First Direct and Direct Debits.

Keoking

I am thinking of switching to FD before the £125 introductory offer ends on Monday. Do I have to have any direct debits with FD to get the £125? Or can I just switch my Tesco account, which has no DD's, to FD?

Willing2Learn

To get the £100 cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account.

The above is quoted from the First Direct website.

I just briefly checked. It doesn't say anything about requiring DDs, as far as I can see.

Keoking

Do I need to use the switching system or can I just open an account?

Willing2Learn

You don't have to switch if you don't want to. So yes, you can simply open up a First Direct account without switching.

Terry98

Willing2Learn wrote: »

You don't have to switch if you don't want to. So yes, you can simply open up a First Direct account without switching.

...but you will not get the £125.

Keoking

Thanks guys. Looks like use the switching service then. After all, the object of the exercise is get the cash.

tel_

I'm still unclear on the above posts.

Here's what MSE has posted about the First Direct terms & conditions:

'get £125 within roughly 40 days when they switch to it (£100 if you apply direct)'

It's the '£100 if you apply direct' that confuses me.

I take it you still have to 'prove' you are closing a bank account down, if you cannot use the switch service, to claim the £100 instead?

YorkshireBoy

tel_ wrote: »

I'm still unclear on the above posts.

Here's what MSE has posted about the First Direct terms & conditions:

'get £125 within roughly 40 days when they switch to it (£100 if you apply direct)'

It's the '£100 if you apply direct' that confuses me.

I take it you still have to 'prove' you are closing a bank account down, if you cannot use the switch service, to claim the £100 instead?

If you apply directly on the FD website the offer is £100.

If you click through an affiliate link on the MSE website the offer is £125.

You must switch using the CASS for either offer. However, if the old account provider is not a member of the CASS then I understand FD have previously paid an incentive (in this case the £100) for a manual switch.

colsten

YorkshireBoy wrote: »

You must switch using the CASS for either offer. However, if the old account provider is not a member of the CASS then I understand FD have previously paid an incentive (in this case the £100) for a manual switch.

Only very few current account providers are not members of the CASS: https://www.currentaccountswitch.co.uk/banksandbuildingsocieties/Pages/banks.aspx

Though it's only their normal current accounts that can be switched. Hybrid accounts / offset mortgage accounts, such as the RBS OneAccount, can't be switched by CASS.