first direct account

sjh101

I can't quite make out whether I'm eligible to open a first direct account.

It says in order to not pay the monthly charge of £10 a month you need to pay in at least £1000 a month or maintain balance of £1000 a month. Does this mean I can still open an account as normal with the £250 0% overdraft included, even if I don't pay in any money?

I'm quite happy to open an account with them and have to pay £10 a month and not have an income going in if that's possible with this bank?

Thanks

grumbler

£1000 monthly credit is needed only to avoid paying monthly £10 fee. Another way to avoid it is to open a savings account with them with a nominal balance.

Are you saying that you really consider paying £10 p.m.?

innovate

OP, if you plan to just use the £250 overdraft and not pay in anything from time to time, preferably monthly, you should expect that they cut your overdraft limit to zero pretty quickly, and demand the entire outstanding money back.

typistretired

THEY WAIVE THE FEE FOR THE FIRST 6 MONTHS FOR NEW CUSTOMERS.

Eligibility

Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in at least £1,000 to your 1st Account each month or maintain an average monthly 1st Account balance of £1,000 or hold a selected first direct additional product.

For new customers we waive the fee for your first six months.

Take a look at our interest rates and charges section for details of the additional products.

innovate

Why are you shouting?

Mr_K

innovate wrote: »

Why are you shouting?

Its a retired typist who has got stuck on CAPS LOCK

Just put £1 in one of their savings accounts to be sure of avoiding charges. Once you've got your £100 just close the account if you don't need it.

grumbler

Mr_K wrote: »

Once you've got your £100 just close the account if you don't need it.

I think the OP stands no chance of getting £100 without paying in £1000 p.m.
And is it not £125?

typistretired

innovate wrote: »

Why are you shouting?

So they couldn't miss the message about being allowed a free six months!!!

typistretired

Mr_K wrote: »

Its a retired typist who has got stuck on CAPS LOCK

Just put £1 in one of their savings accounts to be sure of avoiding charges. Once you've got your £100 just close the account if you don't need it.

Not a retired typist actually!!! Just someone who learned computers and typing when I retired!

miloSeymour

From what I can read, since the 7 day switching service came into force, their terms don't even mention a requirement for 2 direct debits any more. Can somebody point me at the page that says they still are required?

henm2

Appears to be no longer required
"Open a 1st Account, then transfer your banking and salary/income of at least £1,000 per month to your 1st Account using the Current Account Switch Service within three months of your account opening and we'll add £125 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 customer or joint relationship. If you opened your 1st Account before 16 September 2013, you may have used our previous 'Easyswitch' service to qualify for this payment."
Under Easyswitch a transfer of 2 direct debits to go from the FD account was also required.