First Direct Banking Fee Waiver reduced to £1,000

uzubairu

Amongst the secure messages in my Inbox I read this today:-

"4. We're changing one of our Banking Fee waivers so you do not have to pay the Banking Fee if you pay in or maintain a balance of £1,000 in your 1st Account each month (this is reducing from £1,500 per month).

The changes will take place on the dates detailed below."

I couldn't see the date when the change is to be implemented.
This should make the account easy to access for a lot more people.

alanq

uzubairu wrote: »

This should make the account easy to access for a lot more people.

It shouldn't make a lot of difference. As MSE forum members are often reminded the £10 pm fee is easily avoided by putting £1 into a savings account no matter what the balance / monthly deposit.

innovate

Agree, it's a bit of a non-announcement for those who have been reading the T&Cs before.

However, it's great to see that there appears to be some life in the current account market now. FD's £1.5K was sticking out like a sore thumb amongst the £1K / £750 / £500 competition. It is somewhat amazing though that they didn't drop it to £750or even less, because for the average Joe Bloggs, they can't match any of the benefits that come with the competitor accounts. May be they are confident that their "great customer service" reputation tides them over for a bit longer. The jury is out on whether this is a viable strategy.