Unfortunately, this deal is no longer valid
£125 free for switching to a better bank plus £100 if you decide to leave @ first direct
359° Expired

£125 free for switching to a better bank plus £100 if you decide to leave @ first direct

69
Posted 5th Jun

This deal is expired. Here are some options that might interest you:

Mse have managed to blag an extra £25 if you switch banks to first direct great for people on low incomes like me 😃

account free for first 6 month after that you must pay in £1000 per month ( otherwise £10 fee applies) for whatever reason you can't manage this easiest way round it is withdraw funds and then deposit them back into the account

How to apply for a 1st Account

Find out more
Be a richer switcher. Get a £125 welcome when you switch to our award winning banking. For the £125 incentive, switch using the Current Account Switch Service and deposit £1,000 within 3 months of account opening. Account T&Cs apply. New customers only.
Show the section At a glance
1st Account
Join Britain's most satisfied current account customers*
Our current account customers are the most satisfied in the country - which is something we find pretty satisfying ourselves, actually. When you're happy, we're happy...
£250 interest-free overdraft (subject to status)
24/7, 365 banking by Online, Phone and on Mobile
award winning customer service from real people here in the UK - no machines, no overseas call centres
pay in cash and cheques at HSBC branches and the Post Office®
Get a £125 welcome when you switch to us**
and another £100*** if you decide we're not for you.
Overdraft representative example:
0% EAR variable on the first £250. 15.9% EAR variable on anything above £250 (assumed arranged overdraft £1,200).

Who can apply?
You. Probably. If you're over 18, a UK resident, haven't been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years (or be in the process of doing so), and have a phone number and email address we can contact you with, we'd love to welcome you.

Account Fees
There is no cost for the first six months. After that you can avoid paying the £10 monthly account fee by:

paying at least £1,000 into the account every month
or maintaining an average monthly balance of £1,000
or also having a mortgage, credit card, Personal Loan, savings (except Regular Saver), First Directory or Home insurance with us.

(How to avoid charges withdraw funds then deposit them back if you can't quite meet the £1000 a month criteria)
Community Updates
Original deal and comments here
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Top comments
So,

Switch to First Direct, get £125 by transferring £1000 in and straight out again.

After 6 months, either switch away again for a £100 bonus (plus the incentive from the next bank) or open a savings account (if you don’t like free money) to stay fee-free.

Is that right? Seems like an absolute no brainier to me.
Mitch_s_s05/06/2019 10:30

Seems like a ball ache having to open accounts, and move money aroundHow …Seems like a ball ache having to open accounts, and move money aroundHow much time does it take?I don't want to be switching my direct debits/standing orders from my main account either, so can I just open the account and leave my main account open?


All the SOs and DD switch with the account so there is no hassle with that. Takes me about an hour or so to form fill, set up new app and probably another half hour for passwords, a call to the bank sometimes required but no always. Anyway, say 2 hours, average switch at £125, it’s a decent hourly rate IMO!
Important to note that you HAVE to switch by Monday, and via the link on the MSE page here:

www1.firstdirect.com/ban…agg
Edited by: "rdajackson" 5th Jun
69 Comments
So,

Switch to First Direct, get £125 by transferring £1000 in and straight out again.

After 6 months, either switch away again for a £100 bonus (plus the incentive from the next bank) or open a savings account (if you don’t like free money) to stay fee-free.

Is that right? Seems like an absolute no brainier to me.
rdajackson05/06/2019 08:22

So,Switch to First Direct, get £125 by transferring £1000 in and straight o …So,Switch to First Direct, get £125 by transferring £1000 in and straight out again.After 6 months, either switch away again for a £100 bonus (plus the incentive from the next bank) or open a savings account (if you don’t like free money) to stay fee-free.Is that right? Seems like an absolute no brainier to me.


Yep I'm switching later sick of Halifax
Important to note that you HAVE to switch by Monday, and via the link on the MSE page here:

www1.firstdirect.com/ban…agg
Edited by: "rdajackson" 5th Jun
I have been a First Direct customer since 1989 and have not had a single cause to complain since then. I took out a loan in February. From starting the application to the money being in my account took less than five minutes
I switched to them a couple of years ago when they ran the same offer. Haven't found a reason to switch away, they've been very good. Still get lower loan rates from Sainsbury's but not by much.

I think the £10/month thing for accounts which don't get £1000 / month paid in can be got around by taking out a First Direct credit card - don't need to use it, but just having it gets you around the monthly fee. From the website....

After that you can avoid paying the £10 monthly account fee by:
  • paying at least £1,000 into the account every month
  • or maintaining an average monthly balance of £1,000
  • or also having a mortgage, credit card, Personal Loan, savings (except Regular Saver), First Directory or Home insurance with us
Tempted; need to complain to my bank. Lloyds just doubled my home insurance for the month on a direct debit. Thieves.
Get a Bonus saver, Stick in £10.00 and leave it there and they dont charge you the £10.00 fee.
Great stuff. I have a second account just for switching so might do this!
Switch guys, and keep on going- it’s worth £££ and takes very little time.
I've been with first direct since 1995, 24/7 365 UK call handlers, best bank out there, £250 automatic overdraft
Use with confidence
njdavis10305/06/2019 10:20

Switch guys, and keep on going- it’s worth £££ and takes very little time.


Seems like a ball ache having to open accounts, and move money around

How much time does it take?

I don't want to be switching my direct debits/standing orders from my main account either, so can I just open the account and leave my main account open?
Mitch_s_s05/06/2019 10:30

Seems like a ball ache having to open accounts, and move money aroundHow …Seems like a ball ache having to open accounts, and move money aroundHow much time does it take?I don't want to be switching my direct debits/standing orders from my main account either, so can I just open the account and leave my main account open?


All the SOs and DD switch with the account so there is no hassle with that. Takes me about an hour or so to form fill, set up new app and probably another half hour for passwords, a call to the bank sometimes required but no always. Anyway, say 2 hours, average switch at £125, it’s a decent hourly rate IMO!
what about credit check? will affect my credit score?
kris123405/06/2019 10:52

what about credit check? will affect my credit score?


Yes and I just been refused obviously I don't earn enough to meet the criteria well least this post helped a few others 😄
Earliest completion date it July 7th. As long as I initiate the switch today it should still count as being done before Monday, even if not completed until July, correct?
Apart from depositing £1000 do you need to have any Direct Debits
Just about to do it and found the following "Sorry, we can only offer this to people who haven't previously held an account with us,"
Was with HSBC till a year back , will i be ok ?
Any advice from anyone whose had the dough for leaving?

Looking to get the ‘golden goodbye’ next month...
SimplyBest05/06/2019 11:17

Was with HSBC till a year back , will i be ok ?


Yes that’s fine. First Direct and HSBC have separate licences. I have both accounts. Only draw back now is the flaming seaside ‘music’ when you’re on hold . Much prefer actual music not seagull sounds, ice cream vans and crashing waves.
Is there a way to do this without closing my current bank account? I get £10 a month back from Santander by having my mortgage with them and don't want to lose this.

Would the simplest way to be set up a bank account I don't need, and then switch that one, or is there another way? Is there any credit issues with having multiple bank accounts?
benjic05/06/2019 11:30

Is there a way to do this without closing my current bank account? I get …Is there a way to do this without closing my current bank account? I get £10 a month back from Santander by having my mortgage with them and don't want to lose this.Would the simplest way to be set up a bank account I don't need, and then switch that one, or is there another way? Is there any credit issues with having multiple bank accounts?


Yes essentially, I found nationwide is a good one to use in this situation, as when you are there you can recommend a friend, get £100 each on their referral scheme and then switch to one of the banks paying switching incentives. With Nationwide you can do the referral thing several times if you have lots of family and friends keen to earn some easy £££.
wanting to switch to these for a while now but close to mortgage time, well in the next year. does this massively effect your credit? is it worth just waiting as dont want to switch banks and a mortgage app to go wrong a few months down the line as only been with back for a few months.
antonio36905/06/2019 11:55

wanting to switch to these for a while now but close to mortgage time, …wanting to switch to these for a while now but close to mortgage time, well in the next year. does this massively effect your credit? is it worth just waiting as dont want to switch banks and a mortgage app to go wrong a few months down the line as only been with back for a few months.


Length of time account held is a credit score factor, but it entirely depends on your lenders approach to the credit score and risk.

Personally, given how critical a mortgage is I wouldn’t risk it for a few hundred quid, but it’s your call entirely.
waby123405/06/2019 11:58

Length of time account held is a credit score factor, but it entirely …Length of time account held is a credit score factor, but it entirely depends on your lenders approach to the credit score and risk. Personally, given how critical a mortgage is I wouldn’t risk it for a few hundred quid, but it’s your call entirely.


the cash back is just a bonus i just hate Natwest but dont want to risk anything. thanks think i will just hold out until its done and dusted
antonio36905/06/2019 12:00

the cash back is just a bonus i just hate Natwest but dont want to risk …the cash back is just a bonus i just hate Natwest but dont want to risk anything. thanks think i will just hold out until its done and dusted


I don’t think it’s worth the risk. Even a small % increase in your mortgage rate could cost you much more than the bonus available here.
michael.mcnally05/06/2019 11:00

Yes and I just been refused obviously I don't earn enough to …Yes and I just been refused obviously I don't earn enough to meet the criteria well least this post helped a few others 😄


Me too
Does the process ask you for account details you are switching from? I have two currents and would prefer to use the non-main one.
rdajackson05/06/2019 08:31

Important to note that you HAVE to switch by Monday, and via the link on …Important to note that you HAVE to switch by Monday, and via the link on the MSE page here:https://www1.firstdirect.com/banking/current-account/?fd_msc=PCS0000029&cid=FSDT:EW:A0:CA::1812:002:MSMExclusive(MSE)&mtp=agg


Thanks for the link rdajackson
Lexx_UK05/06/2019 10:20

Great stuff. I have a second account just for switching so might do this!

Does this not affect ur credit rating due to frequent switching?
How long do you have to deposit the money? Is it for a year or for however long u have it. And would saying u don't like paying theb £10 a month a valid reason to switch away?
Thanks
I wanna do this but was with them around 2000 ish, there t & C's say I must never have been with them before. How far back would there records go? Can they legally keep data that long? Or maybe anyone in my situation that risked it?
Cheers
ab71305/06/2019 15:50

Does this not affect ur credit rating due to frequent switching?


I do it frequently and mine is excellent
Opeteo05/06/2019 22:44

I do it frequently and mine is excellent


So do you keep any time period before you switch or you do it as soon as you a good deal? I have a secondary current account and I have done a switch with first direct. I am thinking to switch again after a year may be...
I'm currently in one that I have to stay with until December for extra money for staying a year, as soon as it's done I'll switch again. Liked my one before that "B" think I was with them for less. I know it helps your credit score if some of your accounts have been open a while.
2minutenoodles05/06/2019 09:32

Tempted; need to complain to my bank. Lloyds just doubled my home insurance …Tempted; need to complain to my bank. Lloyds just doubled my home insurance for the month on a direct debit. Thieves.


Do it via Martin Lewis backed Resolver.co.uk, makes raising a formal complaint much easier
arCuThEDOWDr05/06/2019 23:38

Do it via Martin Lewis backed Resolver.co.uk, makes raising a formal …Do it via Martin Lewis backed Resolver.co.uk, makes raising a formal complaint much easier



I’ll look into that. Cheers
Mitch_s_s05/06/2019 10:30

Seems like a ball ache having to open accounts, and move money aroundHow …Seems like a ball ache having to open accounts, and move money aroundHow much time does it take?I don't want to be switching my direct debits/standing orders from my main account either, so can I just open the account and leave my main account open?


I just switched and took all of 10 minutes. Direct debits etc automatically transfer over to the new account so need for you to contact any of the debiters either
I have just recently used the switch service on NatWest that’s recently completed. That took about a week to complete.

If the deadline for this is on Monday , then surely these switches aren’t going to be completed by then and hence everyone here is going to miss out on the bonus?
Flappybunnyman06/06/2019 06:45

I have just recently used the switch service on NatWest that’s recently c …I have just recently used the switch service on NatWest that’s recently completed. That took about a week to complete.If the deadline for this is on Monday , then surely these switches aren’t going to be completed by then and hence everyone here is going to miss out on the bonus?


I switched to natwest as well got a second account with Halifax so switched that to first direct yesterday called them up today cause I was also worried that I would miss out on the offer as my switch with first direct goes through 10th of July they told me they were not aware of any offer ending on this deal so I font know where people are getting that information from you must be switched by Monday?
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