beat me to it that is what i did and never deposit more than £500 a month

Cyrus

MoneySaverLog wrote: »

You can open up a savings account, not the regular saver, with FD with £1 and not have to pay in £1,500 a month. :-)

Thats what I do, £1.00 in their E-saver = no monthly fee.

MoneySaverLog

teeni wrote: »

You beat me to it that is what i did and never depisit more than £500 a month

Their rates are bad, I don't deposit any more than £300 a month just for their regular saver.

£550 goes to HSBC first, before moving £300 on to FD, has I have their regular saver too, and have to pay £500 a month into their bank account :-)

stephane_2

*Kat* wrote: »

I'm still a student, working 27hrs per week, don't meet the criteria for FD's free current account, so I'll have to pay £10 per month, right?

I'm done with RBS, Halifax, Natwest. DONE!!!!!!!!!

I very much doubt that you would be accepted for their current account...

MoneySaverLog

stephane wrote: »

I very much doubt that you would be accepted for their current account...

Possibly, though this student has said they work 27 hours a week too. If the OP applied and gave details of this employment and salary it might get accepted.

Any hint at being a student though might get the thumbs down from them

Fiddlestick

If you take another product from them (like a credit card) you don't pay the fee.

jackyann

Go to the Co-op and don't worry about how much you pay in.