First Direct 1st Account - I'm confused.

aliasojo

I am a SAHM & carer therefore I do not have a salary of £1500 to pay into this account.

I could however transfer £1500 from another account every month and transfer it back out again the next day. Would that count and could I open the 1st Account on this basis?

My main concern is being eligible for the 8% Regular Saver.

I understand certain other savings accounts would also count and would negate the need to pay £10 every month for the 1st Account but I'm uncertain which ones.

(I do not want a loan or any other credit qualifying product.)

Can anyone help clarify things for me please?

TIA

rich_jtg

The easiest and most popular thing to do is to open an e-saver account with £1, which would negate the need for the transfer faff.

innovate

From http://www2.firstdirect.com/1/2/rates-and-charges/charges#payments

Banking fee
You must pay our £10 Banking fee for each month or part of a month that you hold a 1st Account unless we agree to waive the fee. If applicable, the fee will debit your account monthly in arrears.

Banking fee waivers
You will not have to pay the Banking fee:

- for the first six months following account opening

- for any month in which you:

pay into your account* (other than by internal transfer from another first direct account) a minimum of £1,500 or you maintain an average monthly balance on your account* in excess of £1,500 (month means calendar month and we will work out the average monthly balance by adding together the end of day balances for each day during the month and dividing the sum by the number of days in the month)

or

hold a first direct mortgage, credit card, personal loan, savings account (*excludes Regular Saver Account), First Directory, or first direct car or home insurance policy;

In case you don't know, there's also a dedicated Regular Saver thread.

alanq

rich_jtg wrote: »

The easiest and most popular thing to do is to open an e-saver account with £1, which would negate the need for the transfer faff.

Funding an e-saver would avoid paying a monthly fee but the £1500 would still be required initially as one of the conditions of claiming £100 joining incentive.

aliasojo

So I can open a 1st Account, an e-saver account (depositing a few quid in it) and a 8% Regular Savings account and not pay the £10 monthly fee nor have to fund the 1st Account with £1500 every month.

I'm obviously not having a particularly 'clear' day today as that is what I originally thought I could do...until I called First Direct and was left with the impression I couldn't do that. I've obviously misunderstood.

Will call them again to query opening the above.

Thank you.

SallyG

My First Direct Reg Saver £300 a month paid in from Aug 2011 paid interest of £125. 09 in Aug 2012.

Gromitt

aliasojo wrote: »

Will call them again to query opening the above.

Don't phone them, just apply on the web site.

MoneySaverLog

£1 in the e-saver account will do. It's not the highest paying savings account available :-)

mildred1978

SallyG wrote: »

My First Direct Reg Saver £300 a month paid in from Aug 2011 paid interest of £125. 09 in Aug 2012.

Not sure what the point of this post is????

aliasojo

mildred1978 wrote: »

Not sure what the point of this post is????

I would think it was to serve as an example of what I could be looking to get back if I deposited the maximum amount every month.

I thought it was useful and nice of the poster to provide an illustration of the working account.

mildred1978

aliasojo wrote: »

I would think it was to serve as an example of what I could be looking to get back if I deposited the maximum amount every month.

I thought it was useful and nice of the poster to provide an illustration of the working account.

It didn't seem to relate to your question, and the way it was worded read more like a rant/complaint to me.


((£300 x 12) x0.08))/2 = £144. Less tax as applicable.