Switching to First Direct with donor account 19 February at 5:39PM in Savings & investments 2 replies 157 views

throughtheblue

I want to switch to First Direct to take advantage of their current switching bonus, but I want to keep my main current account, as I may apply for a mortgage within the next 6 months. I thought about setting up a donor current account in with £1000, to receive the bonus and access to their regular saver. From what I can see, First Direct suggest that just £1000 needs to be paid in, it says they will move direct debits for you, but it doesn't say there needs to be 'x' amount of direct debits.

Is this something that should work in practise?

throughtheblue

Sorry, just realised posted in the wrong area. Please delete as appropriate.

Reg_Smeeton

I completed the FD switch in January. I don’t think the existing balance in the donor account counts as “pay in”, I reduced the balance of my donor account to £0.01 and then manually added the £1000 to the new FD account. No, you don’t need any DDs. 

Think I started the switch on Jan 3rd and had the switch bonus in the account by the end of that month. Very easy.