Terms of switching to First Direct - does it have to be my salary paid in?

The_pc_tech

I guess it depends what the bank decides qualifies as income.

innovate

Oh come off it. Just £1K paid in from somewhere will do.

YorkshireBoy

annie12 wrote: »

I have a santander account, only child benefit goes in and 1 dd out.

Hubby has a Lloyds TSB account only 1 payment going in and nothing going out.

Now we have opened 2 First Direct accounts to get the £125 and open the 6% savings account.

Set up 1 x SO on the Santander account and switch this along with the DD.

Then hubby sets up 2 x SOs on the LTSB account and switches these.

Job sorted?

The_pc_tech

innovate wrote: »

Oh come off it. Just £1K paid in from somewhere will do.

My point was that a credit from your employer or pension provider will have their name on whereas a transfer from another current or savings account will have your name on and they MAY not pay out.

taf_2

annie12 wrote: »

But the transfer form is to swith ALL your banking and direct debits/standing orders to them. I only want to transfer 2?

I had the same question. You have to send them the form so that they can contact your current bank to get details of all of the DD/SO you have set up with them.

FD will then send you the details in a list and you can just cross out all but the 2 you want to transfer.

Bit of a pain, but I was happy to do it especially when I saw the £100 appear in my account (eventually).

Hope that helps.

annie12

YorkshireBoy wrote: »

Set up 1 x SO on the Santander account and switch this along with the DD.

Then hubby sets up 2 x SOs on the LTSB account and switches these.

Job sorted?

Fantastic!

Can £1000 just be transferred from another account with another bank?

taf_2

The_pc_tech wrote: »

My point was that a credit from your employer or pension provider will have their name on whereas a transfer from another current or savings account will have your name on and they MAY not pay out.

I don't think it matters. FD know there a bunch of us doing this. They hope that a few of us will eventually transfer our primary current account activities to them.

We're probably a fairly small bunch, anyway

Thrugelmir

innovate wrote: »

Oh come off it. Just £1K paid in from somewhere will do.

Don't you think that bankers read these forums as well.

YorkshireBoy

The_pc_tech wrote: »

My point was that a credit from your employer or pension provider will have their name on whereas a transfer from another current or savings account will have your name on and they MAY not pay out.

It's even more basic than that!

Your salary/pension/benefit will almost certainly be paid by BACS Direct Credit, whereas your own transfer would be an FP these days.

That said, when I joined FD (purely for £350*) a few years ago I 'messed' with the reference on my then BACS Transfer for the first payment. I simply copied what was sent with my BACS Direct Credited salary. From memory, this was with Halifax...but the facility may have disappeared following their integration into LTSB's systems.


* £100 joining, £100 leaving, and 3 x £50 referrals (which I split 50/50 with other MSEs on here).

innovate

Thrugelmir wrote: »

Don't you think that bankers read these forums as well.

Really? It never occurred to me in all the years I have been on MSE and other internet forums, but I suppose you are right.