First Direct joining bonus

InhaleMood

Hi all,

I moved to First Direct from Santander back in November for the joining bonus of £100, which was paid in December.

Does anyone know how long I have to keep the account now? I'm thinking of going back to Santander for the 3% interest up to £20k.

Help would be appreciated

Thanks,
Tanya

grumbler

You don't have to keep it, but if you are interested in high interest on savings why are you not taking advantage of FD 6% regular savings account? Unless you want to get another £100 for leaving FD, nothing stops you from having accounts with both FD and Santander.

happygirl148

it says on their webpage "Here's how it works. We'll pay £100 per customer or joint relationship if you close your 1st Account within 12 months of opening it, as long as a monthly salary or income of £1000 or more has been paid into that account for at least six months and you haven't previously had an account with first direct. You'll also need to have used our Easyswitch service which means we'll have obtained details of your standing orders and Direct Debits from your previous bankers and arranged to transfer them for you. We'll pay the £100 into your 1st Account prior to its closure. All accounts with first direct have to be closed and your 1st Account transferred to another bank/building society"

InhaleMood

grumbler wrote: »

You don't have to keep it, but if you are interested in high interest on savings why are you not taking advantage of FD 6% regular savings account? Unless you want to get another £100 for leaving FD, nothing stops you from having accounts with both FD and Santander.

Another £100 for leaving? Could you explain more on that?

I know I could have both, but I guess I like it when all of my info is in one account. Silly, I should just try and figure it out and set up some DDs so the monthly income level is hit.

grumbler

tanyasharma wrote: »

Another £100 for leaving? Could you explain more on that?

http://www1.firstdirect.com/1/2/banking/current-account?WT.ac=FSDT_TABS_HOME_BA1325

"comes with our satisfaction guarantee - if you're not happy we'll give you £100.***"

I know I could have both, but I guess I like it when all of my info is in one account.

It's always worth having at least one backup current account, especially if you need to meet funding requirements.

Silly, I should just try and figure it out and set up some DDs so the monthly income level is hit.

DDs for income?

InhaleMood

So, if I was to pay £1000 into my First Direct account, 1st dd would be to a FD savings account and then 2nd would be back to Santander.

Would that work?

HeadAboveWater

It would be a standing order going from your FD current account to the regular saver, not a direct debit.

innovate

And an SO to the Santander account.

However, that's sort of irrelevant. Because to get the joining bonus, you must use the FD Switcher Service, to switch 2 SOs or DDs from another current account of yours.

grumbler

tanyasharma wrote: »

So, if I was to pay £1000 into my First Direct account, ...

Why do you want to keep paying £1000 into this account?

InhaleMood

innovate wrote: »

And an SO to the Santander account.

However, that's sort of irrelevant. Because to get the joining bonus, you must use the FD Switcher Service, to switch 2 SOs or DDs from another current account of yours.

I already have the FD account and have used the Switcher service.

innovate wrote: »

Why do you want to keep paying £1000 into this account?.

As I believe there is a charge on the account otherwise? I would like to keep it open so I can use the Regular Saver.

Gizmo247

tanyasharma wrote: »

As I believe there is a charge on the account otherwise? I would like to keep it open so I can use the Regular Saver.

Once you have received the £100 you can stop paying £1000 in then you just need to put £1 in an esaver to qualify for exemption from the monthly fee.

A useful bank to keep in your portfolio (for access to mortgages and regular savers) and remember once you take the golden handshake, you are dead to them.