FirstDirect Switch Bonus

Kendall80

In order to qualify for the switch bonus (hopefully £150) can you simply move in the 1k then move it back out or is it best to leave it a day? T&C's suggest the former is ok but its surely going to look obvious.

Westie983

Yes just transfer it back out, its a current account after all.

But you could open a savings account with FD, but £1 in and then you don't need to fund the account with 1k at all...

I transfer enough into the account to fund the regular saver.

Kendall80

Westie983 wrote: »

Yes just transfer it back out, its a current account after all.

But you could open a savings account with FD, but £1 in and then you don't need to fund the account with 1k at all...

I transfer enough into the account to fund the regular saver.

Thanks. Yes I have the everyday saver account to avoid the £10 fee but account still needs to be credited with 1k to qualify for the switch bonus.

Archi_Bald

Westie983 wrote: »

But you could open a savings account with FD, but £1 in and then you don't need to fund the account with 1k at all...

Your suggestion is correct for ongoing maintenance of the accounts. But to get the switching bonus, you must pay in at least £1,000 within three months of your account opening.

grumbler

Kendall80 wrote: »

In order to qualify for the switch bonus (hopefully £150) can you simply move in the 1k then move it back out or is it best to leave it a day? T&C's suggest the former is ok but its surely going to look obvious.

Does this make any real difference?
My approach, when abusing bonuses (that's exactly what you are going to do), is to avoid doing this in the most obvious way for the sake of saving a few pence.

YorkshireBoy

grumbler wrote: »

Does this make any real difference?
My approach, when abusing bonuses (that's exactly what you are going to do), is to avoid doing this in the most obvious way for the sake of saving a few pence.

Those would be my thoughts too. After all, unless you're absolutely desperate for the cash (to put food on the table!) then if funding from a 3% paying current account the loss is 6p after BR tax!


I might even be tempted to leave £300, assuming you're also going for the regular saver. Sounds like you are planning to stay for that, otherwise why would you have gone to the trouble of opening the eSaver (as the fee isn't payable for the first 6 months anyway)?

Kendall80

YorkshireBoy wrote: »

Those would be my thoughts too. After all, unless you're absolutely desperate for the cash (to put food on the table!) then if funding from a 3% paying current account the loss is 6p after BR tax!


I might even be tempted to leave £300, assuming you're also going for the regular saver. Sounds like you are planning to stay for that, otherwise why would you have gone to the trouble of opening the eSaver (as the fee isn't payable for the first 6 months anyway)?

Well every penny counts



I intend to keep the account open for a number of reasons - so yes im 'abusing' the bonus as the previous poster put it but im also giving them business. I'm interested in their reg. saver, their credit card offers and their mortgage products.

grumbler

Reg saver is obviously the loss-making product aimed to attract 'business', but so far you are only 'interested' and aren't giving them any business.

Kendall80

grumbler wrote: »

Reg saver is obviously the loss-making product aimed to attract 'business', but so far you are only 'interested' and aren't giving them any business.

Point being?

grumbler

Kendall80 wrote: »

Point being?

grumbler wrote: »

... so far you are only 'interested' and aren't giving them any business.

...despite saying so. And the Regular Saver doesn't count for "giving business" even if you open one.

Westie983

Archi_Bald wrote: »

Your suggestion is correct for ongoing maintenance of the accounts. But to get the switching bonus, you must pay in at least £1,000 within three months of your account opening.

Fair enough, in that case, you can transfer it back again if you wish but you may transfer it back out the next day if money isn't needed for any funding, or interest elsewhere.