First Direct current account

Shade-

I'm currently with Barclays and I've had the account with them since I was a kid (23 now) and also have a Barclaycard and a loan with them.

Lately I've noticed the service getting worse - the bank by me is hardly ever open after I finish work, not that I need it much but when I do I'm stuck, and the newly refurbished branch in town is absolutely awful.

Thinking of switching to First Direct as I can use the Post Office to pay in and withdraw (much handier for me) and they currently have a £125 switch offer on http://www1.firstdirect.com/1/2/banking/current-account?WT.ac=FSDT_Onsite_PWS_CUR_Frilly-%C2%A3100to%C2%A3125_offertotickleyourfrills_DR_HomePage_HPPrimaryProsp_CUR2171

I seem to meet all the requirements - I have a £300 interest free overdraft with Barclays that I don't really use, and I pay in more than £1,000 a month in my wages. My questions are, would it affect my credit card/loan, or would the money simply be paid to Barclays? And secondly have I missed any hidden tricks or terms and conditions?

Thanks for any help, I'm a little new to saving myself money.

MARTYM8`

Shade- wrote: »

I'm currently with Barclays and I've had the account with them since I was a kid (23 now) and also have a Barclaycard and a loan with them.

Lately I've noticed the service getting worse - the bank by me is hardly ever open after I finish work, not that I need it much but when I do I'm stuck, and the newly refurbished branch in town is absolutely awful.

Thinking of switching to First Direct as I can use the Post Office to pay in and withdraw (much handier for me) and they currently have a £125 switch offer on http://www1.firstdirect.com/1/2/banking/current-account?WT.ac=FSDT_Onsite_PWS_CUR_Frilly-%C2%A3100to%C2%A3125_offertotickleyourfrills_DR_HomePage_HPPrimaryProsp_CUR2171

I seem to meet all the requirements - I have a £300 interest free overdraft with Barclays that I don't really use, and I pay in more than £1,000 a month in my wages. My questions are, would it affect my credit card/loan, or would the money simply be paid to Barclays? And secondly have I missed any hidden tricks or terms and conditions?

Thanks for any help, I'm a little new to saving myself money.

When you say 'affect your credit card/loan' what do you mean. If you have a direct debit to pay those off they should be transferred to FD as part of the switch.

Unless your credit card/loan are directly linked to your Barclays account why should it make any difference - they would still carry on as now with you repaying from your FD account?

So there should be no impact.

Shade-

That's why I asked, I've literally never transferred a bank account in my life, everything I've ever done financially has gone through Barclays.

Thanks for clearing that up for me.

splodgethefirst

also if it helps i got paid my switching bonus two weeks after my old account closed

Shade-

That's real quick - I'll be paying in £1,000+ at the end of the month so mine shouldn't take too long to arrive. Have I missed any big negatives, or is the account really as good as it looks Splodge?

splodgethefirst

I find it nice - i'm using it for my petrol money. I get paid into my "main a/c" (hsbc) send 1000 to FD and send all bar my petrol money back.
Once i've got my head around where I can cut back (from next month) I'll be starting a the regular saver a/c which is attched to it.

block10

Shade- wrote: »

.....Have I missed any big negatives.....

Does the loan require a active current account? Id double check the T&Cs.

The only small negative i think off is that i much prefer the Barclays app & the pinsentry system over what first direct offers/

MARTYM8`

Just a heads up but it seems the First Direct enhanced switching offer of £125 ends this Friday - from Saturday it drops to £100 (the previous figure).

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts