First Direct £125 to switch!

LookingToTheFuture_2

anotheruser wrote: »

However, if it needs to be transferred by the 31st, that's less than 7 days away now so you would just get the £100.
Unless they would allow it for new accounts that begun the transfer before the 31st?

I asked FD about this yesterday as they've given me a switch date of 4th August and they assured me that I would still get the £125 because the switch process has been started before 31st July.

velocity_girl

LookingToTheFuture wrote: »

I asked FD about this yesterday as they've given me a switch date of 4th August and they assured me that I would still get the £125 because the switch process has been started before 31st July.

Thanks LookingToTheFuture, I have just applied and got a switch date of 5 August so was wondering about this.

Archi_Bald

I am amazed that people apply for an account and at the same time ask for a switch. What are you going to do if something goes wrong with the setting up of your new account - e.g. you might not get your card or your PIN or your internet access sorted by the time the switch completes and your old account has been closed. What are you going to do then? No access to cash, no access to your funds.

There is no rush to complete the switch. Get the new account up and running first, then ask for the switch.

Jogle

Archi_Bald wrote: »

I am amazed that people apply for an account and at the same time ask for a switch. What are you going to do if something goes wrong with the setting up of your new account - e.g. you might not get your card or your PIN or your internet access sorted by the time the switch completes and your old account has been closed. What are you going to do then? No access to cash, no access to your funds.

There is no rush to complete the switch. Get the new account up and running first, then ask for the switch.

I can see two reasons:
1) In this case the offer ends on 31st July, so there is a rush
2) Quite a few people on here aren't switching their main or ever secondary account, so if it gets mucked up, there's not going to be any financial hardship

Archi_Bald

Jogle wrote: »

1) In this case the offer ends on 31st July, so there is a rush

there is nothing I have seen in the terms for the £125 that says the switch must be completed by 31 July. Where does it say the switch must be completed by that date?

Jogle wrote: »

2) Quite a few people on here aren't switching their main or ever secondary account, so if it gets mucked up, there's not going to be any financial hardship

fair enough, of course there is no problem if an unimportant account is being switched. I don't share your optimism though that those rushing into the switch are part of the bonus tart community who have spare accounts available to them.

meer53

The offer is paid for opening an account before July 31st, not for switching before July 31st. The switch can be done within 3 months of the account being opened.

It's too late now to complete a switch before July 31st.

x_missymoo_x

Archi_Bald wrote: »

I am amazed that people apply for an account and at the same time ask for a switch. What are you going to do if something goes wrong with the setting up of your new account - e.g. you might not get your card or your PIN or your internet access sorted by the time the switch completes and your old account has been closed. What are you going to do then? No access to cash, no access to your funds.

There is no rush to complete the switch. Get the new account up and running first, then ask for the switch.

I would be looking to switch my main account - I'm not one for having lots of accounts, I'm not savvy enough - so when would you recommend switching? I am due to be paid on the 1st and most of my DD's come out around that time, so do you think it would therefore be best to wait mid-month to switch?

YorkshireBoy

x_missymoo_x wrote: »

...do you think it would therefore be best to wait mid-month to switch?

http://www2.firstdirect.com/1/2/banking/switching-bank-accounts (click the 'timings' tab)


I'd be initiating the switch a day or two before the last of my DDs was paid, so a little earlier than "mid month"...unless you have some important DDs straggling later (you said "most" of them leave around the 1st)?

x_missymoo_x

YorkshireBoy wrote: »

http://www2.firstdirect.com/1/2/banking/switching-bank-accounts (click the 'timings' tab)


I'd be initiating the switch a day or two before the last of my DDs was paid, so a little earlier than "mid month"...unless you have some important DDs straggling later (you said "most" of them leave around the 1st)?

Thanks for that link. Also saw this in the FAQ's:
"Are account opening and account switching all part of the same process?
No, however the two actions are often at the same time. Once the account is open, you can choose a switch date as long as it is in at least seven working days' time. We do recommend an additional couple of days to enable us to deliver your card."


I'll open the account today and see what options it gives me. Thanks again.

dingdong3000

FD gives you 3 months to switch for the incentive. that gives you plenty of time to switch when you want.