£150 is back on for switching current accounts at First Direct
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£150 is back on for switching current accounts at First Direct

13
Found 1st Sep 2015
£125 for switching current accounts if you use First Direct's website

or

£150 via moneysavingexpert and moneysupermarket.

Need to pay in £1,000 a month or be charged £10.

After 6 months, it appears from the terms and conditions, that this £10 charge will be applied even if you continue to pay in £1,000 a month - £100 is paid again if you leave after 6 months and within a year.

£250 fee free overdraft in the meantime.

So it seems that of the £225/ £250, at least £10 will have to be given back. Perhaps someone could clarify the £10 charge after 6 months?
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13 Comments
Need to pay in £1,000 a month or be charged £10. Yes but No also.
All you need to do is open one of there savings account and save say £10.00 a month in it and then no £10.00 charge.
Ive got the regular saver @6% and no charge for account.Take out first directs credit card and then no charge .
Best bank for customer service. I signed up years ago on a similar deal.
I went over to them just over a year ago and got the £100 they were giving them.

Very very good customer services and security seems higher on Internet buying online as nearly always have to put in 2 digits of my password (even for Just Eat etc that I've ordered many times from before).

Only downsides are the phone app sounds so rubbish I have not even bothered to install and also had concerns about the news that HSBC was moving loads of staff outside the UK and that annoyed me).
So, why it's so cold??
Original Poster
bigbenweb

So, why it's so cold??


I'm assuming moneysaving expert want customers to use their link for income generation purposes and will publish the deal tomorrow in their circular.
bigwheels

Need to pay in £1,000 a month or be charged £10. Yes but No also.All y … Need to pay in £1,000 a month or be charged £10. Yes but No also.All you need to do is open one of there savings account and save say £10.00 a month in it and then no £10.00 charge.Ive got the regular saver @6% and no charge for account.Take out first directs credit card and then no charge .



The Regular Saver, as per their terms and conditions, doesn't exclude you from the £10.00 charge. However, the online saver, which can be opened, and kept open, with just £1, does exclude you from the charge.
do you open a regular saver after the first direct normal account?
Original Poster
abulkasam

do you open a regular saver after the first direct normal account?



Yes, the other suggestion from fellow contributors was to open a credit card account. The purpose of both being to avoid the monthly fee which becomes payable in the 7th month.

As long as you switch current accounts again before the 12th month First Direct promise to pay another £100. Leave after the 12th month and no "sorry you are leaving us" £100.


Edited by: "dealsschmeal" 15th Oct 2015
dealsschmeal

Yes, the other suggestion from fellow contributors was to open a credit … Yes, the other suggestion from fellow contributors was to open a credit card account. The purpose of both being to avoid the monthly fee which becomes payable in the 7th month. As long as you switch current accounts again before the 12th month First Direct promise to pay another £100. Leave after the 12th month and no "sorry you are leaving us" £100.



Would you know if you need any direct debits with the switch? I can't seem to find it anywhere but just want to be sure.
Original Poster
zlain

Would you know if you need any direct debits with the switch? I can't … Would you know if you need any direct debits with the switch? I can't seem to find it anywhere but just want to be sure.



No direct debits needed.

The only requirements refer to paying in £1000 within 3 months of opening the account, and within 28 days of meeting this requirement the welcome bonus is paid. However, if customers also want to benefit from the goodbye bonus they must pay in £1000 every month for at least 6 months and must contact First Direct before leaving.

Here is a link to the conditions:

http://www1.firstdirect.com/1/2/banking/current-account

If anyone is still out there (this is a rather old thread) and knows better please correct me if I am wrong.
dealsschmeal

No direct debits needed. The only requirements refer to paying in £1000 … No direct debits needed. The only requirements refer to paying in £1000 within 3 months of opening the account, and within 28 days of meeting this requirement the welcome bonus is paid. However, if customers also want to benefit from the goodbye bonus they must pay in £1000 every month for at least 6 months and must contact First Direct before leaving.Here is a link to the conditions:http://www1.firstdirect.com/1/2/banking/current-accountIf anyone is still out there (this is a rather old thread) and knows better please correct me if I am wrong.



Thanks. Yes I had read the terms and conditions, I was just surprised it had no DD's and thought I had misread something or missed something. Thanks for your help. I've initiated the switch and should get my £150 soon
Original Poster
The cost of the account is £10 a month, this fee is waived for the first 6 months and will continue to be waived under any of the following:

1. £1,000 is paid into the account in a calendar month (transfers from one First Direct account to another do not count);

2. the average balance is £1,000 in credit;

3.a savings account (excluding their Regular Saver 6%), a mortgage, credit card, loan, car or home insurance product is also taken out with First Direct;

4. on any other First Direct current accounts in the same name, (some people have two current accounts, one for bills and one for day to day spending); or

5.if there is less than £10 in the account and no transactions for over 90 days. (To get the cashback you have to deposit £1,000 within 3 months of opening it, so as long as it goes in at some point within that period, you could also avoid the charge by taking it all out and leaving a fiver in there, however First Direct can close any account by giving 2 months' notice, they don't need to give any reasons, just suspecting something isn't quite right is enough).

I have been with First Direct since they first appeared and wouldn't go anywhere else. Customer service is second to none 24/7.
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