First Direct current account switch £150 + £25 for applying for and using their credit card
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First Direct current account switch £150 + £25 for applying for and using their credit card

35
Found 12th Jan 2016
First Direct usually only offer £100 for switching. The £150 incentive probably will not last long, but I cannot find a deadline, perhaps someone else might be able to assist with this?

You have to go via moneysaving expert's or money supermarket's link:

www2.firstdirect.com/1/2…061

Otherwise if you go directly from First Direct's website it is £125, (still better than £100).

Conditions for getting the £150 include having to pay in £1,000 within 3 months of opening the account and you can't benefit from the deal if you have already had an account with First Direct.

In order to to have the monthly charge of £10 waived, which will apply after 6 months, paying in the £1,000 on a regular monthly basis is one way to avoid it.

The £25 for taking out either their balance transfer credit card or their 0% purchase card ends on 29 February.

The balance transfer card charges a fee of 2.29% on any transfers and is fixed at 0% for 27 months.

There is nothing special about this deal as other balance transfer cards offer lower transfer fees for longer periods. (Barclaycard offer 0% over 37 months for 2.19%).

The purchase card offers 0% on spending for 17 months and would make better sense if it is paid off before the 0% period ends, as unlike the balance transfer card, there will be no charges.

Having either credit card will also mean the monthly current account charge will be waived.

There is also a linked 12 month regular saver account which allows deposits of up to £300 a month, paying out 6%. Any withdrawals operate to end the account.

The regular saver will not prevent the monthly charge from applying, but other savings vehicles offered by First Direct will.
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Scroll down until you reach First Direct, click through the link and you get £150 (instead of £125) for switching

moneysavingexpert.com/ban…nts
What is the monthly £10 charge for ?
Original Poster
ragsb1

What is the monthly £10 charge for ?


Nothing specific other than the account itself.

There are no packaged insurance products that come with the account, nor is there any cashback unlike Barclays, Natwest and santander offer on their fee charging current accounts.



Edited by: "dealsschmeal" 12th Jan 2016
£10 monthly charge to bank with them? Lol, COLD
Original Poster
Sheikher

£10 monthly charge to bank with them? Lol, COLD



The £10 charge only becomes payable after 6 months, within which time the account holder should have received £175 and closed the account.
u can also open a savings account to avoid the charge
Sheikher

£10 monthly charge to bank with them? Lol, COLD



​so give you £100 to switch which costs you £120 per year. As far as £25 to take out credit card . There's 0% balance transfers out their max seen over 18 mths. Suggest look for a reputable bank ( still are some out their) who don't charge you any admin fee or even better pay you interest on any balances abd a seperate credit card with 0% balance transfers. but remember to close your old credit card or it will hammer your credit rating. too much potential credit on your credit file not good.
Already posted
I'd imagine there's a teeny tiny proportion of FD customers who actually pay the ten pounds fee. You can literally open a savings account with a pound to avoid it forever.
Edited by: "mjb1975" 12th Jan 2016
pnaylor39

​so give you £100 to switch which costs you £120 per year. As far as £25 t … ​so give you £100 to switch which costs you £120 per year. As far as £25 to take out credit card . There's 0% balance transfers out their max seen over 18 mths. Suggest look for a reputable bank ( still are some out their) who don't charge you any admin fee or even better pay you interest on any balances abd a seperate credit card with 0% balance transfers. but remember to close your old credit card or it will hammer your credit rating. too much potential credit on your credit file not good.



You've posted without the facts there. You should have done a little research first or just read the Ops initial post as he eluded to ways of avoiding the monthly charge. As has been said, it's waived for the first 6 months regardless and can be easily avoided with a linked savings account and a few quid in it or simply pay in £1000/month or keep a permanent average of a grand in there. There are additional ways too so if you're genuinely interested I suggest you read this:
www1.firstdirect.com/con…pdf
Original Poster
mjb1975

I'd imagine there's a teeny tiny proportion of FD customers who actually … I'd imagine there's a teeny tiny proportion of FD customers who actually pay the ten pounds fee. You can literally open a savings account with a pound to avoid it forever.



An annual gross income of £13,100 pa would cover the £1,000 pay in requirement. For those who do not pay national insurance, for instance because they are pensioners, the gross income is £12,400.

For those who either do not have this sort of income or choose to pay it in elsewhere, the savings account or the 0% purchase credit card would seem to be easy alternatives.
You could simply transfer £1000 in on 1st of the month and then transfer it back out again on the 2nd (you could probably transfer same day, but I would leave it a day) and you have met the requirement for avoiding the £10 fee. Rocket science it ain't.
Can someone help / explain do you have to the do the switch from an existing bank to the first direct bank to recoeve the offer, in effect close my existing account
Is it worth applying for the credit card for the £25 or will it affect credit rating? Can you close these services after ... So to get the £25 you have to spend and pay off on cc and it will show in account or on credit card. . Thanks
Original Poster
wakkaday

Can someone help / explain do you have to the do the switch from an … Can someone help / explain do you have to the do the switch from an existing bank to the first direct bank to recoeve the offer, in effect close my existing account


Yes, that's right. You need to have an existing current account open with another banking institution in order to switch. A post office account does not count.
Original Poster
wakkaday

Is it worth applying for the credit card for the £25 or will it affect … Is it worth applying for the credit card for the £25 or will it affect credit rating? Can you close these services after ... So to get the £25 you have to spend and pay off on cc and it will show in account or on credit card. . Thanks


Yes, the credit card application will show on your credit report and will affect your credit rating as will the application for the current account.

Even if you settle the account and close it within a couple of months, it will be visible for six years from the date it is closed.
Edited by: "dealsschmeal" 13th Jan 2016
How long does it take to recoeve the new account details ?
Do you have to have any direct debits set up and from what I've read the £1000 can be paid in over 3 months, it has to be £1000 a month if you want to leave and claim the £100 service guarantee.
Switched to first direct around 3 years ago for £125 and they even offered £100 extra if you wanted to leave. But I'm still with them now and no other account so far would persuade me to leave them. Great customer service. The £10 is only going to be charged if you don't pay in £1000 this was £1500. But if you have a credit card / loan or savings account with them you won't have to pay the monthly charge.
Original Poster
happybubbas

Do you have to have any direct debits set up and from what I've read the … Do you have to have any direct debits set up and from what I've read the £1000 can be paid in over 3 months, it has to be £1000 a month if you want to leave and claim the £100 service guarantee.


No, not to get the £150 incentive.
One more question, does your salary need to need to be paid into it or can I transfer money instead?
I'm overseas, do you need to physically produce ID to complete setting up your account or are things different with it being an online account?
Original Poster
woldranger

I'm overseas, do you need to physically produce ID to complete setting up … I'm overseas, do you need to physically produce ID to complete setting up your account or are things different with it being an online account?


Maybe.

There may be issues if you are not a UK tax payer and do not have a UK address which relates to your credit report.
dealsschmeal

Maybe.There may be issues if you are not a UK tax payer and do not have a … Maybe.There may be issues if you are not a UK tax payer and do not have a UK address which relates to your credit report.


Ok, to clarify, I'm overseas short term. Obviously I'm not going to try to open random accounts if I'm living overseas.

Can anyone who's actually gone through the process tell me if they had to physically show documents?
woldranger

Ok, to clarify, I'm overseas short term. Obviously I'm not going to try … Ok, to clarify, I'm overseas short term. Obviously I'm not going to try to open random accounts if I'm living overseas.Can anyone who's actually gone through the process tell me if they had to physically show documents?


I've not gone through the process but as FD are an internet/telephone bank I'm not sure who you would have to show ID to? Can't exactly turn up at your local branch as they don't have any.
I'm a little confused by the switching. I've gone through the money saving link and I've opened a 1st account no problem, got the internet banking up and running and also sorted a savings account to avoid monthly fee...... Now.. how the funk do I do the switch?! The link just tells me to log in and basically apply for another 1st account? I'm guessing I've arsed something up.....
Edited by: "arctixx" 15th Jan 2016
Original Poster
arctixx

I'm a little confused by the switching. I've gone through the money … I'm a little confused by the switching. I've gone through the money saving link and I've opened a 1st account no problem, got the internet banking up and running and also sorted a savings account to avoid monthly fee...... Now.. how the funk do I do the switch?! The link just tells me to log in and basically apply for another 1st account? I'm guessing I've arsed something up.....



During the sign up process you should have been asked if you wanted to switch and then asked for the bank details.

If this was missed at the sign up, you will have to contact them and ask to be switched or wait for blurb to arrive in the post welcoming you, where you will be asked if you want to switch.
dealsschmeal

During the sign up process you should have been asked if you wanted to … During the sign up process you should have been asked if you wanted to switch and then asked for the bank details.If this was missed at the sign up, you will have to contact them and ask to be switched or wait for blurb to arrive in the post welcoming you, where you will be asked if you want to switch.


Appreciated! Thanks
So if I open any savings account this avoid the £10 monthly fee? So theoretically I could add £1 into an account and that'd avoid it?
Original Poster
Frosty_

So if I open any savings account this avoid the £10 monthly fee? So … So if I open any savings account this avoid the £10 monthly fee? So theoretically I could add £1 into an account and that'd avoid it?


Yes, any savings vehicle, other than the regular savings account, will satisfy one of the conditions for avoiding the £10 monthly fee.
Or you could just switch to them, collect the £125, switch to someone else after 6 months and collect another £100 for leaving and possibly another £100 from the new bank = £325. Stuff the £10 a month charge.
Edited by: "matty_private" 18th Jan 2016
I've joined will cashback come automatically in 38 days
Original Poster
wakkaday

I've joined will cashback come automatically in 38 days


Hi,

The cashback is payable within 28 days of you 1. switching current account and 2. paying in £1,000.

So If you do both today the money will be paid on the 5 of March at the latest.
wakkaday

I've joined will cashback come automatically in 38 days


great lets see

thanks
not sure if already answered,

opened account with them last week and transfer of old one should be done today.

Can I leave as soon as I get incentive or there is minimum period to wait before moving on?


Thanks
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