First Direct Explanation

Cpu2007

oh ok I understand now, the drip feeding method that you've suggested is only valid if I have a sum lump in a santander account.

In my earlier post I said that I was considering either opening santander or first direct but have none as I'm currently with lloyds.
Considering this, my drip feeding will go from lloyds account to first direct in this case.

saintalan

Drip feeding from Lloyds (no interest a/c) will gain nothing. Yes you would be drip feeding but gaining nothing extra.

To be honest it all depends what you are trying to achieve! If you want to invest regularly from earned income thats fine. However if you have a larger sum of money sitting in a savers account/interest paying current account then it makes sense to drip feed and squeeze as much from the fruit as you can.:-)

Cpu2007

One thing I don't understand is that FD doesn't have any branch like other banks so everything has to be done through phone which charges.

My income and other payments can go in and out, even if they don't have branches, I still can withdraw money from free cash withdraw atm machines but what if I have cash and want to put money in?

if I have to make changes or need to contact the bank about a query, can I do this through email?(what I mean is if an email can be used to for important queries or is it only for general inquiries)

Thanks

YorkshireBoy

Cpu2007 wrote: »

One thing I don't understand is that FD doesn't have any branch like other banks so everything has to be done through phone which charges.

When I had my FD account a few years ago I think I only made 2 phone calls...one to ask where my £100 was, and another to let them know I wanted to close the account (and claim the £100 leaving present).

Everything else was done online.

what if I have cash and want to put money in?

Answered in the T&Cs (section 19)

if I have to make changes or need to contact the bank about a query, can I do this through email?(what I mean is if an email can be used to for important queries or is it only for general inquiries)

Answered in their 'contact us' section.

Cpu2007

Thank you

I know this is a bit OP but it's sort of related to FD as well so I'm going to ask it in here.

I have opened a FD account and I've also noticed that santander current account is a good saving account.
Now the requirement for FD are that I have to put 1k a month in it
The santander one are that I have to put £500 a month plus I have to have a minumum 3k in it to get interests.

If I do the following, will it work:
Save 3k in santander permanently
Put 1k in FD every month
Move £500 to santander from FD
Leave the 500 there or transfer it back to FD to then move it back to santander next month.

Will this allow me to benefit from both account?

YorkshireBoy

Cpu2007 wrote: »

The santander one are that I have to put £500 a month plus I have to have a minumum 3k in it to get interests.

You also need 2 direct debits set up, in case you missed it?

Will this allow me to benefit from both account?

Subject to the above, yes.

Cpu2007

yeah just read that haha

I understand now and yeah I missed it; that's a requirement for FD too so I'll have to put some two dd in fd and two dd in santander.

Thank you

Eponym

Cpu2007 wrote: »

One thing I don't understand is that FD doesn't have any branch like other banks so everything has to be done through phone which charges.

My income and other payments can go in and out, even if they don't have branches, I still can withdraw money from free cash withdraw atm machines but what if I have cash and want to put money in?

if I have to make changes or need to contact the bank about a query, can I do this through email?(what I mean is if an email can be used to for important queries or is it only for general inquiries)

Thanks

They are part of HSBC; you can use their branches.

innovate

Eponym wrote: »

They are part of HSBC; you can use their branches.

and soon Post Offices too