First direct - what's the real deal?

Eco-aware

Hi - anyone recently switched to First Direct?

I am thinking of switching, but I am not clear what they are offering exactly. The £125 credit looks a good start, but I notice that the account starts charging £10 a month after 6 months and I am not sure what I am getting for that. The 'More Features' information describes 'First Directory', which looks a good package, but then goes on say that it costs £15 per month. This implies it's not part of the First Account features, but an add on, so presumably you could be paying £25 / month, which seems quite steep, or you pay £10 a month for no additional benefits. Have I read this right?

Many thanks.

badger09

Eco-aware wrote: »

Hi - anyone recently switched to First Direct?

I am thinking of switching, but I am not clear what they are offering exactly. The £125 credit looks a good start, but I notice that the account starts charging £10 a month after 6 months and I am not sure what I am getting for that. The 'More Features' information describes 'First Directory', which looks a good package, but then goes on say that it costs £15 per month. This implies it's not part of the First Account features, but an add on, so presumably you could be paying £25 / month, which seems quite steep, or you pay £10 a month for no additional benefits. Have I read this right?

Many thanks.

I have recently switched to First Direct - for both the £125 incentive and access to the 6% Regular Saver.

The initial application hit several 'system errors' as did the Regular Saver application , however, the switch was error free.

You can avoid the £10 pm fee, which if I remember correctly, is not charged for the 1st 6 months anyway, by opening another 'qualifying' savings account. The Regular Saver, is not a qualifying product but there are others which although paying poor rates, will exempt you from the monthly account fee.

I haven't looked at the packaged account as it is of no interest (excuse pun ) to me.

HTH

YorkshireBoy

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


See page 10 (of 15)..."Banking Fee Waivers"


In short, open a qualifying savings account* and they'll waive the fee.


* Excludes their regular saver, which is what many people seem to go to FD for (along with the switching incentive).

Ed-1

Eco-aware wrote: »

Hi - anyone recently switched to First Direct?

I am thinking of switching, but I am not clear what they are offering exactly. The £125 credit looks a good start, but I notice that the account starts charging £10 a month after 6 months and I am not sure what I am getting for that. The 'More Features' information describes 'First Directory', which looks a good package, but then goes on say that it costs £15 per month. This implies it's not part of the First Account features, but an add on, so presumably you could be paying £25 / month, which seems quite steep, or you pay £10 a month for no additional benefits. Have I read this right?

Many thanks.

Having a 1st Account gives you access to a 6% regular saver in which you can pay £300 per month. The £10 fee for the account is waived if you hold an e-Saver (with £1 in it) or pay in at least £1000 per month.

Eco-aware

Thanks, that is helpful - it does look a good deal then! Hope i can make the application without hitches badger09!

badger09

Eco-aware wrote: »

Thanks, that is helpful - it does look a good deal then! Hope i can make the application without hitches badger09!

Fingers crossed for you. Don't be lulled into a false sense of security though. If things don't happen exactly as you expect them to - get on the phone!

Their CS is their USP, so make use of it if you need to

dougzz

The incentive would seem to be £100, and is dependant on switching your 'income' of at least £1000 per month to them.
Am I missing something or has the offer changed.
Also, I notice it says if you have not tried them before, I had a FD account maybe 15 years ago, but have not moved in that time, likely they'll be aware I've been a customer before?

badger09

dougzz wrote: »

The incentive would seem to be £100, and is dependant on switching your 'income' of at least £1000 per month to them.
Am I missing something or has the offer changed.
Also, I notice it says if you have not tried them before, I had a FD account maybe 15 years ago, but have not moved in that time, likely they'll be aware I've been a customer before?

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts?_ga=1.110139909.1653524343.1415444110#firstdirect

I don't know if that offer is still available.

You do need to switch a current account to qualify for the switching bonus, and pay in at least £1000.

As you have had a FD account in the past, you won't qualify for any switching bonus under their current T&C. Apparently they have a very long memory

sai5

Hi,

FD is going to end the offer £125 tomorrow i.e 5th Dec. Actually I planned to open FD in Feb because recently I have opened two current accounts. One of them I am going to use it to switch with Co-op and then to stick with FD.

So my question is if I try to open FD account tomorrow can I wait till Feb and then switch. Will I get the incentive after £1000 pounds.

Please provide the necessary information.

Thank You

Steve_xx

sai5 wrote: »

Hi,

FD is going to end the offer £125 tomorrow i.e 5th Dec. Actually I planned to open FD in Feb because recently I have opened two current accounts. One of them I am going to use it to switch with Co-op and then to stick with FD.

So my question is if I try to open FD account tomorrow can I wait till Feb and then switch. Will I get the incentive after £1000 pounds.

Please provide the necessary information.

Thank You

You have to switch within 3 months of opening the account.

sai5

Steve_xx wrote: »

You have to switch within 3 months of opening the account.

What about this £1000 pounds do I have to transfer every month or only once after switching.

Thank You