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Free £125 for switching to First Direct 1st Account
Free £125 for switching to First Direct 1st Account

Free £125 for switching to First Direct 1st Account

I know this deal has been posted a few times in the past. But hopefully this serves as a reminder.

First direct are paying £125 for using the 7 day account switching with them. This deal ends on the 31st of July, where the cashback changes back to £100. You also get £100 if your unsatisfied and leave after 6 months.

As always read the terms and conditions, but good luck if you do get the account.

Thanks to this blog for pointing out this offer to me:
thesmartwallet.blogspot.co.uk/201…tml

26 Comments

this is a good incentive. this not a deal so should be in freebies?

Original Poster

gooeynote

this is a good incentive. this not a deal so should be in freebies?



Can a moderator move the post, please?

Original Poster

Sorry about the crude link in the description, I used this blog to get most of the information for this post.

The author says he has called and verified that you can bypass the £1000 monthly income restriction, by leaving the account with a balance of £1000. So for anyone looking to invest a £1000, this does give a better return than a savings account for sure.

Great deal. made a Yorkshire Bank account and used that with a few direct debits. I find 1st Directs online banking bland so didnt use my main account. Heat added free money

Not a real freebie as you have to transfer you banking to them. I think mods should move this post to misc

mystery_man

Not a real freebie as you have to transfer you banking to them. I think … Not a real freebie as you have to transfer you banking to them. I think mods should move this post to misc



It is a freebie. You get £125 if you move your account to them and your current bank wont charge you to move. How is it not a freebie?

zerocrop

It is a freebie. You get £125 if you move your account to them and your … It is a freebie. You get £125 if you move your account to them and your current bank wont charge you to move. How is it not a freebie?


Because you have to move your money to them in the first place. To me that is not really a freebie. I can see where you are coming from but I don't class it as a true freebie.

mystery_man

Because you have to move your money to them in the first place. To me … Because you have to move your money to them in the first place. To me that is not really a freebie. I can see where you are coming from but I don't class it as a true freebie.



But there's zero cost to moving your money there and in doing so you get £125! By the way, if you really like your current bank then you can always open another account with them again ans still keep the First Direct one.

i did this got the 125 to open and closed after 6 month and they sent a cheque for £100 the same month i closed it. great service and would defiantly recommend

I haven't really changed banks that often. I've been with Barclays for the last couple years but they haven't been able to offer me an Overdraft over £100 which I find ridicules as I have a regular income of over a £1000 each month. This sounds mighty tempting I take It there are no In Branch facilitates and It's done purely over the phone? Just like Giff Gaff in a way right?

Original Poster

Marky264

I haven't really changed banks that often. I've been with Barclays for … I haven't really changed banks that often. I've been with Barclays for the last couple years but they haven't been able to offer me an Overdraft over £100 which I find ridicules as I have a regular income of over a £1000 each month. This sounds mighty tempting I take It there are no In Branch facilitates and It's done purely over the phone? Just like Giff Gaff in a way right?



Yep, you have telephone and online access, 24 hours a day, 7 days a week. They have limited banking available at HSBC branches or so I am told, but I haven't really had a need to go in yet.

www1.firstdirect.com/1/2…tor

Original Poster

mystery_man

Because you have to move your money to them in the first place. To me … Because you have to move your money to them in the first place. To me that is not really a freebie. I can see where you are coming from but I don't class it as a true freebie.



Fair enough, if you think its not free, its your loss. The way I see it, I got a £125 for FREE, I haven't given them a penny yet and if I choose to I can move banks again (if I wait 6 months and then leave, I get another £100 FREE). It helps when you have multiple accounts so that you can keep switching £1000 a month between accounts to meet their criteria or like me you can just leave £1000 in there and 6 months later take out £1225 and walk away. I win, the bank loses*.

*They will win a little bit back, if they use my £1000 to lend part of a mortgage, at 5% APR and compounding for 6 months, they can make £25 on my money. But at least £225 of their annual turnover wont be lining the pockets of some banking executive.

I can see where your coming from, people are a commodity, and our personal details, service and custom is a form of currency, so we are trading that in to earn this £125/£225. But I am sure, most people nowadays are more than happy to share their location, mood updates, dinner pictures and holiday snaps with total strangers on facebook/instagram, so for £125 I'm a convert to First Direct. This £125 deal beats the 50p from Lidl, that you posted, both deals require you to change your service provider to earn some money back.
Edited by: "bk201" 23rd Jul 2014

Banned

most people won't even change electric if its cheaper, punters all the way
I just got back from India saved over £1000 on dental work so this sort offer of thing is easy for 'bita admin', simples really

Banned

by the way if your on the high street stop paying 80 odd pence for a little bot of water Starbucky and mcdonadds give out free as per company policy (large cups if you want)
(i know mcdonads is a dreadful place mind u)

Original Poster

2muchmonth

by the way if your on the high street stop paying 80 odd pence for a … by the way if your on the high street stop paying 80 odd pence for a little bot of water Starbucky and mcdonadds give out free as per company policy (large cups if you want)(i know mcdonads is a dreadful place mind u)



I do like a freebie or a way to get something on the cheap. Its how we can keep our money for a rainy day.

Original Poster

bk201

Sorry about the crude link in the description, I used this blog to get … Sorry about the crude link in the description, I used this blog to get most of the information for this post.The author says he has called and verified that you can bypass the £1000 monthly income restriction, by leaving the account with a balance of £1000. So for anyone looking to invest a £1000, this does give a better return than a savings account for sure.



HUKD was featured on this small blog some time ago. Some other good posts on there, so might be worth following the author.

bk201

Sorry about the crude link in the description, I used this blog to get … Sorry about the crude link in the description, I used this blog to get most of the information for this post.The author says he has called and verified that you can bypass the £1000 monthly income restriction, by leaving the account with a balance of £1000. So for anyone looking to invest a £1000, this does give a better return than a savings account for sure.



You need to properly understand how this works. The 1k per month is NOT an income restriction. The requirement to deposit 1k a month is not an absolute requirement, and, this 1k per month does not have to be income. It could be money transferred into the account from another account elsewhere and then immediately transferred out again.

This account attracts a £10 monthly fee, after 6 month,s unless you either:

a) Maintain an average balance of 1k. Their wording is ambiguous here and should probably read 1k or more!
or

b) Pay in 1k to your account each month
or
c) hold a first direct mortgage, credit card, personal loan, savings account (*excludes Regular Saver Account), First Directory, or first direct car or home insurance policy;

So can you put in £1,000 and leave it in there for 6 months and that'll meet this criteria (a) Maintain an average balance of 1k.)??

Original Poster

mayfair11

So can you put in £1,000 and leave it in there for 6 months and that'll … So can you put in £1,000 and leave it in there for 6 months and that'll meet this criteria (a) Maintain an average balance of 1k.)??



exactly, put in £1000, get back £125 initially and if you want to leave after 6 months, get another £100

Marky264

I haven't really changed banks that often. I've been with Barclays for … I haven't really changed banks that often. I've been with Barclays for the last couple years but they haven't been able to offer me an Overdraft over £100 which I find ridicules as I have a regular income of over a £1000 each month. This sounds mighty tempting I take It there are no In Branch facilitates and It's done purely over the phone? Just like Giff Gaff in a way right?



That sound's strange but might be based on how much of the regular income is seen as regular outgoings.

I have an over draft limit which matches what goes into the account per month, started off at something like £800 and now it's up to about £3.5K not that i'd ever use it

mystery_man

It is a freebie. You get £125 if you move your account to them and your … It is a freebie. You get £125 if you move your account to them and your current bank wont charge you to move. How is it not a freebie?


Because you have to move your money to them in the first place. To me that is not really a freebie. I can see where you are coming from but I don't class it as a true freebie.[/quote

it is a freebie as it costs you nothing , it may have an opportunity cost of some description related to it but you could say that about almost every freebie , time taken to fill in an application form online to get something for free in your book would not be a freebie either I guess as the time taken to fill it in could be used elsewhere with a financial reward.

Also you don't have to move your money to them , your bank does this for you (again , for free!) . You just fill out the forms to request the switch
I think we have to draw the line somewhere as if we do not then there would be no such thing as a 'freebie' .
Edited by: "rooney10" 24th Jul 2014

I used to have an account with them three or four years ago. Am I eligible for this?

sparx1981

I used to have an account with them three or four years ago. Am I … I used to have an account with them three or four years ago. Am I eligible for this?



No

Original Poster

sparx1981

I used to have an account with them three or four years ago. Am I … I used to have an account with them three or four years ago. Am I eligible for this?



Best to call and check, they might throw it in, just to have you as a customer, if your persuasive enough. It is a human at the end of the phone a the end.

I usually call up my credit card company and when I ask to cancel the card, I get some freebies just to stay with them. In the past, I have had £50 credited to my account, a high street shopping voucher for £20 sent to me and 6 months of 1% cashback on all my spending. Recently got the 30 day free credit check from equifax and called to cancel, they said, they would offer me the service at half price, instead of £15 a month, (I still cancelled). I tried the same with my MBNA card, but their cancellation process, was an automated voice on the phone, so didnt get anything there.

Well worth speaking to a person, in my opinion.

bk201

[quote=sparx1981]Recently got the 30 day free credit check from equifax … [quote=sparx1981]Recently got the 30 day free credit check from equifax and called to cancel, they said, they would offer me the service at half price, instead of £15 a month, (I still cancelled).



You should try Noddle. Credit check is permanently free on that: noddle.co.uk/

Original Poster

zerocrop

You should try Noddle. Credit check is permanently free on that: … You should try Noddle. Credit check is permanently free on that: https://www.noddle.co.uk/



Just got access to that last week plus a few other features free with the aqua cashback credit card. The card isn't in daily use, its just a backup, but the credit checker and credit update notification and free vouchers make it worthwhile, plus load free spending on the card abroad, so it will get used later this year when I go on holiday.
Edited by: "bk201" 24th Jul 2014
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