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First Direct switching reward
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Posts: 23 Forumite
Hi,
I have a current account which I don't really use at present. Would I be able to transfer this to first direct for the £125 reward providing that I add £1000 to the account?
The info page doesn't seem to suggest that the account that is being switched needs any direct debits but I thought I'd check.
Thanks
I have a current account which I don't really use at present. Would I be able to transfer this to first direct for the £125 reward providing that I add £1000 to the account?
The info page doesn't seem to suggest that the account that is being switched needs any direct debits but I thought I'd check.
Thanks
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Comments
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Indeed, FD doesn't require DDs for getting the bonus.0
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If you have the £1000 earning interest elsewhere you don't need to leave it in either, you can take it straight back out.
When I joined 12mths ago it was free banking for the 1st 6 months and then you had to hold a balance of £1k or deposit £1k per month. Once deposited there is no obligation to leave it thereIt may sometimes seem like I can't spell, I can, I just can't type0 -
MyOnlyPost wrote: »When I joined 12mths ago it was free banking for the 1st 6 months and then you had to hold a balance of £1k or deposit £1k per month.0
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Thanks.
I opened a second current account with my bank today, which I hope to use to take advantage of the of the current account switching awards. (Turns out the accounts I thought were current accounts were savings accounts) How soon can I switch my existing current account without it affecting my credit rating?0 -
You can switch straight away but it will always have some effect on your credit rating so if yours is borderline you may want to waitIt may sometimes seem like I can't spell, I can, I just can't type0
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MyOnlyPost wrote: »You can switch straight away but it will always have some effect on your credit rating so if yours is borderline you may want to wait
Thanks. My credit rating is good according to the MSE credit club. I'll be looking at getting a mortgage at some point between a year to two year's time. Do you think it'll have any effect on that, or will the effect be minimal?0 -
It should be minimal, when applying for a new bank account you are in effect increasing your ability to lend which will have a small negative impact. Even though you may not apply for an overdraft you have the ability to ask for one so the more accounts you have the higher the lending potential.It may sometimes seem like I can't spell, I can, I just can't type0
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Thanks. My credit rating is good according to the MSE credit club. I'll be looking at getting a mortgage at some point between a year to two year's time. Do you think it'll have any effect on that, or will the effect be minimal?
A year or more away, you'll be fine. Get switching. Put that £125 towards your deposit and make use of the FD regular saver @ 5%.0
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