first direct commitment period?

zingarina

Apologies if this was answered in a previous post... I applied for a first direct bank account just to get the £100 sign in bonus. Now, I have no intention to use it long term, is there a minimum commitment period? The bank's website doesn't mention it, it only mentions a minimum of 6 months if you want to get the exit bonus of £100 as well.

And regarding the £1000 to be transferred in monthly, I'm assuming there is no condition on it, i.e. I can transfer in and then out right away?

Many thanks.

YorkshireBoy

zingarina wrote: »

is there a minimum commitment period?

I can transfer in and then out right away?

No and yes, in that order.

zingarina

Thanks, that's helpful! And one more question, am I reading things correctly? If I use the easyswitch, then decide to close the first direct account after 6 months of paying in £1000 (but before 12 months) and maintain 2 direct debits, first direct will give me an extra £100 (really?). Is there any catch? Because it seems really strange to give £100 to a departing customer. Thanks again!

YorkshireBoy

zingarina wrote: »

Thanks, that's helpful! And one more question, am I reading things correctly? If I use the easyswitch, then decide to close the first direct account after 6 months of paying in £1000 (but before 12 months) and maintain 2 direct debits, first direct will give me an extra £100 (really?). Is there any catch? Because it seems really strange to give £100 to a departing customer. Thanks again!

That subject has been discussed at length on this board over the years, so a search should throw up some opinions and anecdotal evidence.

Some people say you'd need to have suffered some sort of unresolved customer service issue(s). Others report getting the £100 very easily.

My own view is it's likely to be much harder now than it was when I bagged it several years ago...especially if it's obvious you've been abusing the account (as it sounds like you're planning on doing)...so you may have to stamp your feet a bit if they don't automatically pay it.

zingarina

Well from their perspective I will have about £1200 going in and over 5 direct debits going out each month - I'll try and do that anyway for 6 months - then close it and switch back to my old account.

When do they pay the initial £100, right away?

innovate

zingarina wrote: »

When do they pay the initial £100, right away?

All together now....

That subject has been discussed at length on this board over the years, so a search should throw up some opinions and anecdotal evidence.