First Direct Switching Query

Cotta

Hi All,

I'm considering setting up a First Direct account and using an old secondary account as my switcher. My old account has my PT salary paid into it and at any given time has around £200 with it, does this satisfy the FD switching requirements?

Also I know that with this account there is a £10 monthly charge if less than £1000 is not in it each month, obviously I don't want £1k languishing in an account when it could be used elsewhere, what is the best way of dealing with this?

YorkshireBoy

Both your questions are answered on their website...the first by clicking the incentive advert, and the second by reading page 6 of the account T&Cs.

Kernel_Sanders

YorkshireBoy wrote: »

Both your questions are answered on their website...the first by clicking the incentive advert, and the second by reading page 6 of the account T&Cs.

I can't actually access FD ATM; can anyone else?

colsten

FD website is v unresponsive right now; HSBC is also not loading

Rich2808

There are no direct debit requirements or salary paying in requirements for the First Direct switch incentive at present. But do apply at the right time via the right route - check this site - as the incentive can vary from £100 to £125 to £150 at different times.

You do need to pay in £1,000 once however to get the incentive within 3 months of the account opening - that can be 1 payment of £1k or 10 payments of £100 etc as you wish. It is fee free for the first six months - and then costs £10 a month afterwards unless you pay in £1,000 or hold another qualifying product (e.g. a mortgage, credit card, savings account like the esaver but this doesn't include the regular saver).

One way to avoid the £10 fee is - as I mentioned - to open a first direct gold credit card. They often offer £25 as an incentive for opening this too - and its interest free on purchases for 17 month. If you are good enough to pass the current account checks - FD can be fussy - then you should have no bother qualifying for the credit card.

At present the switch incentive is £125 - but that can change - and the £25 offer for the credit card is also available. You need the current account open first before applying for the card.

Hope this helps.

JohnRo

I've just applied over the telephone to switch my Santander 123 account to FD before the 123 £5 monthly charge kicks in.

As part of the somewhat long winded application because it turned out I had been a previous customer but would be allowed to apply for the bonus, the telephone conversation veered towards exactly how much I would be paying in and how much the balance would be in the account after 3 months.

I'd assumed that as long as conditions are met, passing £1K through the account in first 3 months for the £125 switching bonus and then £1K a month through the account after the first 6 months to avoid the £10 monthly fee, everything would be fine.
However I got the distinct impression I was being steered towards agreeing an obligation to fund and maintain the account with the transferred 123 balance and a further £1K each month after that, making what will be a balance of £8K after 3 months, this can't be right surely?

Rich2808

JohnRo wrote: »

I've just applied over the telephone to switch my Santander 123 account to FD before the 123 £5 monthly charge kicks in.

As part of the somewhat long winded application because it turned out I had been a previous customer but would be allowed to apply for the bonus, the telephone conversation veered towards exactly how much I would be paying in and how much the balance would be in the account after 3 months.

I'd assumed that as long as conditions are met, passing £1K through the account in first 3 months for the £125 switching bonus and then £1K a month through the account after the first 6 months to avoid the £10 monthly fee, everything would be fine.
However I got the distinct impression I was being steered towards agreeing an obligation to fund and maintain the account with the transferred 123 balance and a further £1K each month after that, making what will be a balance of £8K after 3 months, this can't be right surely?

You can do what you want as long as you meet the terms for the incentive. However you shouldn't commit to something you won't do. I use my FD account solely for the regular saver and to pay off my 17 month interest free FD gold card. They don't seem to mind - and I expect I am not alone.

PS It's a current account which earns no interest - you can pay in the £1k and withdraw it the next dat. Why would you keep a fixed £8k balance in it earning zero interest.

YorkshireBoy

Rich2808 wrote: »

At present the switch incentive is £125

It's £150 if you go through the link on this site or the one on the moneysupermarket site.

Archi_Bald

YorkshireBoy wrote: »

It's £150 if you go through the link on this site or the one on the moneysupermarket site.

Sigh. It's often like herding cats on here.

JohnRo wrote: »

As part of the somewhat long winded application because it turned out I had been a previous customer but would be allowed to apply for the bonus

This is interesting as it's not supported by their most current T&Cs or their website, which still says

We can only offer this to people who haven't previously held any account with first direct.

May be they have been bleeding customers and are desperate to attract new ones? Or may be they have just told you lies to get you to sign up? Or you may have misunderstood?

The best of luck, and please keep us updated .

JohnRo

YorkshireBoy wrote: »

It's £150 if you go through the link on this site or the one on the moneysupermarket site.

I couldn't apply online though, it kept flagging me as a previous customer. I had to use a telephone application.

I'd completely forgotten that I used them in 2009-10 for a one year cash ISA but the rep on the phone asked the manager and they allowed the bonus application.

Sigh. It's often like herding cats on here.

Meow.

The rep made a point of explicitly stating in the telephone conversation, for the record, that I had been a previous customer but that the application was being allowed as a first timer since it had only been an ISA I'd held previously.

YorkshireBoy

JohnRo wrote: »

The rep made a point of explicitly stating in the telephone conversation, for the record, that I had been a previous customer but that the application was being allowed as a first timer since it had only been an ISA.

Telephone calls may get lost. Ask them to put it in writing.