First Direct question

sharpharp

When joining First Direct, to qualify for the £100 switch, they say you have to pay in £1000 within 3 months, does that mean you can pay in £1000 just once and then withdraw it or do you have to keep a balance of £1000 as well?

To qualify for the FAREWELL £100, it says you have to pay in £1000 for six months, again can you pay in and take it out immediately every month to qualify?


Thanks

TheShape

I've just applied for this account. As far as I can tell you just have to pay in £1000 within three months to quality. What you do with it then is up to you. £300 of mine will go straight into the regular saver. Most of the rest will go off to some other savings account.

Be aware that there is a £10 p/m charge if you do not credit £1000 p/m or have a £1000 average account balance. This can be avoided though by having another qualifying product such as a savings account with them. I was able to apply for the savings account as part of the current account set-up.

eskbanker

sharpharp wrote: »

To qualify for the FAREWELL £100, it says you have to pay in £1000 for six months, again can you pay in and take it out immediately every month to qualify?

Yes, there is no mention of keeping the monthly £1,000 in the account for any specified period and therefore it can be withdrawn immediately.

Also worth noting that you have to come up with some sort of justification for claiming this second payment, explaining the reason why you're unhappy with their service ("You must contact us before leaving in order to claim this service guarantee").

sharpharp

Thanks for the info.


Could anyone who has LEFT First Direct and got the Farewell payment, can you give some examples of what reasons you said?


I'm interested in joining, but if I do leave, I want to ensure there is no wiggle room for them to not pay up the farewell payment

schiff

I do personally believe that some of the ruthless tactics to squeeze money out of offers (in general), and recommended by Martin Lewis himself, can seem very near the bone. But this I think is the worst - to maybe invent a reason why they have been unsatisfactory to claim the £100 refund. First Direct should never have offered it.

schiff

sharpharp wrote: »

can you give some examples of what reasons you said?

On October 14th 2016 when I logged in to check my balance, you were offline to carry out some regular maintenance or something. I wasn't happy.

mt99

I would wait until nearer the time I am sure something will turn up! If nothing else I would bet they reduce their regular saver from 6%...

System

First Direct are part of the one largest global banks (HSBC)
It's a drop in the ocean of their marketing budget.

schiff wrote: »

But this I think is the worst - to maybe invent a reason why they have been unsatisfactory to claim the £100 refund. First Direct should never have offered it

ceredigion

mt99 wrote: »

I would wait until nearer the time I am sure something will turn up! If nothing else I would bet they reduce their regular saver from 6%...

If they do cut the 6% RS, and it effects you, you won't get the leaving £100.

sharpharp

ceredigion wrote: »

If they do cut the 6% RS, and it effects you, you won't get the leaving £100.

Do you have to get the Regular saver? I only want the "1st Account" they do, not the regular saver.

Jibeddy

sharpharp wrote: »

Do you have to get the Regular saver? I only want the "1st Account" they do, not the regular saver.

No you don't but it's a cracking rate!