First Direct - monthly charge?

polymaff

SamanthaDawn wrote: »

"Is there a charge to bank with first direct?

Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when 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 you hold a selected first direct additional product."

Lousy grammar, isn't it? Commas and the word "or" must be on special offer at FD.

The best approach to this issue has been to open a First Direct Bonus Savings Account with, say, £5 in it.

You might like to check with FD that their definition of a "selected additional product" is still (I quote from an FD email when I made the same check last year):

"Savings Accounts (excluding Regular Savings Account)"

SamDude

I don't pay any fees for my FD 1st Account, it's only used for the occasional transaction and less than £400 goes in/out each month.

I have a qualifying account (e-Savings) with £1 in it.

Crag30

I've just come across this post looking for an answer I'm looking for, but for some daft reason I still have to pose the question as I'm not clear on things.

I want to open a First Direct account to access it's Regular Saver

I see I need to pay in £1000 a month or have an average £1000 in the account per month, to waiver any charges

So, if I open the First Direct Current Acocount, and deposit £1000 into it, then apply for the regular saver,and set up a SO for £300 from the Current Account to the Regular Saver. But also then have a SO from another account ie Natwest, to top up the FD Current Account to keep the balance to £1000

Will this satisfy their terms and conditions without me having to pay charges?

R34GTT

Open an e-Saver as well and leave £1 in it as this removes the requirement to fund the current accounts regularly.

badger09

Crag30 wrote: »

I've just come across this post looking for an answer I'm looking for, but for some daft reason I still have to pose the question as I'm not clear on things.

I want to open a First Direct account to access it's Regular Saver

I see I need to pay in £1000 a month or have an average £1000 in the account per month, to waiver any charges

So, if I open the First Direct Current Acocount, and deposit £1000 into it, then apply for the regular saver,and set up a SO for £300 from the Current Account to the Regular Saver. But also then have a SO from another account ie Natwest, to top up the FD Current Account to keep the balance to £1000

Will this satisfy their terms and conditions without me having to pay charges?

Yes, that would avoid the monthly £10 charge, however you would have £1k permanently sitting in your FD current account earning 0%:(

If, instead, you open another selected FD product (hint Everyday eSaver with a small balance;)) that will avoid the monthly charge, and leave your £1k to earn interest for you elsewhere

http://www1.firstdirect.com/1/2/rates-and-charges/charges

Crag30

Thanks for the replies.

MARTYM8`

I don't pay the fee - and really just now use the account for the 6% regular saver.

I have an everyday esaver and a credit card - a while back they had an offer of £25 to open the card and I got 0% on purchases for 17 month. They both exempt you.