First Direct Account - needs salary???

fozziebeartoo

I have been busily reading the many and various threads about First Direct.

I have found out that having £1 in one of their savings accounts means you dont pay the £10 fee or need £1000 to go in each month.

I have found out the £1000 that you need to go in, to qualify for the £100 incentive, can go in and out quickly.....doesnt need to sit there.

And I THOUGHT I had found out you can put the £1000 in yourself........ie. tranfser from other bank accounts etc.

BUT I just rang them to confirm and they said they £1000 has to be a salary/earnings payment......I CANNOT just put in £1000 from another account.

I was sure I had read that other MSEers do this......didnt I???

Was has it changed?

Or did I just get to talk to a Jobsworth?

Or am I just plain wrong????

alecsa

I believe you got that wrong. It doesn't need to be salary. Ring them back and ask. They pick up right away

fozziebeartoo

I DID just ring, it was First Direct that said it had to be salary!

alecsa wrote: »

I believe you got that wrong. It doesn't need to be salary. Ring them back and ask. They pick up right away

alecsa

Speak with a different adviser... errare humanum est.

penrhyn

The comedians a bear, no he's not he's wearing a necktie.

AlwaysLearnin

Their site says:

"Open a 1st Account then transfer your banking using our Easyswitch service (transferring at least two Direct Debits and/or standing orders) and salary/income of at least £1,000 per month to your 1st Account within three months of your account opening and we will add £100 to your account. This offer is only available for people who haven't previously held any account with first direct and is limited to one payment per joint relationship."

I'm pretty sure this is what it's always said, and you could certainly get the incentive previously without transfering your salary

fozziebeartoo

Yes, thats the bit I was looking at.

I said I could pay "income" in from a different account, but she said it had to be salary/wages.

I was going to ask how they would KNOW but I chickened
out

So am I correct in thinking that other MSEers are using the account successfully, by transfering money around their various accounts, as opposed to having a wage paid in?

AlwaysLearnin wrote: »

Their site says:

"Open a 1st Account then transfer your banking using our Easyswitch service (transferring at least two Direct Debits and/or standing orders) and salary/income of at least £1,000 per month to your 1st Account within three months of your account opening and we will add £100 to your account. This offer is only available for people who haven't previously held any account with first direct and is limited to one payment per joint relationship."

I'm pretty sure this is what it's always said, and you could certainly get the incentive previously without transfering your salary

alanq

In my opinion...

A regular pension or monthly return on investments may be non-salary but "income".

A transfer of capital from another account is not "income".

I'm not sure how they would be sure which is which.

innovate

alanq wrote: »

A transfer of capital from another account is not "income".

How is that not income? If I get paid money into my current account by my husband for looking after the house and the kids, that's my income. If I then transfer that money into FD, I have done this from my income.

AlwaysLearnin

fozziebeartoo wrote: »

So am I correct in thinking that other MSEers are using the account successfully, by transfering money around their various accounts, as opposed to having a wage paid in?

"are using"; can't be certain. "have previously used"; yes

By having the esaver you only need the monthly deposit long enough to satisfy the conditions for the incentive

earthlover

innovate wrote: »

How is that not income? If I get paid money into my current account by my husband for looking after the house and the kids, that's my income. If I then transfer that money into FD, I have done this from my income.

But is this income classed as taxable? If a housewife wanted to open a sole current account to maximise the interest being paid gross by being a non taxpayer, would she be able to using her husband's income as 'her ' income to apply for the account?