First Direct Current Account Minimum funding requirement?

beefturnmail

Does the First Direct Current Account have any sort of minimum funding requirement.

I am just reviewing my accounts and I have some money cycling through this account (which I have purely for the monthly saver) however I can't see anything on the t & c which specifies a minimum funding requirement. This makes me think I needed this to get the switch incentive when I originally switched but is no longer required?

Thanks

binaryuniverse

There is no minimum funding requirement. However, if you do not have another First Direct product (bar Regular Saver) or pay in at least £1000 a month, you will have to pay £10 to use the account, after the first 6 months.

beefturnmail

Thanks -

I can see that on the t & c now which says at least £1000 per month (not including transfers from other First Direct accounts). Does anyone know if the bit in brackets means just First Direct accounts held in my name, or would a transfer from a FD account held in my wife's name be enough to meet the min funding condition?

soulsaver

beefturnmail wrote: »

Thanks -

I can see that on the t & c now which says at least £1000 per month (not including transfers from other First Direct accounts). Does anyone know if the bit in brackets means just First Direct accounts held in my name, or would a transfer from a FD account held in my wife's name be enough to meet the min funding condition?

You know the answer to this question, just needs a bit of thinking..

enthusiasticsaver

Just open a FD savings account and keep a nominal amount in it. That is what I do. Never paid the £10 charge yet.

beefturnmail

soulsaver wrote: »

You know the answer to this question, just needs a bit of thinking..

Nope. Thought about it. Still not sure. If you know the answer, I'd be so grateful if you could share your esteemed knowledge

beefturnmail

enthusiasticsaver wrote: »

Just open a FD savings account and keep a nominal amount in it. That is what I do. Never paid the £10 charge yet.

That's a good idea - I think I will do that

RG2015

enthusiasticsaver wrote: »

Just open a FD savings account and keep a nominal amount in it. That is what I do. Never paid the £10 charge yet.

I was speaking to an FD customer services man on the phone and I mentioned having to pay in £1,000 after 6 months and he told me not to bother and to just open any savings account other than the regular saver to avoid the £10 monthly fee.

TheShape

beefturnmail wrote: »

Thanks -

I can see that on the t & c now which says at least £1000 per month (not including transfers from other First Direct accounts). Does anyone know if the bit in brackets means just First Direct accounts held in my name, or would a transfer from a FD account held in my wife's name be enough to meet the min funding condition?

If it says 'not including transfers from other First Direct accounts' then that is what it means, therefore a transfer from your wife's First Direct account won't meet the requirement.

patientperson

A question for those with knowledge of the First Direct Current Account.

I made an account switch to First Direct and all went smoothly.The switch took over some DD and STO. To find more DD payments (after Tesco) then I think I can free up a few from my FD current account. I have looked at FD documentation but find no mention of the necessity of having any DD.

Any comments from more experienced FD users?.

Jibeddy

patientperson wrote: »

A question for those with knowledge of the First Direct Current Account.

I made an account switch to First Direct and all went smoothly.The switch took over some DD and STO. To find more DD payments (after Tesco) then I think I can free up a few from my FD current account. I have looked at FD documentation but find no mention of the necessity of having any DD.

Any comments from more experienced FD users?.

I'm not sure exactly what your question is. But I think your question is, do you require direct debits to avoid any fees or to receive the switching incentive?

No you don't.