FD Direct Debit / Standing Order Rule

maxxxam

I'm looking to set up a First Direct account as I had such a terrible experience with Halifax as a student I vowed never to bank with them again.

I have a question regarding eligibility of the £100 bonus and was wondering if anyone can help me though.

It says in order to qualify you need to transfer two Direct Debits and/or standing orders. I only actually have one DD at present and no SOs so do you think it would be acceptable to set up a SO of say £1 to another account of mine?

Any help is much appreciated - I did just spend a good hour searching for an answer so apologies if this has already been answered previously.

grumbler

maxxxam wrote: »

It says in order to qualify you need to transfer two Direct Debits and/or standing orders. I only actually have one DD at present and no SOs so do you think it would be acceptable to set up a SO of say £1 to another account of mine?

Why not? Can't you make it a little bigger not to look like a mockery?

sscott5581

From FD -

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.

I have recently switched to FD and while their internet banking is terrible in comparison to say Nationwide their customer service is spot on. But remember to receive the £100 gift you must use the Easyswitch service.

maxxxam

Yep that's what I'm thinking. I'll satisfy the minimum salary requirement but only have one SO/DD for them to transfer unless I invent one.

Out of interest, how have you found not having use of branches? I can only really think of cheques that I've needed to pay in but that seems to be so rare these days...

dalesrider

maxxxam wrote: »

Out of interest, how have you found not having use of branches? I can only really think of cheques that I've needed to pay in but that seems to be so rare these days...

You are aware that you can use HSBC branches (part of hsbc) to pay in/out, and also Post office to pay in I think.

maxxxam

Oh wow, thanks for that - I didn't realise!

Just trying to decide between getting an everyday e-saver or plain savings account, I see any differences between the two other then the former having a better APR. Is there anything else I should be aware of? I really just want to hide some money away to save for holidays and the like.

innovate

maxxxam wrote: »

Oh wow, thanks for that - I didn't realise!

Just trying to decide between getting an everyday e-saver or plain savings account, I see any differences between the two other then the former having a better APR. Is there anything else I should be aware of? I really just want to hide some money away to save for holidays and the like.

Savings rates are pants almost everywhere these days, but FD's are particularly unattractive. You get better savings deals almost everywhere else.

dalesrider

e-saver you have to go online to transfer funds. You can't ring up and ask them to transfer.
They may do it once as a good will offer once, in certain situations.

sscott5581

maxxxam wrote: »

Oh wow, thanks for that - I didn't realise!

Just trying to decide between getting an everyday e-saver or plain savings account, I see any differences between the two other then the former having a better APR. Is there anything else I should be aware of? I really just want to hide some money away to save for holidays and the like.

The e-saver has the better rate, remember to ask to add 1% bonus when you phone to set up security etc. Then any money in your account will attract the 1% bonus rate plus the .25%.

FD should soon launch a new regular saver no details of rate.

maxxxam

Thanks for all your help - went for the e-saver. Called up to clarify a few details and was amazed at the level of service, makes a real difference having the phones manned by real people rather than robots.

She did mention the 1% bonus so think I've got that sorted too. Right now to find myself a CC...

innovate

You are of course paying a substantial price for the 'real people rather than robots'.

Your money will lose value (to inflation) twice as fast as it would in some other accounts.

FD interest rates are fine if you are already on their Reg Saver, and/or if you can make use of their over £40K rate for ISAs. For any other savings, they are just one of the worst places you can find.