Switching to First Direct - opinions / experiences please?

GeckoGirl1985

So I'd like to move over to First Direct, partly because of the £125 incentive, but also because their packaged benefits (phone insurance, breakdown cover) is cheaper and overall more suited to what I am looking for than the package I am getting with Lloyds (platinum account) at the moment.

I'd like to get on with the switch as soon as possible but am hesitating as my wages are due to go into my Lloyds account next week - if I switch to First Direct is there any risk of my wages getting lost in limbo while the switch over is happening? Also how quickly do they send you out a debit card after you sign up, as I will need to use the free overdraft facility for a few days?

Many thanks :T

Gromitt

You'll be sent a credit redirection letter to give to your employer, simply give it to them after you've been paid. You can start the switch now.

If you have DDs, may be worthwhile keeping some money in both accounts to prevent any being bounced until you have confirmed they have all moved across OK.

rb10

First Direct's packaged account is quite expensive.

If you're planning on keeping the account for longer than a year, and keep a credit balance, then Nationwide's may be cheaper.

Whilst you wouldn't get the £125 bonus, you'd be saving £5/month on the monthly fee and could be getting £5/month interest on top of this. Benefits are broadly the same.

Also note that what the MSE site doesn't tell you is that First Direct's internet and mobile banking offerings are pretty poor. They are best for if you like to use telephone banking.

landsker

I've just recently switched, following the link from Martin's site and have received my £125 bung for doing so. (£100 normally)
They promise a further £125 if you don't like 'em and leave, so I see some more free money on the horizon :T
They are just a bank, after all - nowt special if all you want is money in and money out.

landsker

I shifted from HSBC who, of course own FD: HSBC's internet banking is definitely better.

TheEffect

My opinion is that First Direct aren't that great anymore. Their Internet Banking and App aren't great, their products not that great either and their package account (1st directory) is expensive. They also seem to lack any real 'changes' or 'upgrades' that other banks often make.

Sure they have a few good features like getting straight through on the phone, an interest free overdraft of £250, a 6% regular saver, but I personally think they're rated the same as HSBC, NatWest and other such banks.

I use my First Direct account for bills and budgeting, but have moved my main banking over the Nationwide. Their Flex Plus is £10 a month and offers much the same as First Direct's with a few added bonuses. Sure their customer service and telephone banking isn't up their with First Direct, but I rarely call my bank anyway.