First Direct £175 switching bonus- how to hit £1000 qualifying amount?

citizensmitt

Hello all. 

I’m in the process of switching my current account to First Direct in order to get the £175 switching bonus they’re offering. 

Now, you need to pay in £1,000 within 3 months of switching in order to qualify for the bonus. 

What I would like to ask is: do you need to pay in £1,000 in one go or is it just a total that can be reached by any combination of amounts?

Could I transfer £100 in and out 10 times, for instance? Or £300+£700? You see what I mean. 

Many thanks for any help. They don’t make this clear. 

kaMelo

citizensmitt said:

Hello all. 

I’m in the process of switching my current account to First Direct in order to get the £175 switching bonus they’re offering. 

Now, you need to pay in £1,000 within 3 months of switching in order to qualify for the bonus. 

What I would like to ask is: do you need to pay in £1,000 in one go or is it just a total that can be reached by any combination of amounts?

Could I transfer £100 in and out 10 times, for instance? Or £300+£700? You see what I mean. 

Many thanks for any help. They don’t make this clear. 

 All that matters is that the total amount paid in equals £1000, there is no limit on the number of transactions it takes to reach that amount so, what you suggested above, recycling £100 ten times, will be okay.

citizensmitt

kaMelo said:

citizensmitt said:

Hello all. 

I’m in the process of switching my current account to First Direct in order to get the £175 switching bonus they’re offering. 

Now, you need to pay in £1,000 within 3 months of switching in order to qualify for the bonus. 

What I would like to ask is: do you need to pay in £1,000 in one go or is it just a total that can be reached by any combination of amounts?

Could I transfer £100 in and out 10 times, for instance? Or £300+£700? You see what I mean. 

Many thanks for any help. They don’t make this clear. 

 All that matters is that the total amount paid in equals £1000, there is no limit on the number of transactions it takes to reach that amount so, what you suggested above, recycling £100 ten times, will be okay.

That’s great. Thanks so much fir taking the time to reply. 

Bigwheels1111

Like a few on here I believe, we do the banking shuffle.
Take out new account offers, transfer say £500 into first direct on the 1st of the month, then to Halifax from FD on the 5th, then to TSB etc and back again.
All set up on standing orders.
Around and around it goes, but you only need say £300. Just move it around.

citizensmitt

Thanks. But I can just manually transfer stuff back and forth to hit the number, no? I don't need to do standing orders, I didn't think.

Do I need to make the transfers in and out on different days (as you describe) for it to count or can I just transfer it out and transfer it back in straight away? How do they count it?

Thanks again.

Bigwheels1111 said:

Like a few on here I believe, we do the banking shuffle.
Take out new account offers, transfer say £500 into first direct on the 1st of the month, then to Halifax from FD on the 5th, then to TSB etc and back again.
All set up on standing orders.
Around and around it goes, but you only need say £300. Just move it around.

northwalesd

You can do it all manually, and no you don't need to do it on different days, you can transfer in and then straight back out again (or out and back in).

penners324

Don't understand why people set up different days for these things. 

I used have all set up on the same day.

Rockula

Does anyone know whether a £1000 balance transferred over from the closing account as part of the switch fulfils the “£1000 deposit within three months” criteria? Or is a separate £1000 deposit needed, either in one go or made up of smaller payments? Thanks!

Zanderman

Rockula said:

Does anyone know whether a £1000 balance transferred over from the closing account as part of the switch fulfils the “£1000 deposit within three months” criteria? Or is a separate £1000 deposit needed, either in one go or made up of smaller payments? Thanks!

I suspect you won't get a definitive answer. But why not just transfer out that £1000 and then put it straight back in?  

Rockula

Zanderman said:

Rockula said:

Does anyone know whether a £1000 balance transferred over from the closing account as part of the switch fulfils the “£1000 deposit within three months” criteria? Or is a separate £1000 deposit needed, either in one go or made up of smaller payments? Thanks!

I suspect you won't get a definitive answer. But why not just transfer out that £1000 and then put it straight back in?  

Thanks, may do that just to be sure. Helping a relative with this, so hoping to avoid the extra hassle of setting up new payees wherever possible, or at least keep them to an bare minimum! 

Katiehound

penners324 said:

Don't understand why people set up different days for these things. 

I used have all set up on the same day.

because one of the days you select might be a weekend or a BH and some banks don't do payments on those days whilst others do! so you might end up with an overdraft!