first direct - avoiding the monthly fee

qwertyqwerty

Hi there

i was planning on doing a switch to first direct to claim the £125, i notice if i don't meet the criteria then there will be a £10 monthly fee. what is the best way to avoid this fee? Is it ko to close the account as soon as I have the incentive? Thanks

stclair

qwertyqwerty wrote: »

Hi there

i was planning on doing a switch to first direct to claim the £125, i notice if i don't meet the criteria then there will be a £10 monthly fee. what is the best way to avoid this fee? Is it ko to close the account as soon as I have the incentive? Thanks

By opening a savings account you can avoid the monthly fee.

However not all the savings accounts are included.

I'm sure someone will be able to tell you which account to open.

alanq

See "Banking fee waivers"

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

qwertyqwerty

Thanks for the quick replies, the first bullet point in that link says no charge for the first six months following account opening, does this trump all other conditions, such as account being active, depositing £1000 per month?

Archi_Bald

You must deposit £1,000 in order to get the switching bonus.

[Deleted User]

qwertyqwerty wrote: »

Thanks for the quick replies, the first bullet point in that link says no charge for the first six months following account opening, does this trump all other conditions, such as account being active, depositing £1000 per month?

It does. No matter what, you won't pay the fee for the first six months.

After that, you have to qualify for one of the waivers, the easiest of which is opening an e-Saver account and sticking £1 in it.

puk999

I'm about 3 months into having one of these accounts. I got the switching bonus and plan to leave when the fee is introduced (i.e. after 6 months), because then I get another £100 for leaving them.

Every month I pay in and pay out £1000 which IIRC is a stipulation of getting this leaving bonus.

crazy_kitten

Can I ask how do you get £125 for switching to First Direct?

On the MSE Best Bank Accounts page it says you can get £125 for switching to FD by clicking on the link provided, only when I click the link it takes me to the FD website which says only £100 for switching.

Slightly confused...

Archi_Bald

The MSE link does show me £125 http://www2.firstdirect.com/1/2/banking/current-account?fd_msc=PCS0000011&WT.mc_id=FSDT_Aggregators_Q22015CAAggs_CUR_Textlink_DR_MSM_MSE_125_AG3010

If it doesn't for you, use this link http://www2.firstdirect.com/1/2/banking/current-account?fd_msc=PCS0000004&WT.mc_id=FSDT_Aggregators_Q22015CAAggs_CUR_Textlink_DR_MSM_Carousel%2520_125_AG3007

The referral fee ends up in the same coffers.

MARTYM8`

I think the standard way to avoid the First Direct monthly fee is to open an everyday e saver account with a nominal few pounds – the regular saver account does not exempt you from the £10 fee.

One quick question re the switch incentive – I applied for the First Direct account in early February when the £125 switch offer was available to everyone. However my account wasn’t opened – pending ID checks – until after it was reduced to £100 in mid February.

Am about to do the switch – as my 3 months grace period is up – but was wondering if I would get the £125 (based on when I applied to open the account) or the £100 available now (for non Moneysaving expert openings).

Any thoughts/experiences due to the up and down nature of their offer?

crazy_kitten

Thanks Archi, only when I click on both your links I still see '£100 if you like us, another £100 if you don't'.

Anyone know why I can't see the £125 offer?

Trying not to take it personally...