First direct hoops

anoncol

Hi,

I just wanted to check the hoops that i think i'm going to need to jump through to get both the 6% saver and the switch cashback.

Regular Saver Account 6% - needs 1st account, i presume this is on about a current account?

This is where i can get the £100 switch by opening this
http://www1.firstdirect.com/1/2/banking/current-account1

But to open this i need another account such as a savings account, i dont need a mortgage or credit card from them. But there are loads of different savings accounts but not much difference between them. Can i have only an Everyday e-saver to open a 1st current account?

YorkshireBoy

You need a (1st current) account in order to get access to the regular saver.

You need a savings account (or other product) to avoid the £10 per month banking fee if you're not going to either a) be paying in £1,000 a month, or b) not maintaining a £1,000 balance in the first account.

But there's no rush to set up the savings account as you won't be charged the £10 a month fee in the first 6 months anyway.

See banking fee waivers in this document...

http://www3.firstdirect.com/assets/pdf/rates-and-charges.pdf

anoncol

Cheers YB, so first step...,

Why would i open a savings account at .05% interest when an everyday e-saver is 0.25% interest? Its the only thing that differentiates those accounts...?

YorkshireBoy

anoncol wrote: »

Why would i open a savings account at .05% interest when an everyday e-saver is 0.25% interest? Its the only thing that differentiates those accounts...?

You'd ordinarily open the account which pays the highest interest rate. However, since you won't be keeping* any money in there your question is irrelevant really.


* The requirement is simply to 'open', not fund/maintain a balance in, a savings account.

alanq

YorkshireBoy wrote: »

The requirement is simply to 'open', not fund/maintain a balance in, a savings account.

It takes a minimum of £1 to open an account. I have not seen a minimum balance requirement thereafter. However I, and many other forum members, choose to leave the £1 in an Everyday eSaver thus earning 0.25p pa instead of 0.05p pa. and avoiding any dispute due to having an account with a £0 balance.

anoncol wrote: »

Why would i open a savings account at .05% interest when an everyday e-saver is 0.25% interest? Its the only thing that differentiates those accounts...?

The Savings account can be managed by phone, post or online. The Everyday eSaver is online only.

colsten

anoncol wrote: »

This is where i can get the £100 switch by opening this

Just in case you don't know: you must switch another current account, which will automatically be closed, if you want to claim the £100.

anoncol

Thanks for the replies, all helpful. On one of the savings accounts it says it auto pits money in left over from current account. How does that work? Is it configurable? I don't really want that feature.

Archi_Bald

anoncol wrote: »

Thanks for the replies, all helpful. On one of the savings accounts it says it auto pits money in left over from current account. How does that work? Is it configurable? I don't really want that feature.

You don't have to use any 'sweep' function. Just put £1 into an e-saver , leave the £1 in there, and you are done.

anoncol

Cheers, I couldn't remember what it called it.