First Direct Switching Offer with Top Cashback

rider22

MrFrugalFever said:

I went via TCB and it has taken since 23rd November til 10th Dec to pay in. At first I wondered how on earth it would track as you have to come away from their website completely and carry on in the App via app store download etc but I guess when you put your email address etc in to First Direct website this is enough for them to track and FD to confirm setup of account.

I am yet to receive my £175 switch bonus in to my account though, I put £1,000 in on very first day the account was fully opened (1 day after I applied for it) and then immediately withdrew it. Wonder if that may not have been enough / timings would prevent them from paying? My full switch completed on 6th December.

the email on TCB and first direct have to be the same for it to be tracked??

MrFrugalFever

rider22 said:

MrFrugalFever said:

I went via TCB and it has taken since 23rd November til 10th Dec to pay in. At first I wondered how on earth it would track as you have to come away from their website completely and carry on in the App via app store download etc but I guess when you put your email address etc in to First Direct website this is enough for them to track and FD to confirm setup of account.

I am yet to receive my £175 switch bonus in to my account though, I put £1,000 in on very first day the account was fully opened (1 day after I applied for it) and then immediately withdrew it. Wonder if that may not have been enough / timings would prevent them from paying? My full switch completed on 6th December.

the email on TCB and first direct have to be the same for it to be tracked??

I would assume so, mine was.

MrFrugalFever

I still haven't received my payment from FD for switching, the switch completed on 6th December (after opening account on 22nd Nov) I guess i'll need to wait the full 28 days from switch before raising a complaint, was hoping to have had it just before Xmas

billyboy

Account opened 30th Nov. Payment of 175 received 22 Dec together with 40 Top Cash Back. I was not expecting incentive as I have had one from First Direct 6 years ago and one from HSBC last year so excluded on both counts. Worth a punt for anyone in similar situation as nothing to lose. However tried a couple of times to open account for wife but rejected both times.  I will give it another go. Happy Christmas and keep the Bank incentives coming next year,

kdalwayskint

is there a way to do this without closing my account with a different bank? 

I have lots of little saving accounts feeding from my current account.

I have opened a FD account, I have yet to transfer £1000 but will do this in the next day or so.

I've had my current bank account for 15+ years and have never done a switch before.

MrFrugalFever

To get the switch incentive £175 you'll need to use the CASS process which automatically closes down the donor current account on the 7th day. You could open a separate account to switch out from, I did this with Monzo as was a soft credit check and meant I didn't lose a main current account that i'd had for 17+ years.

Hope you went through TCB to get the (now) £45 additional cashback bonus.

adindas

DJSINGH said:

Can you get the £45 for just opening an account (without doing a switch)?

If my memory serves well, first direct is doing a hard credit check to open a new account, even when you already have account with them or HSBC. So it is actually quite risky, unless there is a clear pattern that you get cashback if you already have account with them, and not having DD.

DJSINGH

adindas said:

DJSINGH said:

Can you get the £45 for just opening an account (without doing a switch)?

If my memory serves well, first direct is doing a hard credit check to open a new account, even when you already have account with them or HSBC. So it is actually quite risky, unless there is a clear pattern that you get cashback if you already have account with them, and not having DD.

Does the Topcashback say you have to switch though? Thought it was just for opening via them?

billyboy

Correct you get that for opening it only so no need to switch.
Not sure what is risky about credit checks, hard or soft. I must have had loads and it never seems to make any difference to my credit score. At the end of the day they either give you the incentive or not. Nothing to lose either way.

adindas

billyboy said:

Correct you get that for opening it only so no need to switch.
Not sure what is risky about credit checks, hard or soft. I must have had loads and it never seems to make any difference to my credit score. At the end of the day they either give you the incentive or not. Nothing to lose either way.

Unlike automatic cashback, the cashback from cashback sites like TCB and Quidco is not reliable. The risk here is that you may not receive the cashback, and in the process, you undergo a credit check, making it more challenging to open another bank account, obtain a credit card with perks, engage in stoozing, or secure a new deal in a mortgage (if available) in the near future. 

People's circumstances vary, and I am not suggesting that individuals should refrain from applying despite the hard credit check. But whne more people have confirmed it we could assure of a better chance for favourable outcomes.

FYI, I took the plunge, applying for a new First Direct account. The switching went through, but I did not receive the switching incentive from first direct. One current account with two direct debits is wasted.