MSE News: First Direct opens current account to lower incomes

Gizmo247

Sounds like FD are feeling a bit left out or wrong footed and needed to say something without anything of substance to offer.

innovate

juanmanuelmarquez wrote: »

its mainly emphasised about salary due to when you switch to claim the £100, they ask for a salary to be deposited in and if you dont have a salary or have a lower salary then you dont get the £100 switch incentive and plus you get charged unless you have a savings account, but regardless of savings account you still dont get £100 unless you switch you salary of £1k a month as well as 2 DDs.

Not true.

You do not need a salary of £x to get the £100. You just need to pay in £1.5K (£1K soon) a month and use their switcher service to transfer at least 2 DDs if you want the £100.

Gromitt

Pincher wrote: »

if you just say you earn £25k on your application form,all they can do is a credit check.

and cross reference against the National Hunter database. If they find out you have inflated your salary to gain access and you can't prove the higher salary, they'll assume application fraud. Good luck getting a bank account elsewhere after that.

Linky: http://www.nhunter.co.uk/

juanmanuelmarquez wrote: »

its mainly emphasised about salary due to when you switch to claim the £100, they ask for a salary to be deposited in and if you dont have a salary or have a lower salary then you dont get the £100 switch incentive

The £1,500 per month can be 15 deposits of £100 and you'll still get the £100 bonus, even if you deposit and withdraw that £100 15 times.

BugsyBrowne

Its 25k a year to fit their criteria its hardly a bank account for the wealthy is it !!!!!!.
I mean you'll hardly win the status thing if you're standing in a queue with someone who qualifies for private banking would you.

cici71

Exactly!!!!

Gromitt

BugsyBrowne wrote: »

I mean you'll hardly win the status thing if you're standing in a queue with someone who qualifies for private banking would you.

That depends if the debit card design for an account such as Cater Allen Prestige account is much different to a Cater Allen Private account, or you could just get out your American Express Platinum Charge Card and play sword fighting with it. At £450/year, its got to be a decent status symbol.

EarthBoy

innovate wrote: »

The article doesn't actually mention the word "salary" though there is mention of "income", and a "monthly income requirement" is mentioned on the main site.

True, the article itself uses the term income, which can be from other sources apart from salary, but MSE Jamie, the OP, states "First Direct has widened the availability of its highly-rated current account to those earning from £13,500 a year "

"Earning" surely implies salary/wages.

System

Oops?

Doesn't apply to new applicants until the 1st April and existing customers until May so why would the T&Cs be updated yet?

As it is a positive change, it can normally be applied with no prior in any case.

dalesrider wrote: »

Seems MSE has also got it before FD have updated their site....

Opps.....

juanmanuelmarquez

innovate wrote: »

Not true.

You do not need a salary of £x to get the £100. You just need to pay in £1.5K (£1K soon) a month and use their switcher service to transfer at least 2 DDs if you want the £100.

Really? I mean when i phoned up to switch he said its a mandated salary that needs to be deposited in my account? Are there any FAQ on there websites, which suggests that no salary is needed for the incentive?

juanmanuelmarquez

Gromitt wrote: »

and cross reference against the National Hunter database. If they find out you have inflated your salary to gain access and you can't prove the higher salary, they'll assume application fraud. Good luck getting a bank account elsewhere after that.

Linky: http://www.nhunter.co.uk/

The £1,500 per month can be 15 deposits of £100 and you'll still get the £100 bonus, even if you deposit and withdraw that £100 15 times.

i did plan on switching to FD, when i switched to halifax, but the switching advisor of FD said i would need a mandated salary of atleast £1.5k a month via BGC otherwise i wont get the £100 incentive.....