Switching to First Direct. Advice needed

Mishomeister

After Santander stopping their 1st Home Saver account form 12 November. I am thinking of opening First Direct account for sake of having 8% Regular Saver.

Getting £100 switching bonus is also of interest to me. I however have no direct debits/standing order to transfer hence I am happy for those to continue to come out from my main account.

I am thinking therefore if it would be an idea to set up 2 mock standing orders from one of my rarely used accounts to another account of mine which 1st Direct then can transfer.

Are there any weaknesses in my plan? Such as standing orders had to be there for at least 2 months or there has to be at least 1 Direct Debit or anything else?

Also would this transfer mean they would close my account elsewhere automatically or can I still keep it?

Thanks

MoneySaverLog

To get the £100 you need to pay in £1,500 per month, and use their switching service. It would be advisable to have a few mock DD's and SO's on the account for the switching team to switch.

You also have to have NEVER been a previous customer of theirs to get the £100.

innovate

Ideas for DDs: https://forums.moneysavingexpert.com/discussion/4168667

Mishomeister

innovate wrote: »

Ideas for DDs: https://forums.moneysavingexpert.com/discussion/4168667

But could Standing Orders solely be sufficient?

innovate

Going by their terms, yes.

Open a 1st Account then transfer your banking using our Easyswitch service (transferring at least two Direct Debits and/or standing orders) and salary/income of at least £1,500 per month to your 1st Account within three months of your account opening and we will add £100 to your account. This offer is only available for people who haven't previously held any account with first direct and is limited to one payment per joint relationship.

http://www1.firstdirect.com/1/2/banking/current-account?WT.ac=BA1473

Getting_better

if you check the referrals board, you can get a bit more- I have posted there but there are others before me.

Mishomeister

Getting_better wrote: »

if you check the referrals board, you can get a bit more- I have posted there but there are others before me.

Any links?