First direct bank account monthly pay-in

yz324

I have opened a Esaver account and deposited £1 into it

Can someone please confirm this means I will no longer be needing to pay in 1000 pound a month?

Thanks

[Deleted User]

That's correct.

"You will not have to pay the Banking fee:

for any month in which you:
pay into your account a minimum of £1,000 or you maintain an average monthly balance on your account of £1,000 (month means calendar month and we will work out the average monthly balance by adding together the end of day balances for each day during the month and dividing the sum by the number of days in the month) or
hold a first direct mortgage, credit card, personal loan, savings account (*excludes Regular Saver Account), First Directory, or first direct car or home insurance policy;
in relation to any second or subsequent 1st Account in the same name. (If you hold a sole and joint account, your joint account will not be considered to be in the same name unless all joint account holders are the same);
if your account is inactive for more than 90 days and the balance of your account is less than £10."

yz324

billbennett wrote: »

That's correct.

"You will not have to pay the Banking fee:

for any month in which you:
pay into your account a minimum of £1,000 or you maintain an average monthly balance on your account of £1,000 (month means calendar month and we will work out the average monthly balance by adding together the end of day balances for each day during the month and dividing the sum by the number of days in the month) or
hold a first direct mortgage, credit card, personal loan, savings account (*excludes Regular Saver Account), First Directory, or first direct car or home insurance policy;
in relation to any second or subsequent 1st Account in the same name. (If you hold a sole and joint account, your joint account will not be considered to be in the same name unless all joint account holders are the same);
if your account is inactive for more than 90 days and the balance of your account is less than £10."

Thanks. This also means if you have more than 1000 in your account for everyday of the month, it is also okay?

YorkshireBoy

yz324 wrote: »

This also means if you have more than 1000 in your account for everyday of the month, it is also okay?

Yes, but it's unnecessary if you have £1 in an eligible savings account.

If you've recently joined them for the £100/£125 incentive you should continue making the requisite monthly credit until you've received it.

Malti

Hi

I'm thinking of moving from the Co-op to First Direct - the "pay into your account a minimum of £1,000" - can this be 2 lots of £500 or does it have to be £1000?And can this be from savings or does it have to be wages.

Thanks in advance

David

Gromitt

Its the total amount per month paid in that matters, not the invididual deposits, and it can be from any source. Best to keep your existing account open and just transfer 1K there and back until you get the incentive.

alanq

Gromitt wrote: »

Its the total amount per month paid in that matters, not the invididual deposits, and it can be from any source. Best to keep your existing account open and just transfer 1K there and back until you get the incentive.

For the joining incentive, as opposed to avoiding monthly fees, the terms are
"** 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 £125 to your account. "

Ad Hoc transfers from other accounts may not count as "income" according to some forum members' experiences.

Gromitt

alanq wrote: »

Ad Hoc transfers from other accounts may not count as "income" according to some forum members' experiences.

Which? All the ones I've read they've transferred money from another bank and got the £125 within 4 - 6 weeks.

Typically FD can't tell the difference between salary/income and a deposit.

alanq

alanq wrote: »

Ad Hoc transfers from other accounts may not count as "income" according to some forum members' experiences.

I was careful to use the words "may not". People have been told by agents that it must be "salary". The terms say must be "salary or income". Perhaps some/many/most customers will have no problems just making transfers but there is potential for people not to get the bonus that they expected.

This is not the only thread on the subject but what I managed to find in the time I had to search.
https://forums.moneysavingexpert.com/discussion/4632225

anoncol

alanq wrote: »

I was careful to use the words "may not". People have been told by agents that it must be "salary". The terms say must be "salary or income". Perhaps some/many/most customers will have no problems just making transfers but there is potential for people not to get the bonus that they expected.

This is not the only thread on the subject but what I managed to find in the time I had to search.
https://forums.moneysavingexpert.com/discussion/4632225

That thread demonstrates very well that its entirely subjective.

In fact ALL my money comes from income.