Santa's coming - with 8.50%

moneylover

LittleVoice wrote: »

Interesting - but you have to have a First current account with them. They say, "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, hold a selected first direct additional product, or maintain an average monthly 1st Account balance of £1,500."

And that current account pays no interest on credit balances.

So, as long as you open a current account and have a second account the amount of money in these two accounts can be minimal?
So you need to do a standing order for £300 a month into current account and then have another standing order from the current account to savers account and that way you can have your 8% saver with no additional problems?

mary

Correct and they set up the SO for me from the 1st Account. Nothing else to do.

johnmoney05

Just opened the Santa's account with 8.50%. Only received the Passbook from them.

Anyone can tell me how to fund this account? Standing Order? Or need to post cheque to them with the Passbook every month? Thanks.

DeepSporran

Set up a standing order. No need to send in the passbook every month.

Chorley bank details are sortcode 161622 account 11758805 and the reference is your account number. (However if it was me I'd check these details by phoning the Chorley. After all, they are being provided by some bloke on the internet - they could be DeepSporran Bank Ltd. for all you know )

mary

Those are the same details I use.

DeepSporran

mary wrote: »

Those are the same details I use.

maybe it's Bank of Mary Ltd.

Only teasing - but it's always worth stressing that people should do their own research and check everything with the institution rather than accept as gospel what they read on forums.

johnmoney05

Thanks. Guys. I also just received a reply from Chorley BS:-

>>>>>>>>>>>>>>>>>
You can either send us a cheque every month or you can set up a standing order, the details you need are

Account No 11758805
Sort code 16-16-22
and where they ask for a reference or roll no thats where you quote your account no here.

Regards
Customer Advisor
>>>>>>>>>>>>>>>>>>>>

hyposmurf

Hope those arent your details on there!

LittleVoice

mary wrote: »

I have First Direct at 8%. I opened a 1st Account and also an Esaver, have £10 in each, and will keep them open for the duration of the 8% RS. Don't need to keep in a balance of £1,500 - confirmed by Customer Services when I opened the account. (In any case the £10 would not be charged for the first 6 months)

Well, the quote in my post to which you are referring was direct quotation from First Direct's website.

My reading is that though you don't have to keep a £1,500 balance, if you don't you will be charged £10 (and it didn't mention not being charged that for the first half-year but I'm not disputing it may appear elsewhere).

johnmoney05

hyposmurf wrote: »

Hope those arent your details on there!

Yes. Indeed!