First Direct

halfhorse

Can anyone tell me how long I need to stay with First Direct to ensure they don't try to claw back the £150 they gave me for joining?

badger09

Do the switching T&C specify any minimum term? If not, then there isn't one.


These are the terms for the current switch incentive. I don't know if the T&C of any previous switching offer were different, but I doubt it. Have you kept them for reference?

http://www1.firstdirect.com/1/2/banking/switching-bank-accounts

[Deleted User]

I keep my First Direct current account going only for the related Monthly Saver, which offers a generous 6% pa and allows up to £300 per month saving (most similar accounts are up to £250 per month).

There is no minimum pay-in requirement or DD requirement. Just open a savings account (in addition to the Monthly Saver, which doesn't count) and lodge £1 in it to avoid the £10 monthly banking fee which is otherwise chargeable on the current account.

Even if you don't make use of the Monthly Saver, it would make sense to keep your FD current account open to use as a switching account in the future. There is no cost if you open a savings account (can be done in minutes online if you have the current account).

Closing your FD current account doesn't seem a good idea.

badger09

Deleted_User wrote: »

Even if you don't make use of the Monthly Saver, it would make sense to keep your FD current account open to use as a switching account in the future. There is no cost if you open a savings account (can be done in minutes online if you have the current account).

Closing your FD current account doesn't seem a good idea.

OP doesn't say he/she is planning to close their FD account. They may intend to switch it as you suggest;)

eskbanker

Deleted_User wrote: »

Closing your FD current account doesn't seem a good idea.

It might make sense if OP is able to comply with the terms of their service guarantee:

We're sure you'll love our service more than anyone else's, so much so we're banking on it. If you don't enjoy what we're doing after 6 months, but within 12 months of switching, we'll not only help you move banks but give you a £100 as a leaving present.

You must have paid at least £1,000 per month into your account for six months and not have banked with us before, as well as moved to us initially using the Current Account Switch Service.

You must contact us before leaving in order to claim this service guarantee. You'll get the money within 28 days of the criteria being met.

If you do decide to leave, all other products you hold with first direct will also need to be closed.

halfhorse

Thanks everyone. I've had the account for more than 12 months, so no leaving present. I'm thinking of switching it to Santander 123 because I have a few grand to spare and that seems to be the best place to get some interest and cashback on my DDs.

Then I'll switch my wife's Barclays account to FD and get £100. Is that a good idea do you think?

YorkshireBoy

halfhorse wrote: »

Thanks everyone. I've had the account for more than 12 months, so no leaving present. I'm thinking of switching it to Santander 123 because I have a few grand to spare and that seems to be the best place to get some interest and cashback on my DDs.

Then I'll switch my wife's Barclays account to FD and get £100. Is that a good idea do you think?

Depending on your definition of "a few grand", there are better options than Santander...unless you already have 3 x TSB, 3 x Nationwide, 3 x Club Lloyds, 6 x BoS, 4 x Tesco (totalling circa £70K) between you?

Re FD, I'm possibly out of date but do they still have their refer-a-friend scheme? Might get you an extra £50 before you leave them?

halfhorse

YorkshireBoy wrote: »

Depending on your definition of "a few grand", there are better options than Santander...unless you already have 3 x TSB, 3 x Nationwide, 3 x Club Lloyds, 6 x BoS, 4 x Tesco (totalling circa £70K) between you?

Re FD, I'm possibly out of date but do they still have their refer-a-friend scheme? Might get you an extra £50 before you leave them?

I've opened two TSB with £2k each which leaves around £10k and we already have two Tesco accounts. What would you recommend?

YorkshireBoy

halfhorse wrote: »

I've opened two TSB with £2k each which leaves around £10k and we already have two Tesco accounts. What would you recommend?

For a couple...

Nationwide pays 5% on £7.5K in 3 accounts, and will take a further £1K a month in their 5% regular savers.
Lloyds pays 4% on £15K in 3 accounts.

badger09

YorkshireBoy wrote: »

For a couple...

Nationwide pays 5% on £7.5K in 3 accounts, and will take a further £1K a month in their 5% regular savers.
Lloyds pays 4% on £15K in 3 accounts.

And both Nationwide and Lloyds have linked regular savers at the same rates as their current accounts.

msallen

badger09 wrote: »

And both Nationwide and Lloyds have linked regular savers at the same rates as their current accounts.

Lloyds doesn't any longer.