My First time switching Current Accounts Need Help

Callistog

Hi all,
This is my first post and I have looked at the best current account switch for me and I've decided to switch to First Direct. To get the incentive I need to pay at least £1,000 into the account within the first 3 months.

I currently have £300 in my current account If I switch to First Direct does that mean I only need to pay in an additional £700 to get the reward? Or would I need to pay in an extra £1,000 on top of the amount I switch with?

masonic

Callistog wrote: »

I currently have £300 in my current account If I switch to First Direct does that mean I only need to pay in an additional £700 to get the reward? Or would I need to pay in an extra £1,000 on top of the amount I switch with?

Any balance transferred as part of the switch would not count towards the required £1000 deposit. Of course you could transfer it manually if there is a window between your account being opened and the switch being processed.

Callistog

Thanks for the reply! sorry if this is an obvious question...
According to the terms I need to deposit at least £1,000 within the first 3 months.
So I could just bank transfer £1000 from one of my other accounts into my new one and get the reward right?

YorkshireBoy

Callistog wrote: »

Thanks for the reply! sorry if this is an obvious question...
According to the terms I need to deposit at least £1,000 within the first 3 months.
So I could just bank transfer £1000 from one of my other accounts into my new one and get the reward right?

Short answer:

Yes.


Long answer:

Like many others before you, you're overcomplicating things and looking for the catch.

Well the good news is there isn't one. You can do as you say, pay in £100/week cash at a HSBC branch, send them 4 cheques of £250 each. You could even pay your income in...which is what they hope you will do.

Callistog

Thanks for confirming that for me!
The First Direct account is probably the best reward for me as a lot of the current account switch deals at the moment require you to put money in each month which I don't have. I am a full time student and my student account is actually with HSBC so it is convenient that I can access all my accounts from their branch.

I understand that the First Direct account charges you after 6 months however I could just leave before then and switch to another current account and maybe get another reward right?

YorkshireBoy

Callistog wrote: »

...a lot of the current account switch deals at the moment require you to put money in each month...

Really? Which ones?

I understand that the First Direct account charges you after 6 months

They will if you let them. By that, I mean if you haven't read the T&Cs and seen how easy it is to avoid the fee.

however I could just leave before then and switch to another current account and maybe get another reward right?

Right.

Westie983

Callistog wrote: »

Thanks for confirming that for me!
The First Direct account is probably the best reward for me as a lot of the current account switch deals at the moment require you to put money in each month which I don't have. I am a full time student and my student account is actually with HSBC so it is convenient that I can access all my accounts from their branch.

I understand that the First Direct account charges you after 6 months however I could just leave before then and switch to another current account and maybe get another reward right?

I am not sure how picky first direct is but you may find it harder if you are a student but nothing hurts to try and make an application if you haven't made many/some recently.

Others have mentioned that the switch closure and transfer doesn't count towards the required amount but you can just withdraw and pay it back in and repeat if you so wish.

In relation to the account fees after 6 months you can avoid that by opening a savings account which released you from the fees, but of course you can switch out again if there is a new incentive but again you may find it harder being a student and a new application and credit check only you know what your credit file looks like.

Westie983