First Direct Terms Changing

Hominu

I see in the letter they just sent me that the Banking Fee waiver is changing.

It now says:
"You will not have to pay the Banking Fee for any month in which you pay into your account (other than by internal transfer from another first direct account) a minimum of £1,000 or you maintain an average monthly balance on your account in excess of £1,000 (goes on to say how this is worked out)"

So it no longer states that you can use other products to avoid the fee, so no longer able to use a savings account it appears. Unless of course the document is badly worded and it means only that paragraph is changing and the rest stays the same.

I guess we'll have to wait for the full t&cs to be published to find out if this is true or not. It wouldn't surprise me if they have removed the exclusions - they probably have thousands of savings accounts with £1 in.

noh

What it says is
"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)."

Then gives the terms stated in your post.
The other waivers haven't been removed and have not been changed.

Hominu

Ah yes, my bad!

(Personally, I blame the confusing literature... )

JulyKnot

noh wrote: »

What it says is
"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)."

Then gives the terms stated in your post.
The other waivers haven't been removed and have not been changed.

So whereabouts did it previously say we could just have a nominal amount in a savings account?
I got that tip from here.

innovate

JulyKnot wrote: »

So whereabouts did it previously say we could just have a nominal amount in a savings account?
I got that tip from here.

It's on their Rates and Charges pages, under "banking Fee Waiver". Also well buried in their T&Cs that they are changing right now - thus the thread.

[Deleted User]

Ah yes, it reads...

You will not have to pay the Banking fee:

[...]

for any month in which you:

[...]

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;

Biggles

JulyKnot wrote: »

So whereabouts did it previously say we could just have a nominal amount in a savings account?
I got that tip from here.

No, you just have to have a savings account, you don't have to have any amount in it.