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  • FIRST POST
    • MSE Ryan
    • By MSE Ryan 4th Jan 17, 2:58 PM
    • 35Posts
    • 35Thanks
    MSE Ryan
    First Direct Current Account Switch Blagged Deal
    • #1
    • 4th Jan 17, 2:58 PM
    First Direct Current Account Switch Blagged Deal 4th Jan 17 at 2:58 PM
    Hi guys, we're featuring a new exclusive offer on the site that whilst perhaps not being suitable for everyone, we feel might be a good deal for some of you;
    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#firstdirect

    First Direct
    New. Free £125 cash & rated no.1 for customer service

    Newbies to First Direct* can now, via our link, get £125 to switch to it (£100 direct). It has excellent customer service !!!8211; it's won every bank service poll we've ever done, with 91% of its customers rating it 'great' !!!8211; only 3% said they got poor service. You also get a small £250 0% overdraft, and can open a linked 5% regular saver.

    Need-to-knows
    To get the £125 switching bonus, you need to use First Direct's switching service to fully switch and close your existing account and pay in at least £1,000 within three months of your account opening.
    Once you've made the payment, the £125 is credited to your account within 28 working days.
    This account has a £10 monthly fee, but this is waived each month you either pay in £1,000, have an average monthly balance of £1,000 or hold selected other accounts with First Direct.
    You can't get the switching bonus if you've ever held an account with First Direct before.
    First Direct shares its £75,000 UK savings safety guarantee with HSBC, so ensure you don't hold more than £75,000 across the two banks.

    You can find the rest of the need to know information via the above link.

    If you have any problems with the switching process, you can contact First Direct's account opening team on 0800 24 24 24.

    If you're still struggling, you can post on this thread, below, or reach us via direct email on: voucherhelp@moneysavingexpert.com
    MSE Ryan

    User Relations Manager
Page 5
    • ministe2003
    • By ministe2003 1st Dec 17, 9:30 AM
    • 42 Posts
    • 58 Thanks
    ministe2003
    I switched a few weeks ago from Halifax to FD and I have to say, massive mistake. I'm 30 years old and do 99.99% of my banking online, mostly through a mobile app, and FD's is absolutely dreadful. Feels like it was made in the 90s, its a huge step backwards from what I'm used to with Halifax.
    I now realise that MSE's high rating must presumably be based on their telephone service, but how often do people use that? Do people really use telephone banking? I don't, none of my friends do, my pensioner parents don't, I really can't believe there's that big a market for it.

    I will definitely be looking to switching back
    • eskbanker
    • By eskbanker 1st Dec 17, 12:53 PM
    • 7,428 Posts
    • 7,998 Thanks
    eskbanker
    I now realise that MSE's high rating must presumably be based on their telephone service
    Originally posted by ministe2003
    Assuing you're referring to the way in which First Direct repeatedly top the polls of MSE readers, these are based simply on perceptions of customer service, rather than any measure of the breadth and usability of their facilities.

    The question asked in the polls such as https://www.moneysavingexpert.com/poll/31-07-2017/how-do-you-rate-your-bank-accounts-service is "please vote based on CUSTOMER SERVICE for your main CURRENT account over the last SIX MONTHS" (from a simple choice of great/OK/poor) and the process is heavily skewed by the fact that roughly twice as many First Direct customers respond versus Halifax customers, which I believe is somewhat disproportional to their account base....
    • jackknight
    • By jackknight 5th Dec 17, 1:57 PM
    • 6 Posts
    • 0 Thanks
    jackknight
    Really Miffed About First Direct
    Aw I'm so miffed about First Direct. I was all set to switch to them from my current account because of their great incentives right now. They've knocked me back and the reason is so weak!

    Basically, back in 2015 (The last week in May to the first week in June) I was trying to get my head around the Martin Lewis idea of having multiple savings accounts and moving money around from one to the next and so on. I sent in an application for a First Direct account, I think at the time they were offering a £100 joining incentive. Shortly after applying in 2015 I realised that the moving savings around thing would only really be of benefit to people who had significant savings, which I do not. So I called them up, apologised, and terminated my application. I've banked with a number of different banks before but not with First Direct , and I didn't for one minute think that my application and termination would leave any kind of black mark on my record.

    However, now I actually want to transfer my account across lock, stock and barrel I'm told that as I've previously been a customer of First Direct, I don't qualify for an incentive. I spoke to a chap from there on the phone and explained that I'd applied, I'd cancelled, I'd not actually received any incentives the last time and I actually want to go ahead and have all my direct debits etc with First Direct. I said that Money Saving Expert rates them very highly indeed.

    He said that I don't qualify for incentives and I never will qualify for incentives unless they decide to change their policy, which they haven't done since they opened in 1989 he said. He said I can go ahead and open an account with them if I want, but I won't get any incentives for it and would that affect whether I wanted to join?

    I said yes, it does a bit to be honest with you. I think I'll go else where. He said fine, have a nice day.

    I'm really down hearted now. After all the good things I keep hearing on here about how great First Direct is. I make one tentative application back in 2015 and I'm now registered, for life, as a First Direct customer without receiving any kind of joining incentive!! What the actual heck?!
    Last edited by jackknight; 05-12-2017 at 1:59 PM.
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    jack-knight.graphics
    • clivep
    • By clivep 7th Dec 17, 10:52 AM
    • 328 Posts
    • 164 Thanks
    clivep
    I sent in an application for a First Direct account, I think at the time they were offering a £100 joining incentive. Shortly after applying in 2015 I realised that the moving savings around thing would only really be of benefit to people who had significant savings, which I do not. So I called them up, apologised, and terminated my application.

    I make one tentative application back in 2015 and I'm now registered, for life, as a First Direct customer without receiving any kind of joining incentive!! What the actual heck?!
    Originally posted by jackknight
    But it wasn't a tentative application was it. It was an actual application and the account was probably opened before you called them. This probably resulted in the account being closed rather than terminating your application.

    Consequently, you were a customer in the past and hence don't qualify for a switching incentive...
    "Sorry, we can only offer this to people who haven't previously held an account with us, and we reserve the right to refuse your application and extend or withdraw this offer at any time".

    As you will probably never qualify for a switching incentive from First Direct you may want to look elsewhere. Some banks offer incentives if you haven't received one from them in the past so you would be better switching to one of them instead.
    • Clojohn777
    • By Clojohn777 8th Dec 17, 4:49 PM
    • 1 Posts
    • 0 Thanks
    Clojohn777
    I switched to Halifax in the new year and got I think it was £100 but looking for a new bank as I had problems with them but will they take the money back off me if I switched again?
    • badger09
    • By badger09 8th Dec 17, 5:33 PM
    • 6,000 Posts
    • 5,350 Thanks
    badger09
    I switched to Halifax in the new year and got I think it was £100 but looking for a new bank as I had problems with them but will they take the money back off me if I switched again?
    Originally posted by Clojohn777
    Unless there was anything in the switching T&Cs about retaining the account for a specific length of time, then, no, they won't.

    What is not said in T&Cs is just as important as what is said
    • ministe2003
    • By ministe2003 16th Dec 17, 11:22 AM
    • 42 Posts
    • 58 Thanks
    ministe2003
    A follow up to my first comment, the service has got even worse since that post and I've already started switching away. They've even managed to mess that up for me, rejecting my initial application saying my address didn't match - but it did. Unbelievable. I've had to resubmit the application.

    My access to online banking has twice disappeared due to some issue at their end where my account has gone funny and each time they've told me to reregister for online banking, god only knows how many accounts I must have floating around with them now.

    Shambles from beginning to end, I cannot recommend avoiding First Direct enough
    • alpaco47
    • By alpaco47 5th Jan 18, 6:01 PM
    • 2 Posts
    • 1 Thanks
    alpaco47
    1st Direct not as good as you might expect
    If anyone has tried to switch to 1st Direct recently, please be aware that they do not have any welcome packs available for new customers! Some welcome.
    I have spent about an hour today trying to find out what is happening to my new bank account without much success.
    So much for customer service.
    I can't register for an online account, They have sent be a debit card, but nothing else.
    Not impressed so far.
    • Caliban51
    • By Caliban51 9th Jan 18, 12:51 PM
    • 4 Posts
    • 0 Thanks
    Caliban51
    Lured by the hype
    I tried to sign up during the last offer before Christmas, I gave up half way through due to the sheer number of questions & information they required, the process took far too long.

    So, with a bit more time on my hands, & the new offer, I thought I'd try again today, after an hour of gathering the required information & filling in the online forms for both my wife & I, I pressed the continue button only for a message saying there had been a problem & I would have to start again!

    No thanks, I not sure I'd want to trust my money to a Bank like this, I'll stay with the bank I trust. I've wasted too much of my time on these incompetents. The forms alone seem to written by someone who has no experience on banking, many questions are irrelevant & others are obtuse.

    Chris
    • bluehydrangeas
    • By bluehydrangeas 9th Jan 18, 4:19 PM
    • 101 Posts
    • 303 Thanks
    bluehydrangeas
    How long do FD usually take to pay the switching incentive?
    • chev chelios
    • By chev chelios 31st Jan 18, 3:51 PM
    • 33 Posts
    • 0 Thanks
    chev chelios
    Is there a minimum amount of time before I can close this account without incurring any penalties?
    • CGG
    • By CGG 2nd Feb 18, 12:25 PM
    • 726 Posts
    • 683 Thanks
    CGG
    Have successfully opened an account for my 85 year old Mother, switching her ancient NatWest current account in the process. She is in sheltered accommodation, only income is from her pension and the switch has been hassle free. She just awaits the incentive bonus now.
    • marks87
    • By marks87 4th Feb 18, 3:53 PM
    • 171 Posts
    • 42 Thanks
    marks87
    I've just opened one of these accounts online and gave the details for switching. Once I'd finished filling in the switch form, the window closed and I was left back at the "Start your application" page.

    I've not received any kind of email confirmation. Is that normal, and I just wait for something through the mail? Or should I give them a call to make sure everything is opened and set up?
    • marks87
    • By marks87 5th Feb 18, 3:16 PM
    • 171 Posts
    • 42 Thanks
    marks87
    Scratch that - an email has just come through.

    I'm not a fan of such a big delay because you're never quite sure if the application has gone through, or if you've accidentally typed your email address incorrectly etc.

    Even if today's email was prompted by human intervention, an automated "we have your application and are processing it" email soon after submission would be nice.
    • Cecelia23
    • By Cecelia23 15th Feb 18, 3:52 PM
    • 1 Posts
    • 0 Thanks
    Cecelia23
    Thinking of switching
    Hey,

    Just a quick question...I'm aware that if I switch they will transfer my salary but will they transfer my child benefit or will I need to let the council know myself?

    TIA
    Age is a Privilege not a Right.
    • binaryuniverse
    • By binaryuniverse 15th Feb 18, 4:42 PM
    • 685 Posts
    • 433 Thanks
    binaryuniverse
    Hey,

    Just a quick question...I'm aware that if I switch they will transfer my salary but will they transfer my child benefit or will I need to let the council know myself?

    TIA
    Originally posted by Cecelia23
    Regardless of what happens, you should inform anyone, that regularly pays in to your account, of the change.
    • mummyof5
    • By mummyof5 18th Feb 18, 3:16 PM
    • 329 Posts
    • 715 Thanks
    mummyof5
    Has anyone successfully claimed £100 for leaving this account ?
    Like others I find the online services painfully slow,so have just moved my regular saver away from them.
    Can I open a new account elsewhere and switch away to that and still claim the £100 as I'm not happy with first direct ?
    I have checked the t&cs but couldn't find any details there.
    • AlpineF30
    • By AlpineF30 18th Apr 18, 9:13 AM
    • 13 Posts
    • 2 Thanks
    AlpineF30
    Just seen that this offer is to end on Monday.

    I applied for the account yesterday and they have said they will let me know in a few days after performing a credit check.

    However as I cannot switch until the account is open does that mean I am out of luck?
    • ormolu
    • By ormolu 19th Apr 18, 12:05 PM
    • 10 Posts
    • 1 Thanks
    ormolu
    In answer to your question @AlpineF30, it seems if you INITIATE the switch before Monday, you'll still get the money (within 28 days after you pay in 1000 quid).

    I called them today as they were taking a while to send my welcome pack, which has the account number and sort code, and I had previously been told I would need to wait for that info before calling to initiate the switch. But when I called this morning, they gave me the acc # and sort code over the phone, took the details for the switch, and gave me an official switch date (which has to be minimum 6 working days from initiating). You need to go through their security question walkthrough before they'll do this with you on the phone, but it wasn't too laborious - less than the 10 to 15 mins they said it would take.

    Yes, it takes longer than the '7 day switch!' marketing suggests, but this seems more of an industry issue than a first direct issue. The phone experience was good and I'm cautiously optimistic despite horror stories above...
    • zag337
    • By zag337 20th Apr 18, 1:14 PM
    • 1 Posts
    • 0 Thanks
    zag337
    Hi Martin,
    Was a bit concerned about what you were saying about this account on This Morning, firstly you said that “you need to pay in a 1000 pound a month to qualify for the account, and the switching fee, so you need to be earning £13000 per year”

    To be able to pay in a £1000 a month from earning you need to be earning around £17500 a year to allow for all taxes and national insurances and top up pensions to be taken in to account to ensure that you can safely qualify for the barrier to ensure that the £10 a month fee is waived.

    Also, you were saying that there would be £100 cash on switching paid with in 28 days of opening the account and this would be linked to a 5% savings account. when taking in to account inflation and if this savings account is not paying 5% above inflation then this works out that it would be making 2% a year over all.

    As £17500 a year is what the ONS says that is the basic minimum to live off in the UK after tax it would assume that the individuals that would qualify for the minimum of a £1000 a month would not be paying very much in to the savings if anything at all after you take in to account rent, council, tax, and the general cost of living that is incurred in the UK, meaning that when you split the linked savings across both the current account and the savings account, and include inflation in to the calculation then there is a 1% additional on cost to the account each year not a 5% savings bonus

    In theory if you are one of the customers that would not be using or would find it very difficult to use the savings facility, then in your first year the account has cost you £290 based on £13,000 being paid in to qualify for the waived fees on the account £100 being given in cash and a western average of 3% inflation added to the general cost of living and monetary buying power, then around £390 a year after this

    when you work with the savings facility at to cover this hidden cost placed on the account of which everything has a cost in finance! You would need to be looking at saving at least £8000 a year in the savings facility to beat the losses to inflation.

    And if memory serves because of regulations First Direct would need to show that an individual would have to have at least £16000 a year in disposable income, dependant on how fast the client could access the savings before they would be allowed to save that sum, and could restrict who they are allowed to qualify for this account.

    I beleive that they are not after your average joe, but expanding there cash rich client base.
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