FirstDirect question - use Natwest now

ccbrowning

I want to get FD's Regular Saver account, but to do so I also need to have a 1st Account. How good or bad is their online banking? Personally, other than the outage two months ago, I've not had any problems with Natwest's online banking. Transfers between my accounts are very fast and the online 'statements' are updated in real-time as far as I can tell. The few times I've had to talk to any of their customer service people they have been helpful, and there is a local branch close by (not gone in like 2 years).

So, I could just get a 1st Account at FD and not move my paychecks and direct debits, etc., over and that would be good enough. It's hard to argue that's worth the potential pain in doing this in exchange for that £100, though.

The catch at the moment for the £100 is:

** 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.

To clarify, do I have to use Easyswitch or do I just have to transfer £1500/mo in from my Natwest account and transfer 2 direct debits - all on my own? Sounds like I need to use their service (or why would they write that), but for those who have used it, do I have some discretion on what I move over?

Lastly - how long do you have to continue putting £1500/mo in to keep the £100?

If their online banking is good and transfers between accounts are fast, I can put up with quite a bit, though!

Thanks for putting up with my long post!
C

YorkshireBoy

ccbrowning wrote: »

To clarify, do I have to use Easyswitch or do I just have to transfer £1500/mo in from my Natwest account and transfer 2 direct debits - all on my own?

All the clarification you need is contained withing the first sentence of the quote you provided.

Sounds like I need to use their service (or why would they write that), but for those who have used it, do I have some discretion on what I move over?

Yes you have discretion (hence the requirement for only 2 payments), but they must do the switching.

Lastly - how long do you have to continue putting £1500/mo in to keep the £100?

You can stop paying in just as soon as they've paid the £100. However, you're aware of their £10 banking fee for not doing so (or the need to hold another account with them that exempts you from this fee)?

innovate

You can ask FD to just move 2 DDs and/or SOs, and to not close your account. You must use their switchers service to get the £100.

You need to continue paying £1.5K/mth in until you have received the £100. Afterwards, just have £1 in a "qualifying" account to avoid charges, and remove the requirement for the £1.5K.

Their online banking is ancient but you can do all the basics (DDs, SOs, pay ad-hoc bills, look at statements etc). Transfers between FD accounts are instant (though you are not likely to want more than a couple of accounts with them). Faster payments to/from other banks work like they work for any other bank.

JuicyJesus

innovate wrote: »

Their online banking is ancient but you can do all the basics (DDs, SOs, pay ad-hoc bills, look at statements etc). Transfers between FD accounts are instant (though you are not likely to want more than a couple of accounts with them). Faster payments to/from other banks work like they work for any other bank.

It has pretty much exactly the same functionality as NatWest's Internet banking in my experience - basic but usable.

Plus a secure e-message facility, which as far as I know NatWest don't have.

ccbrowning

Thanks, YorkshireBoy and innovate. I felt stupid asking the question about EasySwitch since they do mention it, but I still asked. I appreciate you humouring me.

Ahh yes, I see the details on the £10 Fee.

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;

All pretty feasible I guess, I'll just have to micromanage my various accounts a bit.

Edit: Thanks, JuicyJesus, too. That's good to hear - I have no emotional attachment to Natwest. Guess I'll open an account.

ccbrowning

I applied for the 1st Account and the savings account, too. Unfortunately they need to check something and will phone me at some point.

Natwest just opened my accounts on the spot, so curious what they need to verify.

dalesrider

ccbrowning wrote: »

I applied for the 1st Account and the savings account, too. Unfortunately they need to check something and will phone me at some point.

Natwest just opened my accounts on the spot, so curious what they need to verify.

First Direct are well known for being picky on who they let into the club.

ccbrowning

dalesrider wrote: »

First Direct are well known for being picky on who they let into the club.

Yeah, I'd heard that. A good thing, I think...just didn't expect to experience a problem myself - although not a problem at this point.

ccbrowning

Apparently I have to provide a certified copy of my driver's license or passport - the fees are all over the place on this. Is this standard practice?

Will have to see if this is available on the cheap where I live.

innovate

Post Office does it for £7.15
http://www.postoffice.co.uk/document-certification-service

Won't help you with the existing application - but it would be worth checking that your details are correct on the Electoral Register, and on your CRA files.

YorkshireBoy

innovate wrote: »

Post Office does it for £7.15

LTSB does it for free if you bank with them...or at least they did for me.

Maybe NatWest will be equally obliging?