Switching to First Direct

colsten

chrismcfet wrote: »

Hi YorkshireBoy, I've got an Ultimate Reward a/c at the minute which I plan to cancel and just avail of the 5 monthly credit. However with the deals around at the minute I'm essentially loosing 100 a year by not switching.

1. Open another account at Halifax. When you have the debit card for it, switch that account to First Direct. Pay in £1,000 in the first 3 months and withdraw £999 back to your main Halifax account. For the £1, open a normal savings account with First Direct, in order to avoid their monthly charge.
   
2. You don't need the Ultimate Reward account as you would be happy to switch it to FD which has none of the Ultimate features. So downgrade your Ultimate Reward to a normal Reward and use this account as your main account. As long as you have 2 DDs, pay in £750 a month and stay in credit, they pay you the £5 each month
   
3. When you have received your FD switching bonus, you can also consider switching that account to somewhere else for a switching bonus.

YorkshireBoy

chrismcfet wrote: »

So you're suggesting downgrade my current account. Open another account and switch it to FD? Have you done something similar successfully?

I've opened around a dozen 'donor' accounts in the last 12 months alone!

YorkshireBoy

colsten wrote: »

1. Open another account at Halifax. When you have the debit card for it, switch that account to First Direct. Pay in £1,000 in the first 3 months and withdraw £999 back to your main Halifax account. For the £1, open a normal savings account with First Direct, in order to avoid their monthly charge.
2. You don't need the Ultimate Reward account as you would be happy to switch it to FD which has none of the Ultimate features. So downgrade your Ultimate Reward to a normal Reward and use this account as your main account. As long as you have 2 DDs, pay in £750 a month and stay in credit, they pay you the £5 each month
3. When you have received your FD switching bonus, you can also consider switching that account to somewhere else for a switching bonus.

Since there's no fee charged for the first 6 months, if you're planning to go straight to (3) then there's no need to bother with the savings account.


For the OP, not you colsten.

bobobski

The FD app is fine. It's a bit laggy, but I find if you literally touch the screen while it has the little loading circle thingy it jump starts it. Otherwise, zero problems so far, and I joined FD in February.

G_M

Don't believe the hype about customer service though.

Long waits for an answer to telephone banking; no 0800 number so you pay for the call unless you have free calls yourself; excessive interrogation when opening an account; excessive paperwork; missed account switch date;

Well that was my experience in the 3 months I tried them this year.

MPD

I have found telephone customer service to be good but you need a calling plan with 03 numbers to avoid charges.

Mobile app is fine but you have to set up payment on full website before they are available on app. If switching you will have to make first payment on all transfers already set up online before you can do it on the app.

There seems to be a lot of security data and passwords required.

bobobski

I usually don't care about customer service if the interest rate is high enough but I find FD really are first class. The phone never rings twice before it's answered. You can ask them really dumb questions and they'll happily help. They're always open. Fab.

Archi_Bald

Why would you call a bank in the first instance, and why would you call them to ask really dumb questions? What do you need to do that cannot be done online or with an app?

bobobski

Archi_Bald wrote: »

Why would you call a bank in the first instance, and why would you call them to ask really dumb questions? What do you need to do that cannot be done online or with an app?

I didn't say I called them in the first instance, although with FD I wouldn't be ashamed to since they are so good on the phone. I need to as dumb questions because I'm 26 and do not have full knowledge of all things banking. Why so anti-phone, Archi?

Archi_Bald

I am not anti-phone. I am just wondering why, in the internet age, people go waxing lyrical over a bank that offers nothing much beyond a couple of bribes and answers their phones.

I do admit to having an FD current account myself but only because of their Regular Saver. I never call them though as it's all done online / though the app.