Switch to a first direct 1st Account and get £100 - HotUKDeals
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switch to a first direct 1st Account and we'll give you £100. If you're not happy after 6 months we'll give you another £100 and help you move to another bank.

open a 1st Account and transfer your salary/income of at least £1500 within 3 months and we will add £100 to your account. This offer is only available for people who haven't yet experienced the delights of banking with first direct
service guarantee:
If within 12 months you're not happy with your account, you've paid in your salary/income of at least £1500 a month for 6 months and haven't tried us before, we'll give you an additional £100 and help you move your account. All other accounts held with first direct must be closed when you move accounts.

open 24/7/365 (this year, make that 24/7/366!)
real people to talk to
interest free £250 overdraft (0% EAR, 12.9% EAR for sums over £250)
text message banking
automated sweep from 1st Account to a savings account.
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sharkalos Avatar
8y, 8m agoFound 8 years, 8 months ago
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#1
Which means you need to be earning, what? £25,000 a year to open an account?
#2
BristolDeal
Which means you need to be earning, what? £25,000 a year to open an account?


Yeah about that.
#3
If your salary was just under the £1500 could you transfer in money from another account to make up the rest, would that still count?
#4
Do the cold voters know a better deal for switching banks? If so I am Zoe Ball (all ears)
#5
I might be making a wild assumption, but I'm guessing the core patronage of this site doesn't earn £25k+ per year...
#6
As I understand it, they pay 0% interest. So the £100 would be worth it in the short-term, but long term you'd be better off in a high-interest current account.
#7
I work in banking - your salary payment does not have to be 1500, just the credits going through your account each month. (i.e you earn 1,000 and you can transfer in and then out at least 500)

- first direct are the bank with the best customer service in the uk. It's worth taking advantage of this - it's a shame i'm not allowed to move my account...
#8
dr_badbeats;1739176
I work in banking - your salary payment does not have to be 1500, just the credits going through your account each month. (i.e you earn 1,000 and you can transfer in and then out at least 500)

Seems like a fair bit of faffing around for the sake of £100. If you've got £25k a year to play with, does £100 really make that much difference? :p
#9
BristolDeal
Seems like a fair bit of faffing around for the sake of £100. If you've got £25k a year to play with, does £100 really make that much difference? :p


Im on £28k and £100 will be coming in very handy indeed!
1 Like #10
BristolDeal
Seems like a fair bit of faffing around for the sake of £100. If you've got £25k a year to play with, does £100 really make that much difference? :p


if you did have 25k, you wouldn't need to faff around, only if you earn below that amount. - you could even set up standing orders going both ways, so you wouldn't need to perform manual transfers.
the higher the turnover in your account the higher you credit score will become both locally (i.e the banks in-house scoring system) and through experian.
#11
dr_badbeats

the higher the turnover in your account the higher you credit score will become both locally (i.e the banks in-house scoring system) and through experian.


Is that really true ? I thought the credit report is only derived from the data collected from the credit card agencies,
#12
BristolDeal
. If you've got £25k a year to play with, does £100 really make that much difference? :p


Every little counts ... ;-)
#13
SanjayShetty
Is that really true ? I thought the credit report is only derived from the data collected from the credit card agencies,


Most credit scoring is built up by taking out loans and paying on time or clearing the loan early, also, credit card companies have a central database and use experian / equifax to asses suitability.

I don't think that 'pushing' money in and out of your account repeatedly will earn you any points, why??, it costs them to process the transaction :thumbsup:

I can't be bothered for 100 anyway, that's what I tip my 'man' for mowing the lawn and washing the bentley ;-)
#14
I have been really impressed with FD, after being shocked by the service I got when I was with Smile - it's a great offer for anyone thinking of switching bank! Also, even if you do earn over £25k - you can still love a bargain!!!
#15
big-boy
Most credit scoring is built up by taking out loans and paying on time or clearing the loan early, also, credit card companies have a central database and use experian / equifax to asses suitability.

I don't think that 'pushing' money in and out of your account repeatedly will earn you any points, why??, it costs them to process the transaction :thumbsup:

I can't be bothered for 100 anyway, that's what I tip my 'man' for mowing the lawn and washing the bentley ;-)


this is incorrect:
for most debit card transaction banks actually make money, (a surcharge is applied to the wholesaler/retail outlet)
account turnover, the total funds paid into an account also earn banks money - as stated in an earier post, banks tend to reward customers with very low interest in current accounts, hence the interest earned (by the banks) on all these accounts can be a big money earner.

Having a high turn over in an account earn points for in house scoring systems - the logic behind this is that: assuming you have £2000 going through an account every month, you are more likely to be able to afford a higher load repayment rate - a larger overdraft limit, and assuming you ateer clear of charges you are more likely to get stright accepts for other product types too.. e.g. mortgages, credit cards...

Being able to pay back credit regulaly even if you continue to go in and out of your overdraft increases your experian credit score, as this mean you should be more likely to pay the repayments on a loan or other simliar banking product.

I'm not sure why this deal is cold as this is free money - and altough it requires a little work it's worth it for a relatively large reward!
#16
I'm with FD and have been for the past 7 years. In that time I have only ever had one problem, which was sorted out efficiently and apologetically which is rare these days! I would definately reccommend them and have done to all my family and friends.
banned#17
RSteve;1739173
As I understand it, they pay 0% interest. So the £100 would be worth it in the short-term, but long term you'd be better off in a high-interest current account.

Not true. they are actually paying 8% gross for the first 12 months which is best I have seen.

Shame i dont earn anything :oops:

this is a great deal and they are consistently voted best online bank.
#18
It's worth noting that if you don't pay in £1500 each month, this account will cost you £10 per month in charges.
#19
Great Bank! banked with first direct for many years I think if you have a savings account alongside your currant account they don't require £1500.00 per month to be paid in each month.
sadly in the processes of closing account and switching to another bank. reason they stopped paying interest on currant accounts.:thumbsup:
#20
fastcar
Great Bank! banked with first direct for many years I think if you have a savings account alongside your currant account they don't require £1500.00 per month to be paid in each month.
[COLOR="red"]sadly in the processes of closing account and switching to another bank. reason they stopped paying interest on curr'e'nt accounts[/COLOR].:thumbsup:


If they are so great....WHY ??? CSIman states they are paying 8% on this deal and judging by initial post you can swap over your account to this one, can't you ???

If within 12 months you're not happy with your account, you've paid in your salary/income of at least £1500 a month for 6 months and haven't tried us before, we'll give you an additional £100 and help you move your account. [COLOR="Red"]All other accounts held with first direct must be closed when you move accounts[/COLOR].:?
Hope it helps you, maybe worth asking them to transfer to this :thumbsup:

PS: you have robbed a well known posters av.. sort it out & get your own !!!
#21
The 8% is on a linked savings account, not on the current account itself.

http://www.firstdirect.com/rates/current.shtml

1st Account

1st Account does not pay interest on credit balances.

exclusive to 1st Account holders - 8% AER/Gross fixed for 12 months - Regular Saver Account 12 month fixed term with no withdrawals allowed (terms and conditions apply). Interest paid on maturity.

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