Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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 – it's won every bank service poll we've ever done, with 91% of its customers rating it 'great' – 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 7
    • OceanSound
    • By OceanSound 8th May 18, 3:04 PM
    • 360 Posts
    • 54 Thanks
    OceanSound
    Re 13 months, the article you quote is an old one from nearly five years ago when the Current Account Switch Service was first launched.

    The 13 months was extended to 36 months, in 2015 I believe, so is the current situation according to: https://www.bacs.co.uk/Services/accountswitchingservice/pages/accountswitchingservice.aspx

    and according to last year's MSE article this was potentially extending further: https://www.moneysavingexpert.com/news/banking/2017/01/redirection-period-for-payments-to-old-bank-accounts-to-be-extended-
    Originally posted by eskbanker
    aha!. I remember when opening the First direct account, I called customer services and after setting-up security questions etc, happen to ask what would happen if I received a payment to my old bank account. The female support agent said it will be redirected. I asked how long for, she said 'indefinitely' (forever).

    Looking at the links you posted, and the 14 page current account switch guarantee FD sent through the post. Seems that's only partly true. Indefinitely, in that if a payment were to arrive within 13 months leading up to the 3 year redirection period, FD will automatically extend the redirection. Presumably for another 3 years? (until there is a gap of 13 months when no DDs, BACS direct credits or faster payments have taken place through the redirection service).

    The FD switch guarantee document then says 'consequently, payments made with intervals of more than 13 months will be disregarded'.

    As for customer service with FD. Pretty good, apart from the minor oversight above. The other one was, when I called to give my starling bank account details for the switch, the FD staff member checked and said starling did not participate in the switch scheme. He was clearly looking in the wrong place. I sorta had to guide him to the current account switch website and tell him they are listed on there.

    Re. 'last year's MSE article', wouldn't it be sensible to have a link from the 2013 article I quoted to the new one. Perhaps, a warning like 'this article has been superseded by [then link to new article]. The reason being that, when I searched google for 'current account switch direct debits were not transferred' the only links from this website that came up in the first two pages (of hits) were from 2013.
    Last edited by OceanSound; 08-05-2018 at 3:09 PM.
    • eskbanker
    • By eskbanker 8th May 18, 3:27 PM
    • 7,975 Posts
    • 8,877 Thanks
    eskbanker
    Re. 'last year's MSE article', wouldn't it be sensible to have a link from the 2013 article I quoted to the new one. Perhaps, a warning like 'this article has been superseded by [then link to new article]. The reason being that, when I searched google for 'current account switch direct debits were not transferred' the only links from this website that came up in the first two pages (of hits) were from 2013.
    Originally posted by OceanSound
    I can see where you're coming from but suspect that they'd argue that there's a difference between their news pieces (which are implicitly current only at the time of initial publication) and their guides (which are often updated), although having said that there doesn't actually seem to be an MSE guide to the current account switching service.

    So, best not to rely on anything starting with https://www.moneysavingexpert.com/news/.... as being up to date!
    • OceanSound
    • By OceanSound 8th May 18, 4:59 PM
    • 360 Posts
    • 54 Thanks
    OceanSound
    ....
    and according to last year's MSE article this was potentially extending further: https://www.moneysavingexpert.com/news/banking/2017/01/redirection-period-for-payments-to-old-bank-accounts-to-be-extended-
    Originally posted by eskbanker
    So, if a company (for whatever reason) fail to update the account details for a DD, that particular DD would continue (with the old bank account details) indefinitely. Because each time we come close to 13 months without a payment going in/out using the redirect, this particular DD would trigger clause 1.14 of the switch agreement.

    If you happen to see that the company is still using the old bank account details, is it worth telling them to update? or should we contact our new bank and ask them to tell the company? In terms of switch incentives (2x direct debits etc), probably best to contact the new bank and go though them right? Because we don't know if it's something that's gone pear shaped at their end.

    edit: actually. we'd soon see if a DD wasn't transferred across to the new bank I guess.
    Last edited by OceanSound; 08-05-2018 at 5:08 PM.
    • The Mighty Gusset
    • By The Mighty Gusset 12th May 18, 9:30 AM
    • 147 Posts
    • 202 Thanks
    The Mighty Gusset
    Switched, But Unimpressed
    Well, I successfully switched, but to say I'm unimpressed so far is an understatement.
    For an online bank I've never had to make as many phonecalls or sign and return so much paperwork, doing anything at all online results in a 3-4 day wait and then you'll receive a letter through the post
    The app only works on one device, and I've never needed so many different passwords
    If you want to log in on your PC you also need the device with the app on it
    If you open the regular saver account you can only modify payments into it by phoning them up
    It goes without saying that you need a whole raft of different passwords for telephone banking to the ones you need for internet banking.
    Yes, their customer service people on the end of the phone are very pleasant, but if the products weren't so clunky and awkward to use I wouldn't need to phone them at all.
    So far, the impression I get is that they're not really an "Internet" bank at all, as everything you do on your device or laptop then has to be processed manually by a person in an office somewhere.
    I can see me switching again sooner rather than later
    Gus.
    • mummyof5
    • By mummyof5 12th May 18, 10:38 AM
    • 336 Posts
    • 720 Thanks
    mummyof5
    Well, I successfully switched, but to say I'm unimpressed so far is an understatement.
    For an online bank I've never had to make as many phonecalls or sign and return so much paperwork, doing anything at all online results in a 3-4 day wait and then you'll receive a letter through the post
    The app only works on one device, and I've never needed so many different passwords
    If you want to log in on your PC you also need the device with the app on it
    If you open the regular saver account you can only modify payments into it by phoning them up
    It goes without saying that you need a whole raft of different passwords for telephone banking to the ones you need for internet banking.
    Yes, their customer service people on the end of the phone are very pleasant, but if the products weren't so clunky and awkward to use I wouldn't need to phone them at all.
    So far, the impression I get is that they're not really an "Internet" bank at all, as everything you do on your device or laptop then has to be processed manually by a person in an office somewhere.
    I can see me switching again sooner rather than later
    Originally posted by The Mighty Gusset


    I can't wait to move away from them for this very reason.
    • eskbanker
    • By eskbanker 12th May 18, 11:09 AM
    • 7,975 Posts
    • 8,877 Thanks
    eskbanker
    If you want to log in on your PC you also need the device with the app on it
    Originally posted by The Mighty Gusset
    Although I share most of your frustrations, this bit isn't completely true, as you do have the option of logging in without the secure key - this grants access to a limited service, but one that's adequate for those of us logging in monthly to shunt minimum funding around to avoid the monthly fee (and who choose not to do so by automated standing orders!).
    • Byzar
    • By Byzar 12th May 18, 3:39 PM
    • 8 Posts
    • 0 Thanks
    Byzar
    I just finished application online, and the switch will be made on 18 June , the earliest date available!!! Really , what happened with 7 days switch?
    • eskbanker
    • By eskbanker 12th May 18, 4:24 PM
    • 7,975 Posts
    • 8,877 Thanks
    eskbanker
    I just finished application online, and the switch will be made on 18 June , the earliest date available!!! Really , what happened with 7 days switch?
    Originally posted by Byzar
    The 7 working day period is from the switching service starting until it finishes, but First Direct uses a 14 day cooling off period before starting the switch, so that effectively means at least 23 days from opening an account to completing a switch.
    • meer53
    • By meer53 12th May 18, 8:58 PM
    • 9,283 Posts
    • 13,493 Thanks
    meer53
    I just finished application online, and the switch will be made on 18 June , the earliest date available!!! Really , what happened with 7 days switch?
    Originally posted by Byzar
    You have to have an account first to switch to. Once the account is open the switch does take 7 working days.
    • OceanSound
    • By OceanSound 13th May 18, 6:11 AM
    • 360 Posts
    • 54 Thanks
    OceanSound
    'Logon without your secure key' option
    Although I share most of your frustrations, this bit isn't completely true, as you do have the option of logging in without the secure key - this grants access to a limited service, but one that's adequate for those of us logging in monthly to shunt minimum funding around to avoid the monthly fee (and who choose not to do so by automated standing orders!).
    Originally posted by eskbanker
    Must admit I've been with First Direct for 3 months and only discovered this now (by reading your post). I've been logging-in to desktop with key generated on smartphone app even to do the most mundane things, like check balance!

    The logon without secure key option isn't that obvious. At least not as obvious as HSBC or Nationwide internet banking. Nationwide's full logon really does take the biscuit with debit card having to be inserted to a huge dinosaur age card reader.

    BTW, if you have 'a mortgage, credit card, Personal Loan, savings (except Regular Saver), First Directory or Home insurance with' First Direct there is no monthy fee (for current account) right? And in any case the fee only applies six months after opening account, I believe.
    Last edited by OceanSound; 13-05-2018 at 6:26 AM.
    • OceanSound
    • By OceanSound 13th May 18, 6:17 AM
    • 360 Posts
    • 54 Thanks
    OceanSound
    date calculations
    The 7 working day period is from the switching service starting until it finishes, but First Direct uses a 14 day cooling off period before starting the switch, so that effectively means at least 23 days from opening an account to completing a switch.
    Originally posted by eskbanker
    Why is it 23 days and not 21? is start and end date also counted (not counted)?

    12 May 2018 to 18 June 2018 = 38 calendar days (including start date and end date)

    12 May 2018 to 18 June 2018 = 25 working days (including start date and end date, but only working days counted. i.e. saturdays, sundays and Spring Bank Holiday on 28 May 2018 excluded)
    • eskbanker
    • By eskbanker 13th May 18, 10:50 AM
    • 7,975 Posts
    • 8,877 Thanks
    eskbanker
    Why is it 23 days and not 21? is start and end date also counted (not counted)?

    12 May 2018 to 18 June 2018 = 38 calendar days (including start date and end date)

    12 May 2018 to 18 June 2018 = 25 working days (including start date and end date, but only working days counted. i.e. saturdays, sundays and Spring Bank Holiday on 28 May 2018 excluded)
    Originally posted by OceanSound
    They specify seven working days, a period that must include at least one two-day weekend, so that's a minimum of nine calendar days, but their reference to 14 days doesn't specify 'working' days, so the minimum theoretical period is 9+14=23.

    That's not to say that the June date offered to the poster reconciles with it being the shortest possible though, but I was just highlighting that anyone expecting to switch within 7 days of opening a FD account will be disappointed!
    • OceanSound
    • By OceanSound 13th May 18, 2:31 PM
    • 360 Posts
    • 54 Thanks
    OceanSound
    They specify seven working days, a period that must include at least one two-day weekend, so that's a minimum of nine calendar days, but their reference to 14 days doesn't specify 'working' days, so the minimum theoretical period is 9+14=23.

    That's not to say that the June date offered to the poster reconciles with it being the shortest possible though, but I was just highlighting that anyone expecting to switch within 7 days of opening a FD account will be disappointed!
    Originally posted by eskbanker
    The question is covered in post#25....the chap asking question in post #127 is a newbie with just two posts, so can't expect him to have gone through the whole thread (which has done some mileage), I guess
    Last edited by OceanSound; 13-05-2018 at 2:34 PM.
    • Byzar
    • By Byzar 13th May 18, 6:07 PM
    • 8 Posts
    • 0 Thanks
    Byzar
    https :// amp.theguardian. com/money/2018/may/13/first-direct-switch-direct-debit-seven-day-guarantee
    Is so nightmare to swith on FD? I'm thinking to cancel my switch
    • OceanSound
    • By OceanSound 14th May 18, 4:01 AM
    • 360 Posts
    • 54 Thanks
    OceanSound
    https :// amp.theguardian. com/money/2018/may/13/first-direct-switch-direct-debit-seven-day-guarantee
    Is so nightmare to swith on FD? I'm thinking to cancel my switch
    Originally posted by Byzar
    Open a current account with starling bank (or other bank that is participating in the switch scheme). Then phone-up First Direct (FD) and give them the new starling bank account details and tell them you wanna switch that account instead.

    That way you keep your existing bank account, which you may have had for long (Time with bank is looked upon favourable by credit reference agencies), and the direct debits (DDs). The DDs you can setup manually with FD later (if you decide to stay) while at the same time cancelling DDs setup on your existing current account. It all depends how many DDs you have because it may require you to call/email/write (recorded delivery) each company to cancel a DD, which could mean a lot of faffing around.

    I remember reading somewhere that it's usually not enough just to cancel a DD with your bank (without informing DD originator). Maybe that's only if you don't have another DD setup to replace current one?
    Last edited by OceanSound; 14-05-2018 at 7:02 AM.
    • actd
    • By actd 14th May 18, 10:38 AM
    • 19 Posts
    • 12 Thanks
    actd

    The logon without secure key option isn't that obvious. At least not as obvious as HSBC or Nationwide internet banking. Nationwide's full logon really does take the biscuit with debit card having to be inserted to a huge dinosaur age card reader.
    Originally posted by OceanSound
    I'm currently with Nationwide, and you are correct that to use the internet login, you do need the card reader (they are interchangeable between a few banks, so you can borrow someone else's from RBS, Natwest and probably a few others, if you don't have yours to hand) - however, their banking app is so good that you only need to resort to internet banking very occasionally (setting up a new payee or standing order), otherwise the app covers it all, and is very slick - and since this is where I do virtually all of my banking, FD's app just doesn't seem to compare from what I am reading. In fact, if you just want to check your balance, with Nationwide, it you give the app permission just once, you don't even need to login to check your balance or move money into a savers account.
    • Pound
    • By Pound 16th May 18, 7:25 PM
    • 2,660 Posts
    • 1,323 Thanks
    Pound
    Would I qualify for the bonus if I switched an account with zero balance, no direct debits or standing orders?

    • Larry699
    • By Larry699 21st May 18, 1:20 PM
    • 2 Posts
    • 1 Thanks
    Larry699
    @Pound I!!!8217;ve just received the 125 cash bank, took 10 days from the switch.
    I switched an old account with just 200 in and didn!!!8217;t have any direct debits coming out , so none set for the new account. Maybe worth putting a few pounds in before the switch.
    • BillyBills
    • By BillyBills 22nd May 18, 8:45 PM
    • 25 Posts
    • 26 Thanks
    BillyBills
    I used to have a First Direct account but closed it cos I got an offset mortgage elsewhere. If I switched with this link would I still get the 125 or would they know that I used to be with them? They probably still have my details.
    • eskbanker
    • By eskbanker 22nd May 18, 11:52 PM
    • 7,975 Posts
    • 8,877 Thanks
    eskbanker
    I used to have a First Direct account but closed it cos I got an offset mortgage elsewhere. If I switched with this link would I still get the 125 or would they know that I used to be with them? They probably still have my details.
    Originally posted by BillyBills
    Yes, they'd know that you'd been with them before and therefore wouldn't be eligible for the switching incentive.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

218Posts Today

1,717Users online

Martin's Twitter
  • RT @Dora_Haf: @MartinSLewis So many people on here saying they're great until you get your PROPER job. What if Your proper job Is ON zero?

  • RT @hslt88: @MartinSLewis I?m a trustee for a youth charity. We only have a limited pool of funds for flexible youth workers for holiday sc?

  • RT @Dan_i_elle_88: @MartinSLewis Loved working zero hour agency care work. Never out of work and I loved having the flexibility! Only left?

  • Follow Martin