First Direct Switch

RustyBug

Hi all,

I've been reading up on the first direct current account and what is involved in switching to it. My understanding is that I can switch and as long as I pay in £1000 a month I will not get charged the fee £10? I don't need any direct debits? Is this correct?

If so, can anybody recommend any quick to setup bank accounts that I can use to switch from?

Regarding the switching process, do I need to have had the account for a certain amount of time? Does it need to have a certain balance? Are there any requirements? There doesn't seem to be but I just want to be extra sure.

grumbler

RustyBug wrote: »

Hi all,

I've been reading up on the first direct current account and what is involved in switching to it. My understanding is that I can switch and as long as I pay in £1000 a month I will not get charged the fee £10?

MSE article: Best Bank Accounts

MSE wrote:

What if I can't pay in £1,000 every month? If your salary reduces and you can no longer pay in £1,000 per month you'll be whacked with a £10 monthly fee. However, if you have another account with First Direct - savings or a mortgage - then it's waived, so just open a bog standard savings account, and put the minimum amount in.

Charges >> Banking fee waivers

BTW, it doesn't have to be a salary.

I don't need any direct debits? Is this correct?

Yes

If so, can anybody recommend any quick to setup bank accounts that I can use to switch from?

A second one with any bank you already have an account with?

spiritus

RustyBug wrote: »

Regarding the switching process, do I need to have had the account for a certain amount of time? Does it need to have a certain balance? Are there any requirements? There doesn't seem to be but I just want to be extra sure.

I'd like to know this too. Having another account with my current bank isn't an option for me

spiritus

YorkshireBoy wrote: »

Why not?

None of your beeswax. I provide the information that I'm happy for people to comment on