Switched to First Direct

n1guy

Need some advice, after Santander messing around with my balances, I switched to First Direct as I saw they offered £100 for switching. Firstly what are First Direct like as a bank? and did you have any issues getting the £100?

Also my account was opened today, I logged in and notice a £500 overdraft, now this might sound stupid but here goes, I've never had an overdraft before, Asked Santander a few times, computer says no. What way does an overdraft work? If I go into the over draft do I get charged or what?

eskbanker

Probably a bit late to be asking what they're like now you've already switched but their overview document explains how their overdrafts work and their overdraft charges are shown at http://www3.firstdirect.com/assets/pdf/rates-and-charges.pdf

starM

The first £250 is interest free. Debit over £250 charges a15.9%

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

If you switch your another account to FD you also get £100. Try applying for credit card aswel - If accepted you will get £25 for that.

grumbler

You should have waited for £125.

As a bank they are good. Their online banking is like marmite.

First £250 of the overdraft is free - this is a rare option nowadays.
For the next £250 it's ~15% APR. AFAIK, there are no fixed charges for using agreed overdraft, but don't take my word for this.

colsten

n1guy wrote: »

I logged in and notice a £500 overdraft, now this might sound stupid but here goes, I've never had an overdraft before

My recommendation is: do not go down the slippery path of an overdraft. You have managed with one until now, don't start something you do not need. Debts are generally bad (apart perhaps from mortgages). Overdrafts are debts.

colsten

n1guy wrote: »

Need some advice, after Santander messing around with my balances

I don't think it is likely that Santander were 'messing around' with your balances. It is a lot more likely you misunderstand how bank accounts and purchases work, and unless you get up to speed with it, you will always think banks are 'messing around'. Changing bank to find some non-existent nirwana won't fix your problem. Please re=read https://forums.moneysavingexpert.com/discussion/5213969

LeoTLion

I switched to them early last year after finally running out of patience with Barclays.

Service so far seems good, nothing to complain about. Also have the regular saver with them.

Find the online stuff ok but don't use it often. I use the iPhone app more frequently and find that works very well.

TheEffect

I applied for First Direct 1st account 6 months ago and was declined. I'd only been in my job a few weeks, and had quite a few credit searches which I think resulted in the decline.

Contemplating reapplying, though I have to do it over the phone as I was a customer years ago. Have been in my job 6+ months now, but still have quite a few credit searches on my file (none in last 2 months).