Question re First Direct switch

skintnomore
skintnomore Posts: 14 Forumite
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in Budgeting & bank accounts
HI All

I have managed to confuse myself- I have £2500 in a Tesco current account (I have been very slow to change after the rate dropped) if I switched this account to first direct would the £2500 transferred in the switch work as the £1000 to pay in to qualify for the switching bonus? or would I need to transfer in another £1000?

Also I have read the terms but cannot grasp if I have to pay in £1000 every month

This money is my emergency pot and having looked through the savings accounts etc that available I think that £100 is as good as any interest rate I will get- please correct me though if I am wrong, as I say I have read myself into a pickled mind!!

Thanks in advance for any advice/ guidance.

Comments

  • born_again
    born_again Posts: 14,415 Forumite
    First Anniversary First Post Name Dropper
    Are you referring the the monthly saver? for the savings acc. As all other FD savings are like the rest.. PANTS

    FD current acc does not pay ANY INTEREST.
    Life in the slow lane
  • skintnomore
    skintnomore Posts: 14 Forumite
    First Post First Anniversary Combo Breaker
    I have transferred my day to day current account to get the switching bonus and will add that to my savings now going to find somewhere else to stash my money- all in all it not a lot but guess it better then nothing!

    The £100 switching bonus is well over what I earn on my current account interest and the regular savings on FD will be usefull as I tuck a small amount away each month

    Thanks for responding :)
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,716 Forumite
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    AS far as I'm aware, the £1000 monthly pay in is only required if you are wanting to stay eligible for their "goodbye" bonus. Otherwise, it's generally safer to assume that it money transferred as a part of the switch will not count towards the requirement for the switching bonus. Transfer this money to another current account and then back to FD after your switch completes and this will definitely count. The account itself doesn't actually pay any interest, so it'd be better to keep your money elsewhere - such as a savings account like Marcus.
  • Katiehound
    Katiehound Posts: 7,552 Forumite
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    edited 28 January 2020 at 5:48PM
    For the switch to First Direct with £100 welcome bonus you need to pay in at least £1000 (in total) within the first 3 months of opening the account.
    This could therefore be smaller sums which add up to the £1k- so £400 per month would meet that condition.
    No the money does not have to stay.
    Money transferred on switch does not count towards this pay-in
    No DDs or SOs required

    However if you think that the service might not be as advertised/ or does not suit you and you would like to take advantage of the £100 'farewell' you need to pay in £1000 each month for 6 months
    You need to have used CASS
    You need to apply within12 months of opening a/c.

    So there is the potential for £200

    Not sure what the t&c s are for TSB, but that is still paying 3% interest on £1500 and there's £75 refer a friend deal too (Classic Plus)
    Being polite and pleasant doesn't cost anything! --
    Many thanks
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24 bags, 43 dog coats, 2 scrunchies, 10 mittens, 6 bootees, 8 glass cases, 2 A6 notebooks, 59 cards, 6 lav bags,36 angels,9 bones, 1 knee blanket, 1 lined bag,3 owls, 88 pyramids = total 420 total spend £5. Total for 'Dogs for Good' £546.82

    2024:23 Doggy duvets,29 pyramids, 6 hottie covers, 4 knit hats,13 crochet angels,1 shopper, 87cards=163 £86 spent!!!
  • tryin
    tryin Posts: 351 Forumite
    First Anniversary Name Dropper First Post
    Katiehound wrote: »
    Not sure what the t&c s are for TSB, but that is still paying 3% interest on £1500 and there's £75 refer a friend deal too (Classic Plus)
    Its £100 now. And it can be a regular classic also.
  • Brewer20
    Brewer20 Posts: 395 Forumite
    Name Dropper First Anniversary First Post
    Why mention TSB accounts, the OP has switched from a Tesco account. I agree the interest is pants.
  • Katiehound
    Katiehound Posts: 7,552 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Brewer20 wrote: »
    Why mention TSB accounts, the OP has switched from a Tesco account. I agree the interest is pants.

    Because OP is looking to maximise holdings in a current account. TSB pays interest- First Direct doesn't (and there's a switch reward too.)

    and secondly it was added as an aside, after I had explained £1k pay in for First Direct..
    Being polite and pleasant doesn't cost anything! --
    Many thanks
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24 bags, 43 dog coats, 2 scrunchies, 10 mittens, 6 bootees, 8 glass cases, 2 A6 notebooks, 59 cards, 6 lav bags,36 angels,9 bones, 1 knee blanket, 1 lined bag,3 owls, 88 pyramids = total 420 total spend £5. Total for 'Dogs for Good' £546.82

    2024:23 Doggy duvets,29 pyramids, 6 hottie covers, 4 knit hats,13 crochet angels,1 shopper, 87cards=163 £86 spent!!!
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