First direct and eligibility

Maestro123dz

Hi everyone!

I have recently opened an account with First Direct. I did so as my friends always spoke so highly of them about customer service and how easy it is to bank with them.

Now I have decided to keep paying my salary in my existing account with my main bank as it is a condition to pay in a monthly salary to keep my graduate overdraft (although I don't use it!). However my question is I remember seeing online that to keep a First Direct account you have to pay in £1000. Or hold another product. I now hold the Gold Visa Credit Card which I believe waives the fee of £10 per month.

However I get this impression that First Direct is some kind of exclusive bank. Therefore if I don't pay in £1000 a month, they will close my account and this might affect my credit rating. Is there any truth to my thoughts? At the moment I am using it as my day to day spending. I normally will pay in about £600-700 a month to spend on day to day items.

Has anyone got any experience with First Direct when not paying in £1000 a month? But holding one of the other products. I'd gladly open a savings account to in addition to my bonus saver I opened as well.

I'd really appreciate any feedback! Thanks!

xylophone

I don't pay in £1000 a month but do have one of the fee waiver products as it appears you do.

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

I do have some direct debits on the account but really keep it for the sake of the 6% regular saver - now on my third.

darkidoe

xylophone wrote: »

I don't pay in £1000 a month but do have one of the fee waiver products as it appears you do.

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

I do have some direct debits on the account but really keep it for the sake of the 6% regular saver - now on my third.

I use the e-saver online as the fee waiver product and keep it for the 6% Regular saver as well. It's getting really tempting to sacrifice my First Direct account for a switch bonus though.

badger09

I also don't pay in £1000 every month, though I do so occasionally (when it is First Direct's turn to look like a 'proper' current account:p)

I hold the Everyday eSaver with a £5 balance for the fee waiver and am on my 2nd Regular Saver. No problems so far:)

Maestro123dz

Thanks everyone for your replies! I was thinking about having the regular saver there too for the maximum interest. So even after 12 months they still have this offer?


I don't have any direct debits on my account. Would that make a difference?


Thanks!

Krash420

My First Direct account is pretty much there solely for the Regular Saver now. I use to use it as my main bank, till I realised the rewards from Halifax outwights it in pretty much every way.

To get around the bank trying to charge me - I have opened an e-Saver online, in which I currently have 0.03p (intiially £1, got interest, so removed that £1 ).

Also First Direct doesn't require any direct debits which is great, as I only have three at the moment, will get a fourth soon, but they're all spread between my Halifax and new Santander account for the cashback there.

Archi_Bald

Maestro123dz wrote: »

However I get this impression that First Direct is some kind of exclusive bank. Therefore if I don't pay in £1000 a month, they will close my account and this might affect my credit rating.

They are not exclusive in any way. They can be choosy with applications - a hurdle you have already taken, so it doesn't matter to you.

Unless you break their T&Cs, or run up a huge overdraft that you don't service, they are unlikely to close your account. Even if they did, closure of your account by a bank will not have any negative impact on your credit file.