Top Bank Accounts Discussion Area

Megalomaniac

Gene wrote: »

Is this just a case of the article not being updated?

I noticed this the other day and I think it is an oversight from when interests were higher. There's no savings account available at the moment which offer > 4% instant access. There's a few people on the forum that have a few of these Vantage accounts and use them for savings, moving £1000 out then back in every month.

voodoomox

Good news, I received a message from First Direct saying 1st account will not charge 10 pounds from 1st September if you have a savings, credit card, and so on... (reverting to pre-2 February 09) :money:

Not sure if anyone's got it.

Megalomaniac

voodoomox wrote: »

Good news, I received a message from First Direct saying 1st account will not charge 10 pounds from 1st September if you have a savings, credit card, and so on... (reverting to pre-2 February 09) :money:

Not sure if anyone's got it.

Are there any terms and conditions saying how much you would need to keep in the savings account at all? The rates of interest are, well, pathetic (unless you have a mortgae with them)!

AndrewAfresh

I want to pay in cash to my First Direct account but my local cash machine doesn’t have an option to do this. Does anyone know which machines will accept deposits into First Direct current accounts? They don’t have branches do they?

username

andrewafresh wrote: »

I want to pay in cash to my First Direct account but my local cash machine doesn’t have an option to do this. Does anyone know which machines will accept deposits into First Direct current accounts? They don’t have branches do they?

No but you can use the machines/counters of any HSBC branch to pay cheques or cash in.

smcg2212

If I wanted to get the two £100 incentives from First Direct, could I just set up two standing orders from another account, to put in and take out £1,500 each month? Or is it a lot more involved than that??

I've searched this thread and have found similar questions to this asked but couldn't find any answers. Any help would be really appreciated!

LongTermLurker

smcg2212 wrote: »

If I wanted to get the two £100 incentives from First Direct, could I just set up two standing orders from another account, to put in and take out £1,500 each month? Or is it a lot more involved than that??

I've searched this thread and have found similar questions to this asked but couldn't find any answers. Any help would be really appreciated!

The two incentives are to open and subsequently close the account - I don't understand your thinking re setting up 2 SOs into the FD account?

Basically, to get the 2x £100, you will need an existing current account that you want to transfer existing Direct Debits and/or Standing Orders from (that's not a SO into FD, it's "move your electricity bill DD from BankX to First Direct").

You will need to meet the basic FD account rules (see their website for details, because they are changing from 1 Sept). After this point, you'll be credited with £100. You will need to continue to meet those rules for 6 months. After 6 months, you can ask them to close the account and move all direct debits/standing orders to another bank - they will then pay you another £100.

In terms of funding, and your original question, there's no reason why you can't set up ONE standing order for £1500 per montha to feed your FD account - then you can set up a standing order within the FD account to move £1500-value_of_direct_debits_etc back out again the next day.

Those direct debits/standing orders that you move can be minimal, say a £1 subscription to something or a £1 transfer to one of your other accounts.

voodoomox

Megalomaniac wrote: »

Are there any terms and conditions saying how much you would need to keep in the savings account at all? The rates of interest are, well, pathetic (unless you have a mortgae with them)!

Nope... 1 pound savings (except regular savers) will do....then you can put the rest elsewhere....

FYI, the letter states:

"Changes to fees on 1st Account - extension of Banking Fee Waivers.
We're writing to let you know about some changes relating to your 1st Account that come into force from 1
September 2009. These changes are to our interest rates and charges information and apply to the
circumstances in which we will not apply the 10 pounds per month Banking Fee.
As you will be aware, you have to pay our Banking Fee for each month or part of a month that you hold a 1st
Account unless we waive the fee. From 1 September 2009, our Banking Fee Waivers will provide for more
circumstances in which a fee will not be payable, and are shown in full below. Please pay particular attention
to the second section of the second bullet point which has changed. Previously this only referred to holding a
first direct mortgage:-
Banking Fee Waivers
You will not have to pay the Banking Fee:
- for the first six months following account opening;
- for any month in which you:
-pay into your account* (other than by internal transfer from another first direct account) a minimum of 1,500
pounds or you maintain an average monthly balance on your account* in excess of 1,500 pounds (month
means calendar month and we will work out the average monthly balance by adding together the end of day
balances for each day during the month and dividing the sum by the number of days in the month); or
- hold a first direct mortgage, credit card, personal loan, savings account (*excludes Regular Saver Account
and a Regular Saver ISA held for less than 12 months), first directory, or first direct car or home insurance
policy; or
- in relation to any second or subsequent 1st Account held in the same name. If you hold a sole and a joint
account, your joint account will not be considered to be in the same name as your sole account. If you hold
more than one joint account, those accounts will not be considered to be in the same name unless all joint
account holders are the same; or
- if your account is inactive for more than 90 days and the balance on this account is less than 10 pounds.
*Where multiple current accounts are held, accounts will be considered individually in respect of balances
and credits received and will not be aggregated when assessing whether a fee is payable."

voodoomox

andrewafresh wrote: »

I want to pay in cash to my First Direct account but my local cash machine doesn’t have an option to do this. Does anyone know which machines will accept deposits into First Direct current accounts? They don’t have branches do they?

First Direct is a division of HSBC, you can deposit money in any HSBC banks.... I think you can even use their counter service.

LongTermLurker

savings account (*excludes Regular Saver Account
and a Regular Saver ISA held for less than 12 months)

I do believe I've spotted a loophole...

It appears you won't qualify for the waiver if you have a RS and a sub-12 month RSI (ouch, my wrist :rotfl:), but it says and, not or...:D