First Direct Current Account

Kraka3

Can I get the First Direct Current Account without switch?  I'm aware that I'd loose out on the £175, but is it available as a 2nd account without switching & would I still have access to the 7%  savings account?

Rich1976

Yes to both questions 

eskbanker

Yes, there's no obligation to switch, but the MSE thing to do would be to open a second account elsewhere, such as your current bank, as a donor account, and switch that for the incentive.

Kraka3

Thank you.  If I do switch, is my current account closed down?  I read somewhere that the switch service closes your existing account.  I'm after the savings account, but if I can switch & not close my existing account that'd be ideal.  

eskbanker

Kraka3 said:

Thank you.  If I do switch, is my current account closed down?  I read somewhere that the switch service closes your existing account.  I'm after the savings account, but if I can switch & not close my existing account that'd be ideal.

Yes, if you switch (using the Current Account Switching Service) then this does earn the incentive but also closes the old account, but if you open a secondary account first, specifically for switching, then you can bag the incentive while still retaining your main account.

Or you can just open the FD account without switching, which wouldn't affect your main account either but wouldn't earn the incentive....

lr1277

Yes it would close the current account that is switched.

Most people open a 2nd account they have no intention of using. Then look at the T's & C's of the switch offer. Set up your new account to meet those T's and C's and then initiate the switch.

Many people open a 2nd account where their main account is held and then switch that.

Beware some banks, if you switch away may not ever give you a current account with them again. FD are like that. Chase can be like that if you only have one current account with Chase and switch away it is unlikely you will get another current account with them. So if Chase is your bank, open a 2nd current account with them and then switch that account.

allegro120

Kraka3 said:

Thank you.  If I do switch, is my current account closed down?  I read somewhere that the switch service closes your existing account.  I'm after the savings account, but if I can switch & not close my existing account that'd be ideal.  

Yes, the account you switch will be closed down.  All payments to your old account will arrive to your new account and if you have any direct debits or standing orders they will be taken out of your new account. 

400ixl

Who is your current bank?

Some you open a second account and switch that one and it is that one that gets closed. If you can onoy have one account with your current bank then yes you would lose that.

daz378

Yes I opened a FD current account a few weeks ago..without intending to switch

Stargunner

daz378 said:

Yes I opened a FD current account a few weeks ago..without intending to switch

For very little effort, you can still switch another bank account into your First Direct account and bag yourself £175

sausage_time

Hi @Kraka3 I move this to the Budgeting and Bank Accounts board.