First Direct - Genuine Switch - Question

dollydiva

I genuinely want to switch my bank account to First Direct, but have a query regarding the £10 monthly fee.


MSE 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."


I'm short of the £1000 per month, but CAN put in a lump sum of £1000 and leave this untouched. Would this then qualify as the waiver under the 'have an average monthly balance of £1,000'?


It would appear so, but I'm not sure.


Many thanks!

Eco_Miser

If the balance never falls below £1000, then the average balance cannot be less than £1000.

However, £1 in a suitable Saving account will work just as well.

Polly05

Yeah, I think that works...

face-t

Eco_Miser wrote: »

However, £1 in a suitable Saving account will work just as well.

1. I don't know anyone with FD account, so can I ask you a question: are there any special procedures or application required to open Saving Account? Can this be denied? [not including Regular Saver Account]. Or as simple as transfer between internal accounts?

2. Does paying in £1000 from ie Barclays to FD, and transferring it back to Barclays within 1 day counts as "paying in £1000 into account" ?

3. Can anyone holding account with FD have ever bought their insurance, COMPARED it with any other? How does it compare?

4. Lastly - what is it about last* bullet point ["if there are no transactions on your 1st Account for more than 90 days and the balance is less than £10"]
I want member of my family to switch account, but indeed there is hardly any cash movement on it. But what types of transactions can't have a place on it?

Still I regard £1 Saving Acc the best option if it is simply to be done. Can you advice please.

Dovestones

When you get accepted for the current account and have your telephone 'interview' to set up telephone and internet banking you should ask to set up the regular saver. If you also open an everyday esaver account and deposit a tenner that will cancel out the £10 monthly fee.

enthusiasticsaver

I have just switched to FD and opened a regular saver and everyday saver online with no special procedures.

You can transfer £1000 from your Barclays account to your FD account and then back again to satisfy the income criteria to avoid fee or just put a small deposit in the everyday saver which will do the same job.

Don't know about insurance

The £10 fee is not charged if the account has had no transactions on it for 90 days and has a small balance in other words is almost dormant.

enthusiasticsaver

dollydiva wrote: »

I genuinely want to switch my bank account to First Direct, but have a query regarding the £10 monthly fee.


MSE 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."


I'm short of the £1000 per month, but CAN put in a lump sum of £1000 and leave this untouched. Would this then qualify as the waiver under the 'have an average monthly balance of £1,000'?


It would appear so, but I'm not sure.


Many thanks!

I would not leave £1000 in a first direct current account unless it is to feed a regular saver. It is earning no interest