Top Bank Accounts Discussion Area

blueberrypie

First Direct questions:
- can the £1500 deposit be non-salary? could it be a transfer from another account held elsewhere?
- is there any requirement to be earning over the £23k? The only place I see this mentioned is the MSE description - is this just a simplification of the £1500/month requirement?
- can the £1500 deposit be partly/fully tax credits, child benefit etc?
- there seems to be no opt-out on the overdraft - so I assume that means credit scoring. Having taken advantage of the Halifax fivers deal recently, there are already three recent checks on my account. Is this likely to be an issue for FD, or for anyone else in the future?
- do you need to transfer any DDs/SOs to them to get the £100 *opening* bonus? (I know that you need to do so if you're going to get the "no I don't like FD so I'm leaving" bonus.)

trilobite

Hi, sorry if these questions have been answered before or sound dumb, I did try searching but this thread is very long. This concerns the A&L Premier Direct/Current accounts

First of all I'll echo caseyjones' question:

caseyjones wrote: »

A&L account:
Just wondering if I can simply deposit say £100 and then withdraw it to my regular bank account repeat x5 to get the bonus?

I'm pretty sure it should be ok, but it always pays to double check.

Secondly, can I just apply for this as a standalone account or do I HAVE to switch my account? I couldn't find any answers on the A&L website. I'd rather leave my current account alone, not because its good becuase it certainly isn't I just don't want to meddle with things too much.

Thirdly, basically the reason I want this account is for the 0% overdraft facility, is this why I need to switch (to transfer the overdraft limit) or could I open another current account in another bank specifically to switch it to this one? Please anyone who has experience in this or knows of any reasons it wouldn't work. I don't trust banks in the least and don't want to get in any trouble.

leaphaze

caseyjones wrote: »

A&L account:
Just wondering if I can simply deposit say £100 and then withdraw it to my regular bank account repeat x5 to get the bonus?

Also, what happens if you don't have DDs or Standing Orders to transfer yet you chose the option anyway? I gave them the details of an account that I don't really use to switch (so they couldn't mess anything up) and as such it only had a couple of bank transfer details set up until I made a token SO just now.
Thanks.

Deposit 5 x £100: Yes should work; I usually transfer £500 in one go, but have on occasion I've done this in small bites because the money's coming from several a/cs.

Switching: I have opened/closed several A&L current a/cs over the years for the cash back and extra interest; I've never switched; just said no on the application form; always got the benefits as stated.

leaphaze

trilobite wrote: »

Secondly, can I just apply for this as a standalone account or do I HAVE to switch my account? I couldn't find any answers on the A&L website. I'd rather leave my current account alone, not because its good becuase it certainly isn't I just don't want to meddle with things too much.

Thirdly, basically the reason I want this account is for the 0% overdraft facility, is this why I need to switch (to transfer the overdraft limit) or could I open another current account in another bank specifically to switch it to this one? Please anyone who has experience in this or knows of any reasons it wouldn't work. I don't trust banks in the least and don't want to get in any trouble.

Hi Trily

No you don't have to switch. My main a/c is with NationWide. I open/close an A/L a/c to get the cashback & extra interest rate. I've been doing this for many years, closing the a/c when the interest rate drops, waiting 6 months then re-opening another. I don't even need to re-register for internet access each time. A/L realise I'm the same person so I can use the old login details for the new a/c.

I've used it for the higher interest rate, but you can take advantage of the overdraft, transfering the limit as you say. Just remember to pay in your agreed amount each month, then pay out again when it's cleared. I haven't done this myself, but can't think there'd be a problem.

You can get into a nice rhythm transferring money to and fro, and usually I forget when the special benefits come to an end. For me this just means the interest amount drops, but for you, you'll need to remember to pay off the overdraft at the end of your 0 APR period! Having said that, A/L overdraft charges are low, probably lower than your main current a/c anyway, so maybe keeping the account open beyond the 0 APR period will still keep your costs low.

rockandrollpasty

on the a/l website it say;
"To be able to have a Premier Current Account, you must be over 21 and pay in at least £500 to your account every month. Cash, cheques and your salary all count towards this monthly amount, and they can be spread out over the month"
I just want to be crystal on this, from what i've read on here im assuming this includes any transfers from other current accounts, am i right?

????????_24

I am currently with Yorkshire Bank & have a number of business accounts all of which have never been overdrawn but i feel that their business charges are expensive. Does anyone have any comments on which bank might be cheapest on charges for business banking?

purplestar133

rockandrollpasty wrote: »

on the a/l website it say;
"To be able to have a Premier Current Account, you must be over 21 and pay in at least £500 to your account every month. Cash, cheques and your salary all count towards this monthly amount, and they can be spread out over the month"
I just want to be crystal on this, from what i've read on here im assuming this includes any transfers from other current accounts, am i right?

Yes, I opened an account with the same benefits last year and I just transfer money in from my other current account every month. As long as the rules haven't changed this year, then that should be fine. I don't think they care where the money comes from, as long as you put £500 in each month.

stphnstevey

???????? wrote: »

I am currently with Yorkshire Bank & have a number of business accounts all of which have never been overdrawn but i feel that their business charges are expensive. Does anyone have any comments on which bank might be cheapest on charges for business banking?

Abbey - See small bus forum post on SB Bank Accounts

voodoomox

Banking with first direct usually costs £10 a month, but it's free when you pay in at least £1,500 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,500 or hold a first direct mortgage (or a selected additional first direct product if your account was opened before 2 February 2009).

Has anyone been charged under the new rule?

Synonymous

Does anyone know of a cashback site for the 1st account with First Direct, wepromiseto were doing it but have stopped now