First Direct switching reward

sosotalk

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

grumbler

Indeed, FD doesn't require DDs for getting the bonus.

MyOnlyPost

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 there

YorkshireBoy

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.

...or hold a qualifying fee-waiver product (list on their website).

sosotalk

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?

MyOnlyPost

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

sosotalk

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?

MyOnlyPost

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.

TheShape

sosotalk wrote: »

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%.