What's the appeal with first direct?

TheEffect

Many people seem to want an account with first direct, and I find it hard to understand why?

In my opinion...
Their internet banking is probably the worst I've used. It's old, annoying (pop-out window...) and lacks most of the features most banks today have.

Their iPhone app is terrible. They need to sack their developers.

They offer hardly any incentives such as good interest rates, rewards on their credit cards, limited products.

The only thing I see that they've got going for them is they answer the phone straight away, rather than spending a few minutes pressing numbers like other banks.

So why do so many people want to bank with them and why do they consistently win awards?

grumbler

TheEffect wrote: »

Many people seem to want an account with first direct, and I find it hard to understand why?

Because of £100+ incentive and 8% regular saver?

In my opinion...
Their internet banking is probably the worst I've used. It's old, annoying (pop-out window...) and lacks most of the features most banks today have.

No popups here. And all the features I need are in place. What are you missing?

Their iPhone app is terrible. They need to sack their developers.

I have Android, but I don't care about mobile banking.

They offer hardly any incentives such as good interest rates, rewards on their credit cards, limited products.

Really? See above, although the regular saver was pulled recently.

The only thing I see that they've got going for them is they answer the phone straight away, rather than spending a few minutes pressing numbers like other banks.

Absolutely.

TheEffect

grumbler wrote: »

Because of £100+ incentive and 8% regular saver?

8% regular saver no longer available and other banks such as Halifax offer £100 incentive + £5 reward a month.

grumbler wrote: »

No popups here. And all the features I need are in place. What are you missing?

I was referring to the whole internet banking window being a pop-out. An example of some features missing include not being able to name accounts, not being able to delete/amend direct debits/standing orders online instantly, not seeing payments going in/out for the next day, internet banking plus not being available to mac users.

grumbler wrote: »

I have Android, but I don't care about mobile banking.

Many people use mobile banking these days, so it makes sense to offer an app that works. First Direct's app is sluggish and lacks many useful/required features, including the simple ability to view available balance, which they removed from their latest release.

Mr_K

Their 3% instant cash isa (if you've got over £40k) is fairly unbeatable too.

Also their account aggregation service is much better than YBS and you don't even have to be a customer to use it.

Saying all that I'm with HSBC (same guys really), as I don't like telephone banking.

Gromitt

TheEffect wrote: »

8% regular saver no longer available and other banks such as Halifax offer £100 incentive + £5 reward a month.

Indeed, now the regular saver has terminated, lets see how many more people open accounts, and how many people actually opened accounts just the regular saver.

TheEffect wrote: »

I was referring to the whole internet banking window being a pop-out.

Its only a pop out if you visit the main site, if you bookmark the internet banking page, no pop out occurs, it goes straight to the login.

Other bank accounts such as Halifax offer other incentives, so I bank with them as well.

Gizmo247

As just a bank I would not give FD a second look but as I have an offset mortgage with them that totally changes everything. My saving are 100% tax efficient by offsetting the mortgage at the mortgage rate and I can keep a pool of cash in my offset current account which pays off the full balance of my credit cards every month. Any left-over money gets automatically skimmed into my savings and excess savings go into the mortgage every now and again. FD are completely flexible and allow me to run my mortgage in a repayment style at a level of my choosing even though it is interest free. So for me FD is all about flexibility. BTW you are right, the on-line banking sucks.

dalesrider

TheEffect wrote: »

They offer hardly any incentives ?

£250 interest free overdraft????

Same wih Halifax etc would cost you £20 if you used it....

grumbler

dalesrider wrote: »

£250 interest free overdraft????

On the anniversary of my account they charged me £25 "Formal overdraft arrangement fees".
I asked them to refund the fee and to stick their interest free overdraft to where it belongs.

mrmajika

On their LABS website there's been chat of either a cashback or rewards credit card. It'll be interesting to see how that pans out.

OllyM

grumbler wrote: »

On the anniversary of my account they charged me £25 "Formal overdraft arrangement fees".
I asked them to refund the fee and to stick their interest free overdraft to where it belongs.

They only charge the arrangement fee in certain circumstances (usually if you have gone over your formal overdraft limit in the past year). I've never been charged the overdraft arrangement fee.

grumbler

Well, I couldn't be arsed to argue with them, but the paperwork said: "... charges incurred for banking services for the period 6 Feb 2012 to 5 Mar 2012..."
During this statement month my balance never was lower than £450. And it never was in red, let alone below free -£250, since it was opened in Feb 2011 and the formal overdraft was £500.