I got rejected by First Direct...what should I do now?

justvisiting1

I heard you can get around £150 if you switch bank account. I currently have the Co-op but was rejected by First Direct peculiarly as I do have a decent amount of savings. What bank should I switch to now if at all to get free money?

TheShape

The amount you have in savings will not influence the chances of being accepted for a current account, your credit file would.

Try whichever account offers the best switching bonus but probably best to avoid HSBC and M&S for now as First Direct is a division of HSBC and M&S a subsidiary of HSBC so your chances may be lower with them.

Check the Best Bank Account article on the main site.

JuicyJesus

TheShape wrote: »

Try whichever account offers the best switching bonus but probably best to avoid HSBC and M&S for now as First Direct is a division of HSBC and M&S a subsidiary of HSBC so your chances may be lower with them.

This isn't necessarily true. The three HSBC brands have differing credit standards and FD are notoriously the pickiest.

JVenture

You are applying for an account which offers a credit facility and a bonus for switching, from a risk mitigation and cost standpoint banks run credit checks and internal standards checklists if you dont meet the criteria of someone who will offer a greater reward than risk you will be bounced back.

I would look on the referral section, betters odds of acceptance as the checks are different more based on the person referring and there habits.

Djene

I've been getting rejected from FD for years now. I've been applying maybe once or max twice a year. Never had an issue with any other bank. Even accounts that come with automatic overdrafts.

Apart from Private Banks. I think they're one the only banks I've not held an account with over the years.

Can't imagine how high their criteria is. Or what else they judge prospective new customers on.