First direct £100 incentive back..£200 if you subsequently move away

thumshie

Just posted onto the tail of another FD £100 thread, but I beleive at the time it was only £100 if you move away after 6 months.

They've now changed the offer and will give you £100 when you move TO them, and a further £100 if you move away to another bank after 6 months..Total £200.

For T&C's :
http://www.firstdirect.com/1st-account/

I created a new thread as some people might not re-read the original thread due to thinking it's the same 'old offer'..

Edit: Just been told someone saw a TV advert yesterday for this...doh..

rbrian

How easy would it be to open an account? That may sound like a stupid question, but in the last two months I have tried to open accounts with Halifax and Royal Bank of Scotland, both of which were offering £100 to switch.

After filling in the forms online, I took my ID into a Halifax branch, not once but twice, and then got 10 letters asking me to take my ID into a branch. I transferred £100, as they requested, which took 5 days, was there in the account for one, and then vanished (3 weeks later it was returned to the account I'd transferred if from). I phoned up to ask what happened to the money I'd put into my account, and they refused to discuss it because there was no money in the account. 6 weeks after I'd first signed the forms, I decided that £100 wasn't worth the hassle, and gave up on them.

Then, I tried Royal Bank of Scotland. I decided not to bother with a branch, after my experience of Halifax's incompetence, so I posted the forms. When I had heard nothing from them after two weeks, I phoned up, but they couldn't discuss it because I didn't have an account number. I emailed, and 3 weeks later got a reply saying they hadn't received the forms and they'd cancelled the application because it was taking too long.

Of course I want £100, but I don't want a repeat of my past experiences. Also, will it affect my credit rating, applying for 3 accounts in 3 months?

MORPH3US

Would defo go for this for £200 but unfortunately I don't earn enough to get myself over the £1500 threshold....

M

Timmne

I think if you were to transfer to FD you'd find it very hard to leave anyway. I've had experience with most banks and FD are well above the rest in all areas and I don't think I'll be leaving them for a long time!

I tried the Halifax £100 thing too but got the last minute nerves and decided not to move as their customer service is awful, as is their internet banking - not to mention their inability to deposit cash in branch!

Gymgenius

Hi everyone. I'm a first time poster, but some time lurker......

I saw an ad for this, this morning at the gym, but without the sound on, and I was only able to catch some of the small print (as I was directly below the screen) near the end.

On getting to work, I went straight to FD's website and got excited at the prospect of £200 for free - but then started with the second thoughts about all the hassle that it would involve - even if their transfer team help you 'convert'.

It wasn't until later in the day that I had a stroke of genius which I hope will mean I can make the switch with a minumum of fuss, as I fully planned to take their £200 and return to my existing bank (A&L).

If I (can) open the account, pocket the first £100 then ask payroll to pay my wages into the new account at end of every month then setup a transfer for the the same amount to be sent straight back to my existing current account where all my DDs and SOs can remain.

At the end of the 6 / 7 months, tell FD I'm leaving, pocket another £100 then get payroll to start paying my wages into my original account.

Having read Timmne's post, I'm wondering if I would be able to walk away!

YorkshireBoy

Gymgenius wrote: »

pocket the first £100 then ask payroll to pay my wages into the new account

These two statements need reversing. You'll get your money within 28 days of your first mandated salary payment hitting the account (which doesn't need to be straight away either).

I've been told today that they "expect" you to use it as your main account, but they don't mention this (or indeed define "main account") in the offer T&C's.

At some time in the 6-12 month 'opt-out' window, you simply inform FD you're not delighted with the account and you wish to close it. Just prior to this, you've moved/cancelled any SO's you set up for 'effect', and make sure you ask to close the account just after a salary payment hits so you maximise the time they have to pay you the £100 before you have to call your payroll dept to get the account details changed.

Possibly the easiest £200 you'll make this year!

Gymgenius

Well spotted - they do need reversing!
I've just finished applying on-line. Hopefully I should hear from them soon with a yay or nay.

As for the pretence that it is my main account, I reckon I can swing that one. I could make out like I am not the main wage earner, don't pay many household bills, and that those I do pay, I never pay by DD or SO.

Show me the money!

saxmund

rbrian, I had the same problem when I applied online to BoS - they do not seem to know how to deal with online applications. I sent my ID by post, and they failed to marry it up to my account details - and I couldn't get at the £100 as they hadn't cleared my ID. In the end I stuck with it, as I was desperate to move away from Abbey and didn't want to start the process all over again, and since then I have found out that they're generally pretty good, apart from the muppets who deal with ID.

M_Thomson

rbrian wrote: »

How easy would it be to open an account? That may sound like a stupid question, but in the last two months I have tried to open accounts with Halifax and Royal Bank of Scotland, both of which were offering £100 to switch.

After filling in the forms online, I took my ID into a Halifax branch, not once but twice, and then got 10 letters asking me to take my ID into a branch. I transferred £100, as they requested, which took 5 days, was there in the account for one, and then vanished (3 weeks later it was returned to the account I'd transferred if from). I phoned up to ask what happened to the money I'd put into my account, and they refused to discuss it because there was no money in the account. 6 weeks after I'd first signed the forms, I decided that £100 wasn't worth the hassle, and gave up on them.

Then, I tried Royal Bank of Scotland. I decided not to bother with a branch, after my experience of Halifax's incompetence, so I posted the forms. When I had heard nothing from them after two weeks, I phoned up, but they couldn't discuss it because I didn't have an account number. I emailed, and 3 weeks later got a reply saying they hadn't received the forms and they'd cancelled the application because it was taking too long.

Of course I want £100, but I don't want a repeat of my past experiences. Also, will it affect my credit rating, applying for 3 accounts in 3 months?

Was it Royal Bank Of Scotland or Bank Of Scotland that you tried for this offer. I was aware that BOS were doing it, but not RBOS.

YorkshireBoy

M_Thomson wrote: »

Was it Royal Bank Of Scotland or Bank Of Scotland that you tried for this offer. I was aware that BOS were doing it, but not RBOS.

HBoS had offers for both Halifax and Bank of Scotland current accounts.

RBS have also had £100 incentives, both in Scotland (where those south of the border had to nominate a holding branch) and in selected areas south of the border...the Granada TV region was one such area I believe.

The difference with the RBS offer was that you had to switch your Salary, whereas with the HBoS offers you only had to switch SO's/DD's.

farmersboy

Anyone know if there's anything stopping you from keeping your existing current account (with another bank) and transferring the min £1500 into the First Direct account once a month and then back again? They seem to only want salary or 'income'

Also, are they insisting on using their 'switching' facility to qualify? I remember having to do that with the Halifax offer a while ago.

Thanks