First Direct Leaving Bonus

SuperHan

I joined First Direct a few months ago for the joining bonus (and because I'd heard such great things about them), and also sort of for the regular saver.

As it turns out, I'm not actually in need of the regular saver (I would need access to the funds within 12 months and I'm not much over my Lloyds and TSB limits for interest, so it's not worth the hassle).

I don't want to move my main banking with them as I don't really get on with their online banking system (I much prefer the Lloyds/TSB/Halifax banking interface) and my packaged joint account, credit card and home insurance are all with Halifax, as is my main account.

I now don't see any advantage to switching over to FD fully, and I'd have to cycle money through the account monthly to avoid the fee, which I'm not that interested in doing.

When I opened the account, I really had no intention of closing it and taking advantage of the closing offer, particularly as I didn't want to burn any bridges for potential future relationships with such a highly rated bank. Now, I care much less, and think as there is a bonus for leaving, and as I'm entirely un-enamoured with their systems I may as well claim it.

I vaguely remember seeing somewhere that you had to have paid £1k p/month in for 6 months prior to leaving to get the bonus, but I now can't see that term anywhere on their website. Is this correct? I haven't been cycling the money through as yet as I'm not in the period where the fee is payable, but I may do if it means I get the bonus.

Does anyone have any experience of this, or can they more efficiently direct me to the link of the leaving bonus T&Cs on their website? (I really struggle to find what I'm looking for on there - I don't know why, the whole interface just doesn't gel with me!).

Any advice is welcomed.

Thanks

YorkshireBoy

SuperHan wrote: »

...I'd have to cycle money through the account monthly to avoid the fee...

No you wouldn't, but that's irrelevant now.

I vaguely remember seeing somewhere that you had to have paid £1k p/month in for 6 months prior to leaving to get the bonus, but I now can't see that term anywhere on their website.

Maybe you read the "£100 service guarantee" at some point?...

http://www1.firstdirect.com/1/2/banking/current-account

If you haven't been paying £1K a month in so far you won't get it.

alanq

SuperHan wrote: »

I'd have to cycle money through the account monthly to avoid the fee, which I'm not that interested in doing.

As YorkshireBoy says no you wouldn't. See Banking fee waivers. £1 in a savings account other than a Regular Saver is all that is required.
http://www1.firstdirect.com/1/2/rates-and-charges/charges

alanq

YorkshireBoy wrote: »

If you haven't been paying £1K a month in so far you won't get it.

"You must have paid at least £1,000 a month into your bank account for six months and have not tried us before."

The leaving "bonus" is payable between 6 and 12 months of opening an account. £1000 has to have paid in for 6 months. It doesn't specify the first 6 months. I read it as the 6 months prior to making a claim. SuperHan's account was opened "a few months ago". So if the account has been open for 3 months it would be possible to pay in £1000pm for 6 months and then claim. I'm not saying that FD will interpret their own Ts&Cs as I have done but I think my interpretation is reasonable.

YorkshireBoy

alanq wrote: »

...I think my interpretation is reasonable.

I'd agree, but whether it's worth messing around with £1K payments in and out (and presumably no other activity) for a further 6 months on the off-chance you *might* get £100 at the end of the year is another matter.

SuperHan

Thanks for the link to the service guarantee, that's what I was looking for.

It's worth cycling the money through for 6 months, I'll only lose pennies in interest and should walk away with £100 more as the T&Cs seem quite straight cut (if they dispute it, I've not lost much)

I'm in no rush to close the account, it's doing no harm being open, and I'll throw £1 in to a savings account just in case I miss a payment so I'm not charged anyways - so thanks for the tip.

starM

My father opened up the account in December. Being credited 1k every month in and out with small Tesco DD. 6 months are over this month but to be on safe side will leave it til next month and then make a claim. Will see what happens.

System

You could probably transfer the account to Halifax for their switching incentive on your existing account - along with the FD leaving bonus.

SuperHan

I already have the switching bonus from when I opened my Halifax account initially, so I can't do that.

I'm already switching another account to Co Op at the moment, so I'm happy enough just to close it rather than switch.

anoncol

Why not leave it open till another switch offer appears?

SuperHan

anoncol wrote: »

Why not leave it open till another switch offer appears?

I usually open a new Natwest Account to switch. I've opened & switched 2 since getting the FD switch bonus, so I'll continue with this process. There's a time limit on the closing bonus so I want to make sure I close in good time to meet that. I also don't want to complicate it any more by adding in a switch.