Opening First Direct Account whilst on Benefits

Katinka

dalesrider wrote: »

Or open a savings account.

I would apply for the account online and select the savings acc at the same time.

Although to be honest. I would not hold out too much on you getting a account.

Is there a joint party who is working ? Who could apply for a joint acc.

May I ask, why I should open a Savings Account? I mean, I'm happy to do so, if it furthers my chances in getting a current account, but it is the current account I'm after, as a Savings Account would not have the functionality I need.
I don't think I would want an overdraft anyway, if I'm honest, I'm quite 'encourageable', so anything that keepa me on the 'straight and narrow' is fine by me.
That said, I read in another thread, that the overdraft might come part and parcel with the current account anyway, or am I confusing things?

Mags_cat

Open a savings account and put £1 in it and you avoid the need to pay a monthly account fee if your current account isn't funded with £1500. It's in the Ts&Cs.

dalesrider

Katinka wrote: »

May I ask, why I should open a Savings Account? I mean, I'm happy to do so?

Having a savings account will negate the need for you to pay £1500 in a month to avoid the £10 charge.
Also the £1500 does not have to be in one sum. It is a total in a month.

So a simply case of opening it, will mean should your income drop. You still won't have to pay the charge.

pimento

jalexa wrote: »

If you say so and I accept your experience as reported, but do you have a small-print reference? I can only find this "...monthly salary or income of £1500...". I don't believe that is intended to disadvantage weekly or fortnightly funding. But I stand to be corrected.

I expect it's a systems thing. They happily paid out when I pointed it out to them. I know I'm in a small minority getting my salary in two halves.

innovate

dalesrider wrote: »

Having a savings account will negate the need for you to pay £1500 in a month to avoid the £10 charge.

This is true for the ongoing operation of the account - but if you want the £100 joining bonus, you have to pay in the £1.5K/mth until they paid the bonus (and you need to have used their switcher service to move at least 2 DDs).

The OP never told us why they want to apply for the FD account - - I assume it might be for the bonus.