How to get First Direct £125 switching bonus ?

iAMaLONDONER

I don't have an account which I want to close at the moment. All 4 have good use.

Is it still possible to use their old 'Easy Switch' system and keep my old account open and get the £125 bonus?

I think with the new Current Account switching service the old account has to close?

blon

I have the same question, have had my application for a 1st account approved and am now expected to talk to the Account Switching team.

The lady who called me on my workplace to verify I work there (this was their last "security" check as she said) confirmed she would now open my account and that later on, when I am back at home, I should call customer service and ask for account switching. She said one account of mine would need to be closed.

First I thought it would be enough to transfer my salary and one or two direct debits. I think this used to be their policy as per their saying on the webpage. Has this policy changed very recently? Are you really required to shut down an account? This seems a bit radical for the 125 GBP premium.

Would be thankful if somebody could shed more light on this.

EDIT: Just checked their website to discover that they lowered the switching bonus from 125 to 100 :-((. While I applied when it was still 125 GBP, I do not think they will grant this amount given that my account was only opened by them today.

EDIT: Also found this page http://www.simplerworld.co.uk/Pages/FAQ.aspx about the new account switching system that seems to apply to many banks UK wide. Account closure seems to be requirement to allow for payment to the old account to be forwarded directly to your new account. The question is if you can opt out of payment forwarding and account closure.

rb10

To receive the £100 switching bonus, your old account will have to close.

Essentially, there are two options to get the account and still have your main current account at a decent bank:

1) Open a bank account elsewhere, set up two standing orders on it, and switch it straight away.

or

2) Switch your main account to First Direct, then as soon as the £100 is paid, switch again to Nationwide/Santander/Halifax/Lloyds/TSB/Bank of Scotland.

blon

Can the account to be closed be a joint account (with the approval of my other half to close it)?

rb10

blon wrote: »

Can the account to be closed be a joint account (with the approval of my other half to close it)?

Both the account you are switching from and the account you are switching to must be in exactly the same names.

blon

Are you sure they will not accept if the old account is in two names (including mine), the new First Direct account only in mine? Isn't it just enough if my partner signs that she agrees to close the old account?

YorkshireBoy

blon wrote: »

Are you sure they will not accept if the old account is in two names (including mine), the new First Direct account only in mine? Isn't it just enough if my partner signs that she agrees to close the old account?

I too know the answer, but don't want you to ask me if I'm sure as well.

So if you want a second opinion, perhaps best to ring FD now and ask them...and then post back the answer?

blon

Ok, so I take that it has to be exactly the same set of accountholders for the old and new account. Hence the only solution is to remove one accountholder on the old account before the account switch.

EarthBoy

No, not the only solution. rb10 gave you an alternative in post 3 above.

blon

Yes but I would feel bad opening an account with another bank just for the sake of closing it down shortly after.

iAMaLONDONER

blon wrote: »

Yes but I would feel bad opening an account with another bank just for the sake of closing it down shortly after.

Wouldn't it be a bit suspicious too? I mean opening a bank account and switching/closing it within a week?