First Direct ISA

Richchad

I am thinking of opening a First Direct 1st Bank account to enable us transfer our ISAs to their Cash ISa paying 3%.

So, after reading other threads have I got it right that we need to open a savings account (joint I guess) pay in £1.

Then open a 1st bank account, again joint, pay in just once £1500.

This should avoid the £10 per month fee and having to pay in £1500 each month??

Then we could open a cash ISA each and transfer from our other ISA accounts...

Has anyone done this?

Meadows

3% on savings over £40,000 for a First Direct Cash Isa, but opening an account with them is not that easy they are quite selective.

Richchad

Meadows wrote: »

3% on savings over £40,000 for a First Direct Cash Isa, but opening an account with them is not that easy they are quite selective.

It was the over 40k rate that attracted us, how do you mean opening an account isn't that easy, and how are they selective?

Meadows

Richchad wrote: »

It was the over 40k rate that attracted us, how do you mean opening an account isn't that easy, and how are they selective?

They can reject many applicants, but always worth trying as they are a good bank.

Richchad

Meadows wrote: »

They can reject many applicants, but always worth trying as they are a good bank.

Okay thanks for that, I might also look at the HSBC option as opening a current account with them may be easier, although not sure if their Basic Bank Account is acceptable to enable you to get the ISA account...

Any

Well, we certainly are not the cream of society (certainly don't have 40k of savings) and we had absolutely NO problem in opening an account with them. To be quite frank, I don't know anyone who did (personally I mean, not on forums).
Their customer service is absolutely brilliant and the offers for existing customers also.
Since I transfered our finances to them 2 years I got fantastic ISA offering, regular saver offering and very loan apr loan for a car.

Richchad

Any wrote: »

Well, we certainly are not the cream of society (certainly don't have 40k of savings) and we had absolutely NO problem in opening an account with them. To be quite frank, I don't know anyone who did (personally I mean, not on forums).
Their customer service is absolutely brilliant and the offers for existing customers also.
Since I transfered our finances to them 2 years I got fantastic ISA offering, regular saver offering and very loan apr loan for a car.

Yes I have heard that FD service is good, however we are with Llloyds TSB at the moment as we get 4% on their Advantage current accounts up to 6k on each account (max 3 each) so wouldn't want to switch current account to FD but trying to find a way to get the Cash ISAs without paying the monthly fee and paying in each month.
Maybe I should just give them a call and ask them outright....

sdd7677

Richchad wrote: »

Yes I have heard that FD service is good, however we are with Llloyds TSB at the moment as we get 4% on their Advantage current accounts up to 6k on each account (max 3 each) so wouldn't want to switch current account to FD but trying to find a way to get the Cash ISAs without paying the monthly fee and paying in each month.
Maybe I should just give them a call and ask them outright....

Just to let you know that vantage rate is reduced to 3% from 4%

Any

Richchad wrote: »

Yes I have heard that FD service is good, however we are with Llloyds TSB at the moment as we get 4% on their Advantage current accounts up to 6k on each account (max 3 each) so wouldn't want to switch current account to FD but trying to find a way to get the Cash ISAs without paying the monthly fee and paying in each month.
Maybe I should just give them a call and ask them outright....

I am not telling you to switch your accounts to them, I am saying that it is not that difficult to open one as said previously and they offer often good deals so it is worth having one.
I only use my FD account for house transactions, still transactions though..
Not sure about the pay in once and not pay any fees thing...

Richchad

sdd7677 wrote: »

Just to let you know that vantage rate is reduced to 3% from 4%

4% until 31st October 2013 if you opened last October like I did

innovate

Richchad wrote: »

Okay thanks for that, I might also look at the HSBC option as opening a current account with them may be easier, although not sure if their Basic Bank Account is acceptable to enable you to get the ISA account...

No, the Basic account won't enable access to their ISA. You need at least their "Bank Account"