first direct first account questions

tescofan

hi guys,

for the first direct account, the two conditions required for the first £100 are to bank in a £1,500 salary every month and use their easy switch service to switch two DD or SO, am I right?

I am still a student but I have £1,500 to switch around. will this work? eg from a lloyds TSB account to first direct and back (to earn the vantage interest)

secondly one has to transfer at least two DD/SO. however I don't have any SO apart from my rent. utilities etc are all prepaid to the landlord. so, can I just create 2 SO's paying my northern rock savings account and say Leeds bs savings account a quid a month and easy switch these two SO's? will it work?

in subsequent months, do I still have to cycle the £1,500 in every month? or will putting a quid into their other savings account work as well? I'm confused whether the cycling in and out subsequently is required should I wish to leave and get the £100 or will the £1 in their normal savings account work in lieu of this cycling?

staffie1

You have to pay in £1500 per month to avoid the account fee. I can't comment on the rest.

MoneySaverLog

You can switch the dummy standing orders from a separate bank account.

You have to pay in £1,500 a month for the £100 incentive and not be a previous customer. Yes you can do the merry-go-round.

Once you have the incentive then you can stick a pound into a savings account to avoid the monthly merry-go-round to first direct to avoid the £10 monthly fee.

You have to give them a valid reason why you wish to leave to get the leaving money. May be you could say their internet banking is dated compared to LTSB :-)

However....

tescofan wrote: »

I am still a student

You may find first direct don't like students which might stop you getting the account.

tescofan

MoneySaverLog wrote: »

You can switch the dummy standing orders from a separate bank account.

You have to pay in £1,500 a month for the £100 incentive and not be a previous customer. Yes you can do the merry-go-round.

Once you have the incentive then you can stick a pound into a savings account to avoid the monthly merry-go-round to first direct to avoid the £10 monthly fee.

You have to give them a valid reason why you wish to leave to get the leaving money. May be you could say their internet banking is dated compared to LTSB :-)

However....


You may find first direct don't like students which might stop you getting the account.

cheers mate, thanks for the thorough explanation. I'll try it out in a couple of weeks time and update whether I've been rejected, haha.