First Direct charges

elphaba

Hello,

I'm looking to switch bank account to First Direct but I'm a bit confused by the charges.

On this website it says "This account has a £10 monthly fee, but this is waived each month you either pay in £1,000, have an average monthly balance of £1,000 or hold selected other accounts with First Direct."

But First Direct says "Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product."

This website makes it sound like there's no charge at all as long as I'm paying in at least £1000 each month but First Direct seems like it's only for the first 6 months in which case I'll have to compare charges to what I'm paying with my bank now.

grumbler

elphaba wrote: »

...
On this website it says "This account has a £10 monthly fee, but this is waived each month you either pay in £1,000, have an average monthly balance of £1,000 or hold selected other accounts with First Direct."

But First Direct says "Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product."

This website makes it sound like there's no charge at all as long as I'm paying in at least £1000 each month but First Direct seems like it's only for the first 6 months...

The comma means that it's 6 months or £1000 p.m. or £1000 balance or 'additional product'.

The last option is the easiest and the most popular one after 6 months. Just open a e-saver account and keep a few pounds in it.

imjayw

What I, and most others do is open an e-saver account, stick £1 in it and that will stop the £10 monthly fee:

"This account has a £10 monthly fee, but this is waived each month you either pay in £1,000, have an average monthly balance of £1,000 or hold selected other accounts with First Direct."

Westie983

You are not charged for the first six months if you are not funding with 1,000 each month but will be charged from month seven.

If you are funding with 1k from the beginning you wont be charged at all.

If you hold a qualifying product then you also wont be charged at all.

You will see a charge of £10 leaving your account but its waived if you meet the above points.

I have a e - saver with £1 in it which allows me to get the fee waiver, and I use my account to fund the regular saver.

elphaba

Thanks all, that clears it up for me.