First Direct Current account Switching Questions

djpailo

I want to switch to get the £150 but from reading the T&C's, I need some clarification:

http://www1.firstdirect.com/content_static/pdf/account_terms_1015.pdf

Waivering of £10 fee:
On "PDF Page 7" it gives details on how to waiver the £10 monthly fee. I take it that the bullet points imply EITHER of those options can be used as opposed to all of them? So for instance, I just need to pay in £1000 on the 1st of the month (for instance) and then that waivers the fee, I can then do whatever I like with the cash? Or is it that I still need to maintain an average of £1000 in the account as well?

Regular Savings account:
On PDF Page 9, on point 8 it says something like the money from the regular savings account will go to an e-saver or another savings account. I presume they mean that this occurs AFTER the regular 6% savings account has matured or something else? My question stems from wanting to waiver the £10 fee by having a savings account, but I am aware the regular savings account doesn't do this, so can I have two savings accounts opened with them, one for the 6%, the other to purely waiver the £10 fee?

Charges
I'm generally a bit concerned about the charges. Am I right in thinking that, so long as you use Sterling, use UK banks, that transferring money between the banks (say moving between Santander and First Direct) is free? I assume so but they don't explictly say as far as I can tell, and I don't fully understand what is meant by "electronic payments" and "electronic fund transfers" where the latter has the charge listed as n/a.

Closing or Switching from First Direct to another bank:
Just finally, can the account be closed/ (or switched) online?

masonic

djpailo wrote: »

Waivering of £10 fee:
On "PDF Page 7" it gives details on how to waiver the £10 monthly fee. I take it that the bullet points imply EITHER of those options can be used as opposed to all of them? So for instance, I just need to pay in £1000 on the 1st of the month (for instance) and then that waivers the fee, I can then do whatever I like with the cash? Or is it that I still need to maintain an average of £1000 in the account as well?

There is no need to maintain an average or minimum balance. I try to avoid keeping any money in my account as it pays no interest. Mine is normally in interest-free overdraft.

Regular Savings account:
On PDF Page 9, on point 8 it says something like the money from the regular savings account will go to an e-saver or another savings account. I presume they mean that this occurs AFTER the regular 6% savings account has matured or something else? My question stems from wanting to waiver the £10 fee by having a savings account, but I am aware the regular savings account doesn't do this, so can I have two savings accounts opened with them, one for the 6%, the other to purely waiver the £10 fee?

Yes and yes.

Charges
I'm generally a bit concerned about the charges. Am I right in thinking that, so long as you use Sterling, use UK banks, that transferring money between the banks (say moving between Santander and First Direct) is free? I assume so but they don't explictly say as far as I can tell, and I don't fully understand what is meant by "electronic payments" and "electronic fund transfers" where the latter has the charge listed as n/a.

There are no charges for faster payments and the like.

Closing or Switching from First Direct to another bank:
Just finally, can the account be closed/ (or switched) online?

You could use the 7 day switching service to switch to another bank online. That would probably be the easiest way.

djpailo

masonic wrote: »

There is no need to maintain an average or minimum balance. I try to avoid keeping any money in my account as it pays no interest. Mine is normally in interest-free overdraft.


Yes and yes.


There are no charges for faster payments and the like.


You could use the 7 day switching service to switch to another bank online. That would probably be the easiest way.

Many thanks.

I have another question too, if I may. I am planning to switch from the Nationwide 5% account. I also have a bond and a cashbuilder account with them. Presumably they will remain open with Nationwide?

masonic

You would need to check that the conditions of those accounts do not state that you must hold a NW current account. If not, then they should be unaffected. It seems unlikely that they would

djpailo

You've been a great help, thanks. I'll check that out and switch in due course if all is okay on those accounts. :beer:

EarthBoy

djpailo wrote: »

Many thanks.

I have another question too, if I may. I am planning to switch from the Nationwide 5% account. I also have a bond and a cashbuilder account with them. Presumably they will remain open with Nationwide?

You don't need to have a current account for the Cashbuilder, so that will remain open. I don't know about the bond, though.

djpailo

EarthBoy wrote: »

You don't need to have a current account for the Cashbuilder, so that will remain open. I don't know about the bond, though.

I've had a look at the bond details. Its a 4 year fixed rated bond.

These are the terms:

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P2790.pdf

I've had a look through it and it doesn't appear there are any problems. The interest is paid into the bond account.

colsten

djpailo wrote: »

can I have two savings accounts opened with them, one for the 6%, the other to purely waiver the £10 fee?

If you want the FD Regular Saver, you must have an FD current account (and another FD savings account, in order to avoid the charges on the current account).

djpailo

Just want to say, my switch was successful and, after putting £1000 in, I received the £150 in my current account two days later.