FirstDirect Switch Bonus

crumpetman

I had a first direct account over 10 years ago so it seems I am excluded from the switch incentive. Has anyone found a way round this?

colsten

crumpetman wrote: »

I had a first direct account over 10 years ago so it seems I am excluded from the switch incentive. Has anyone found a way round this?

Try a different switching offer at another bank.

crumpetman

That does not help with getting the bonus from first direct. There should be a more reasonable time limit.

EarthBoy

crumpetman wrote: »

That does not help with getting the bonus from first direct. There should be a more reasonable time limit.

There is no time limit, it's a permanent ban on any previous customers getting the bonus.

If you think that's unreasonable, you need to complain to FD, although I doubt that they will be interested. They're perfectly entitled to set whatever conditions they like.

Mr_Goodkat

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.

Please stop giving people bad advice, I am not sure if you don't read posts carefully enough to grasp what a poster is asking or you don't understand terms and conditions sufficiently to dispense the correct advice. I have seen this on a number of occasions from you now.


The OP was asking about meeting the switching bonus requirement and whether moving in and then straight out £1000 a month would still give them the switching bonus or if it would appear too obvious to FD and give them opportunity not to pay it.


You then suggest that the OP does not need to put £1k in a month just open a savings account with £1 in! If the OP did that they would need receive the switching bonus as they are not meeting one of the qualifying criteria e.g. paying in £1000 a month.


Yes £1 in a relevant savings account gets the fee waiver on the £10 a month banking fee but the banking fee is waived automatically during the first six months anyway!


OP I have not seen any evidence of FD or any other bank refuse to pay incentives because they believe you are moving purely for the incentive when you meet all the required terms and conditions so moving in the £1k a month and out again should be fine.


If you have the cash to do it then the regular saver at 6% is certainly worth utilising.


FD also have decent mortgage and loan rates so maintaining a proper banking relationship with them could be beneficial longer term depending on your needs.


Personally when doing a switch, I make sure the account I am switching from and then the new account operate very much like a 'main' bank account in terms of having a few DD's and SO's set up for incoming and outgoing transactions. It is probably overkill but the lost interest over a short number of days is nothing compared to the cash paid for the switching bonus so why risk it?