Minimum Payments For First Direct

Sleighton123

Backstory is i have 3 accounts with Barclays which are all useful in one way or another however as you may or may not know they don't support Android pay (they have their own app) but i would like something which integrates with my phone/watch so i was looking at potentially taking out a first Direct Account to use as my everyday account for contactless payments but i'm not sure how the "paying in" part works.

I can easily transfer £1000 in and then out again (leaving an allowance to use for my everyday) but is that all that needs to be done ?

It sounds like an obvious flouting of their rules so doesn't sound right or is this just classed as "playing the system" ?

ColdIron

That will work fine and common practise for many accounts but with the First Account there is an even easier method. Pop a pound in one of their savings account (except the Regular Saver) and the monthly £1,000 requirement is waived

Sleighton123

Thanks for your reply and a good bit of knowledge there as well. I've put the application through - thanks once again

PRAISETHESUN

Unless the T&Cs state that the money needs to stay in the account for a minimum period of time (which they don't for FD FYI) then there is absolutely nothing stopping you paying in and then immediately paying out again. I personally have a set of standing orders from my accounts paying in and out on the same day so it is completely automated, although the hack with regards to the savings account is also a very easy way to avoid the monthly fee for FD

polymaff

And if you are a saver, don't forget that FD do a 5% regular saver.

aj23_2

It's also fee-free for first six months regardless of whether you hold another product in that time. I opened a basic savings acc anyway with a £1