First Direct switch questions.

Andrea15

[Deleted User] said:

Andrea15 said:

What I am not clear about is in what standing your account should be. The way I read it is that you deposit 1K and in theory you can withdraw it immediately as it doesn't say you have to be above a certain threshold.
The same with the DD.

Well l was planning  on keeping the cash in the account  to open the RS later anyway but  l suppose  you could transfer  it straight back out again.

deposit a minimum of £1,000 (in single or multiple deposits) in your account and retain the amount of £1,000 for a duration of at least 24 hours. This amount should be reflected in your account balance overnight. Deposit must be made within 30 days of us opening your first direct 1st Account

In answer to my question.

Nasqueron

[Deleted User] said:

Andrea15 said:

What I am not clear about is in what standing your account should be. The way I read it is that you deposit 1K and in theory you can withdraw it immediately as it doesn't say you have to be above a certain threshold.
The same with the DD.

Well l was planning  on keeping the cash in the account  to open the RS later anyway but  l suppose  you could transfer  it straight back out again.

As a recommendation, FD do not pay interest on their current account and even if you open one of their basic savers to store the cash in, the interest is poor. I have the money in a Kroo account (4.35%, paid monthly on the current account) and transfer it over the day before the RS standing order goes so I can maximise interest 

[Deleted User]

Nasqueron said:

[Deleted User] said:

Andrea15 said:

What I am not clear about is in what standing your account should be. The way I read it is that you deposit 1K and in theory you can withdraw it immediately as it doesn't say you have to be above a certain threshold.
The same with the DD.

Well l was planning  on keeping the cash in the account  to open the RS later anyway but  l suppose  you could transfer  it straight back out again.

As a recommendation, FD do not pay interest on their current account and even if you open one of their basic savers to store the cash in, the interest is poor. I have the money in a Kroo account (4.35%, paid monthly on the current account) and transfer it over the day before the RS standing order goes so I can maximise interest 

Thanks for the info, tbh I'm  not too bothered got most of my loose saving tied up now. So after the £1k deposit the rest will come from mature  accounts in Aug,Oct. 

Nasqueron

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Andrea15 said:

What I am not clear about is in what standing your account should be. The way I read it is that you deposit 1K and in theory you can withdraw it immediately as it doesn't say you have to be above a certain threshold.
The same with the DD.

Well l was planning  on keeping the cash in the account  to open the RS later anyway but  l suppose  you could transfer  it straight back out again.

As a recommendation, FD do not pay interest on their current account and even if you open one of their basic savers to store the cash in, the interest is poor. I have the money in a Kroo account (4.35%, paid monthly on the current account) and transfer it over the day before the RS standing order goes so I can maximise interest 

Thanks for the info, tbh I'm  not too bothered got most of my loose saving tied up now. So after the £1k deposit the rest will come from mature  accounts in Aug,Oct. 

In which case at least open one of their easy access savers, they will do that for you when the regular saver matures and put the money + interest in there so might as well earn a bit more! I think I got about £20 from £1800 in there, being paid down £150 a month initially, then added another £900 half way through and switched to £300 a month, nice enough on top of the RS interest. Note you have to ask them via app chat to change the DD amount, you can't yourself.

[Deleted User]

Nasqueron said:

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Andrea15 said:

What I am not clear about is in what standing your account should be. The way I read it is that you deposit 1K and in theory you can withdraw it immediately as it doesn't say you have to be above a certain threshold.
The same with the DD.

Well l was planning  on keeping the cash in the account  to open the RS later anyway but  l suppose  you could transfer  it straight back out again.

As a recommendation, FD do not pay interest on their current account and even if you open one of their basic savers to store the cash in, the interest is poor. I have the money in a Kroo account (4.35%, paid monthly on the current account) and transfer it over the day before the RS standing order goes so I can maximise interest 

Thanks for the info, tbh I'm  not too bothered got most of my loose saving tied up now. So after the £1k deposit the rest will come from mature  accounts in Aug,Oct. 

In which case at least open one of their easy access savers, they will do that for you when the regular saver matures and put the money + interest in there so might as well earn a bit more! I think I got about £20 from £1800 in there, being paid down £150 a month initially, then added another £900 half way through and switched to £300 a month, nice enough on top of the RS interest. Note you have to ask them via app chat to change the DD amount, you can't yourself.

Funny enough  l was just on the app and the only products l could see was the RS and a ISA.
Thanks for all the information. 

Rich1976

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Andrea15 said:

What I am not clear about is in what standing your account should be. The way I read it is that you deposit 1K and in theory you can withdraw it immediately as it doesn't say you have to be above a certain threshold.
The same with the DD.

Well l was planning  on keeping the cash in the account  to open the RS later anyway but  l suppose  you could transfer  it straight back out again.

As a recommendation, FD do not pay interest on their current account and even if you open one of their basic savers to store the cash in, the interest is poor. I have the money in a Kroo account (4.35%, paid monthly on the current account) and transfer it over the day before the RS standing order goes so I can maximise interest 

Thanks for the info, tbh I'm  not too bothered got most of my loose saving tied up now. So after the £1k deposit the rest will come from mature  accounts in Aug,Oct. 

In which case at least open one of their easy access savers, they will do that for you when the regular saver matures and put the money + interest in there so might as well earn a bit more! I think I got about £20 from £1800 in there, being paid down £150 a month initially, then added another £900 half way through and switched to £300 a month, nice enough on top of the RS interest. Note you have to ask them via app chat to change the DD amount, you can't yourself.

Funny enough  l was just on the app and the only products l could see was the RS and a ISA.
Thanks for all the information. 

If you want to open one of the other savings accounts, you can only do it be calling them up or using the chat. Bizarrely they don’t let you open them online or over the app other than the two you mentioned .

[Deleted User]

Rich1976 said:

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Andrea15 said:

What I am not clear about is in what standing your account should be. The way I read it is that you deposit 1K and in theory you can withdraw it immediately as it doesn't say you have to be above a certain threshold.
The same with the DD.

Well l was planning  on keeping the cash in the account  to open the RS later anyway but  l suppose  you could transfer  it straight back out again.

As a recommendation, FD do not pay interest on their current account and even if you open one of their basic savers to store the cash in, the interest is poor. I have the money in a Kroo account (4.35%, paid monthly on the current account) and transfer it over the day before the RS standing order goes so I can maximise interest 

Thanks for the info, tbh I'm  not too bothered got most of my loose saving tied up now. So after the £1k deposit the rest will come from mature  accounts in Aug,Oct. 

In which case at least open one of their easy access savers, they will do that for you when the regular saver matures and put the money + interest in there so might as well earn a bit more! I think I got about £20 from £1800 in there, being paid down £150 a month initially, then added another £900 half way through and switched to £300 a month, nice enough on top of the RS interest. Note you have to ask them via app chat to change the DD amount, you can't yourself.

Funny enough  l was just on the app and the only products l could see was the RS and a ISA.
Thanks for all the information. 

If you want to open one of the other savings accounts, you can only do it be calling them up or using the chat. Bizarrely they don’t let you open them online or over the app other than the two you mentioned .

Yes noticed that. I hope FD ain't  going to be too faffy.

WillPS

Rich1976 said:

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Andrea15 said:

What I am not clear about is in what standing your account should be. The way I read it is that you deposit 1K and in theory you can withdraw it immediately as it doesn't say you have to be above a certain threshold.
The same with the DD.

Well l was planning  on keeping the cash in the account  to open the RS later anyway but  l suppose  you could transfer  it straight back out again.

As a recommendation, FD do not pay interest on their current account and even if you open one of their basic savers to store the cash in, the interest is poor. I have the money in a Kroo account (4.35%, paid monthly on the current account) and transfer it over the day before the RS standing order goes so I can maximise interest 

Thanks for the info, tbh I'm  not too bothered got most of my loose saving tied up now. So after the £1k deposit the rest will come from mature  accounts in Aug,Oct. 

In which case at least open one of their easy access savers, they will do that for you when the regular saver matures and put the money + interest in there so might as well earn a bit more! I think I got about £20 from £1800 in there, being paid down £150 a month initially, then added another £900 half way through and switched to £300 a month, nice enough on top of the RS interest. Note you have to ask them via app chat to change the DD amount, you can't yourself.

Funny enough  l was just on the app and the only products l could see was the RS and a ISA.
Thanks for all the information. 

If you want to open one of the other savings accounts, you can only do it be calling them up or using the chat. Bizarrely they don’t let you open them online or over the app other than the two you mentioned .

Although in fairness if you take the chat option the chatbot just asks you all the questions you'd expect to see on an application form one by one, then you're 'transferred' to a human who you don't actually need to interact with at all.

It's a peculiar way of doing things but it's not really any more faffy than filling out a form.

Rich1976

WillPS said:

Rich1976 said:

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Nasqueron said:

[Deleted User] said:

Andrea15 said:

What I am not clear about is in what standing your account should be. The way I read it is that you deposit 1K and in theory you can withdraw it immediately as it doesn't say you have to be above a certain threshold.
The same with the DD.

Well l was planning  on keeping the cash in the account  to open the RS later anyway but  l suppose  you could transfer  it straight back out again.

As a recommendation, FD do not pay interest on their current account and even if you open one of their basic savers to store the cash in, the interest is poor. I have the money in a Kroo account (4.35%, paid monthly on the current account) and transfer it over the day before the RS standing order goes so I can maximise interest 

Thanks for the info, tbh I'm  not too bothered got most of my loose saving tied up now. So after the £1k deposit the rest will come from mature  accounts in Aug,Oct. 

In which case at least open one of their easy access savers, they will do that for you when the regular saver matures and put the money + interest in there so might as well earn a bit more! I think I got about £20 from £1800 in there, being paid down £150 a month initially, then added another £900 half way through and switched to £300 a month, nice enough on top of the RS interest. Note you have to ask them via app chat to change the DD amount, you can't yourself.

Funny enough  l was just on the app and the only products l could see was the RS and a ISA.
Thanks for all the information. 

If you want to open one of the other savings accounts, you can only do it be calling them up or using the chat. Bizarrely they don’t let you open them online or over the app other than the two you mentioned .

Although in fairness if you take the chat option the chatbot just asks you all the questions you'd expect to see on an application form one by one, then you're 'transferred' to a human who you don't actually need to interact with at all.

It's a peculiar way of doing things but it's not really any more faffy than filling out a form.

True, though if you want a joint savings account you have to call them up.