Switching to First Direct - can't find clarification what "everyday banking" means

Dooley

I'm looking at switching for the £150 and the website says this:  "To get the £150 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."

I know that I have to pay in £1000 for this switch deal, but can't see it say I have to pay in so much every month.  Is that right?  The account I want to switch isn't the one I get my wages paid into, it's one I use separately as a 'pocket money' account (I siphon funds into their each month and that's my fun spending!).  Will this be ok for the switch offer? Anyone have any knowledge please?

double_dutchy

"Everyday banking" is pretty much a meaningless phrase. Just meet the specific stated requirements - i.e. open the right account, pay in £1,000 within three months and switch through the switching service - if you do all that then £150 should be yours!

Dooley

Perfect, thanks! I'll give it a go

jon81uk

I would expect you need at least one direct debit or standing order for the switching service to work though?

[Deleted User]

jon81uk said:

I would expect you need at least one direct debit or standing order for the switching service to work though?

No you don't, I switched a virgin current account that was just holding £1000 for the 2% interest, nothing else ever went in or out and was paid the bonus fine. I stuck another 800 quid in it, setup the regular saver 3.5% doodad and pay in £150 a month to it, when the saver finishes I'll probably move the account again

CompulsiveSaver

I think it will vary bank to bank, each has different requirements for the Current Accounts, you will need to look at First Directs requirements:
- Some say the Current account you are transferring must have a number of Direct debits (2 is not unusual), and the old current account must be closed as part of the process.
- Some say you must pay in £X per month (this is normally a requirement for each month).
- Some like Nationwide stipulate you must be a new customer ("new" customer can also be a vague definition), or the interest rate might fall significantly (I seem to recall a new customer in First Direct is NEVER had an account with them, as they refused to pay the transfer Bonus as I allegedly had an account with them soon after they opened for business, (it was so long ago I had forgotten), although they seemed to have very few records of it. Others will say no current account since 2019 etc
- So I am afraid you might need to give them a call to check you tick every box.

Daliah

jon81uk said:

I would expect you need at least one direct debit or standing order for the switching service to work though?

whether you need any SOs or DDs will entirely depend on the terms and conditions of a given switch offer.



In response to thread title: I agree with @double_dutchy, "everyday banking" is pretty much a meaningless phrase

double_dutchy

All the relevant conditions for this offer are shown here:

Current Accounts | Open Current Account Online | first direct

In order to just open the 1st account you have to fulfil the following conditions:

....over 18, a UK resident, haven't been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years (or be in the process of doing so), and have a phone number and email address we can contact you with.

Then to get the £150 you need to switch using the current account switching service and pay in £1,000 within three months.

You'll only be eligible for the reward if you have never had a First Direct account and if you haven't opened an HSBC account since 1/1/2019.

There are no other requirements, no DDs required

jon81uk

If you don't have any DDs or SOs what does the switching service actually switch then?

I would have thought there would be nothing to switch!

[Deleted User]

jon81uk said:

If you don't have any DDs or SOs what does the switching service actually switch then?

I would have thought there would be nothing to switch!

Moves your account and money and ensures this is done properly, they don't need a separate one for people without DD etc

Daliah

Deleted_User said:

jon81uk said:

If you don't have any DDs or SOs what does the switching service actually switch then?

I would have thought there would be nothing to switch!

Moves your account and money and ensures this is done properly, they don't need a separate one for people without DD etc

They also set up a redirection service for incoming payments for at least the next 3 years.