For those that are with TSB like me this is not a bad deal!
First Direct* has yet again boosted its switching offer from £100 for new customers applying via our link to £125 (£100 direct). First Direct is one of our top picks due to its excellent customer service – it's won every bank service poll we've ever done, with 90% of its customers rating it 'great'. You also get a small £250 0% overdraft, and can open a linked 5% regular saver.
Need-to-knows
To get the £125 switching bonus, you need to use First Direct's switching service to fully switch and close your existing account and pay in at least £1,000 within three months of your account opening.
Once you've made the payment, the £125 will be credited to your account within 28 working days.
If you have any problems with the switching process, you can contact First Direct's account opening team on 0800 24 24 24.
This account has a £10 monthly fee after six months, but this is waived each month you pay in £1,000, have an average monthly balance of £1,000 or hold selected other accounts with First Direct.
You can't get the switching bonus if you've ever held an account with First Direct before.
First Direct shares its £85,000 UK savings safety guarantee with HSBC, so ensure you don't hold more than £85,000 across the two banks.
Loyalty doesn't pay so existing tsb can switch to this and then switch back to the tsb to bag the deal again at a later date.
If you're not happy you'll get £100
Rated best for customer service
Top comments
Mogolent
16 May 177#1
Best customer service - maybe. But worst bank! Their mobile banking app and internet banking is a joke... 19 century bank...
taker
16 May 173#9
Agree First Direct and HSBC have the worst mobile banking app. It's ridiculous, reading the reviews on the App Store for the HSBC app you'd think they pushed their own staff to download it and rate it as 5 stars.
Can't do proper banking without going on their desktop site.
Good deal though.
Latest comments (77)
B4rT45
22 May 17#77
That's right but even the two can't compare (i.e. HSBS is great comparing to M&S) ...
Moved there for the incetive and it's sooo painful, can't wait to switch again!
I went through a lot of banks in the process (haven't tried FD yet and maybe a few others) and I think M&S is the worst bank ever (after yourkshire bank) ... :smiley:
taker
19 May 17#76
Not surprised. Guess who owns M&S Bank?
Yep that's right. HSBC.
taker
16 May 173#9
Agree First Direct and HSBC have the worst mobile banking app. It's ridiculous, reading the reviews on the App Store for the HSBC app you'd think they pushed their own staff to download it and rate it as 5 stars.
Can't do proper banking without going on their desktop site.
Good deal though.
B4rT45 to taker
19 May 17#75
I suppose none of you have tried M&S bank?
and that includes not only the app but also the internet banking!
abx
18 May 17#74
It's not really THAT obvious is it. The incentive sounds like it's to entice you to leave your current bank.
Jules_HT
18 May 17#73
Yes but the suggestion was made (whether by you or someone else I do not recall) that the only reason my credit rating was not harmed was because I had this old account. All I'm saying is that I don't think so because the reference agencies don't seem to know it exists. Fair enough. What sort of dive did your rating take (or did you just get refused credit you were expecting to get)?
You're right that it's a complex business and it's not helped by the fact lenders never explain themselves when rejecting.
supermann
18 May 17#72
We were discussing the effect of closure of old accounts on credit scores/ratings.
If the account is not recorded by any credit reference agencies then yes it's not going to affect anything but that is pretty obvious and is not what we were really talking about in the first place.
The issue about whether some old accounts are recorded is another matter.
I'm not discounting your experience, the way credit reference agencies work is complicated and frankly odd at times but generally speaking the closure of old accounts (that they know about! ) will have a negative effect on a credit score or rating.
I stated earlier (and you quoted me on it) that when I closed an old account it had a very significant effect on my rating. It is possible that this account closure was not the main problem but that I had switched and opened a brand new account that had no payment history.
Now back in the day, if you closed an account, then the result would be that payment records of 6 years instead of 3 years would be used to calculate things. So say we're in the year 2009 and you had loads of missed payments between 2003-2006 but no missed payments 2006-2009. If you didn't close the account then only the payments between 2006-2009 would affect your rating but once the accoutn is closed the 2003-2006 payments would affect it. That seemed to be the case during the 2000s but I'm not sure what it is like now.
abx
17 May 17#63
I've got a quick Q about the bank account switch process.
I have 5 current accounts with Halifax and Bank of Scotland under one internet banking login.
If I fill in the form to swap would it swap just the single bank account I enter or would it try to end all my current accounts with my current bank? Seems sort of obvious but I'd be worried it would close them all.
rooney10 to abx
18 May 17#71
It obviously shuts down only the account you switch from , details of which you give them during the switching process , (account number etc) .
I would have thought common sense should have told you this , lol.
Jules_HT
18 May 17#70
It's not unlikely, it's well known and affects many people (me included). My old account is one of my main ones, which all HH bills including mortgages. It is apparent that none of the agencies know about it.
The whole point of my post is that you need not fear switching current accounts smashing your credit rating even for numerous switch after switch after switch- which is exactly what I have done.
I refute the suggestion that the only reason my rating has not been affected is because I have an elderly account- because I know for a fact (by inspecting my own credit records in numerous places) that they don't even know the account exists.
So essentially I've switched 4 times in the last 12 months, including all my old accounts that the agencies are after, and still my credit rating goes from strength to strength and I get all the best rates on loans and accounts even for large amounts (>£15K a time). So there is no practical problem from my perspective.
If there is anyone out there who has got concrete information that they have switched and it has damaged their credit rating or their ability to get credit, and they definitely know that there is no other factor that could have been the real cause of it (although knowing even that is difficult) then by all means speak up.
It's pointless arguing about theoretical cases and what ifs. Again; as far as I am concerned, switching repeatedly in relatively quick succession does not damage your credit rating.
moorio
18 May 17#69
How on earth does it take you 15 minutes to pay your credit card bill? Take about 30 seconds in the app and probably about the same of you call them
Nut82uk
17 May 17#64
I've used First Direct for the purpose of mortgage as their fixed rates are very good. The bad side is that to have a mortgage you must set up and have a First Direct Current Account to pay money in so they can withdraw the mortgage payment out.
As someone else has stated FD's App for your account is a complete and utter shambles, honestly it's easier getting into Fort Knox than signing in, and if you get your login wrong (which you do, even if you do it 100% correct) you'll be locked out and have to phone them for yet another unlocking code) it's f**king useless. I've given up all together and have to resort to keeping a log of my transactions on my phone's note book. All my Tesco's Bank Account App requires is my finger print and boom I have full instant access to everything, light years ahead of FD.
I wouldn't touch FD as a bank but for a remortgaging option their low rates, lack of setup fees, and unrestricted overpayments make them hard to ignore.
eslick to Nut82uk
17 May 17#68
Forget the app and it works very well, agree with the mortgage side, just as the banking crisis started we were remortgaging rates were on their way down and had 6 months left, logged on to internet banking and they had a no fee 0.59 life time tracker, best thing I ever applied for :smiley: was supposed to be a stop gap then with the interest rates falling will probably end up with it for the last few years of our mortgage:)
eslick
17 May 17#67
How does it take you that long, I log on to internet banking, click on make a payment and then chose who I want to pay add amount and it's gone. Took me longer to type this than do that. A new account take a little longer and if it's my wife's account then you need a token but my account doesn't and that's even quicker. They say everyone needs a token but I am not going to tell them mine doesn't as I don't want one :smiley:
Mogolent
17 May 17#66
Fully agree. They are happy to help. BUT it is a very rare situation... happened to you once ?!
What about every day banking? Their applications are not user friendly...
I have debit and credit cards with first direct. And it takes more than 15 mins to pay my credit card bill...
Barclays applications are perfect very easy to use but they won't help you so fast...
supermann
17 May 17#65
One example might be someone who goes to university and who's account is converted into a student account with an overdraft.
They may have opened the original account over 20 years ago but you be sure that at least one of the credit reference agencies knows about it.
supermann
17 May 17#62
I wasn't aware of that sorry. So yes it's possible but highly unlikely if you've used the account in the last ~19 years.
Moreover, records of payments only show on reports for six years anyway.
Jules_HT
17 May 17#61
My elderly (actually nearer 30 years than 20, I had it as a child) account does not show in"my accounts" with either Experian or Clearscore, and it's well known that older accounts are often under the radar of the credit reference agencies. I had a loan provider refuse to pay the money into that account because it didn't show on my credit file.
From Experian's website in the section regarding missing info:
If your account was opened a number of years ago, then the company may not have obtained your permission to share the information with Credit Reference Agencies. This is particularly the case with accounts opened before 1998 when the Data Protection Act came in. Ask your lender to provide a consent form so the information can be shared.
betabelf
17 May 17#60
WBRacing
17 May 17#59
Been with them for over 20 years. Great customer service as others have said, but the apps are not good, even compared to Santander which is damning indeed.
The secure key for me is the most frustrating, it is so poorly thought out. You have to choose between associating it with a single phone with the app installed else go with the keyring keypad, you can't do both. I have two phones, one for work and it is annoying. With two step authentication available, like Santander with their OTP codes, security can easily be kept at a high level without such an inconvenience.
memistokkan
17 May 17#58
Worst bank I've been with and worst banking app also. The only upshot is you get a polite person on the other end of the phone line. Also be prepared to remember 100 passwords.
Mogolent
16 May 177#1
Best customer service - maybe. But worst bank! Their mobile banking app and internet banking is a joke... 19 century bank...
eslick to Mogolent
16 May 171#2
Don't know what you are comparing it to but against co-op, tsb, and nationwide it's a thousands times better. True the token is hard work but that's security for you we are luck have one lit of accounts with out it.
Maybe you haven't realised what century we are in they could only wish for still looking forward to so many things and bet they couldn't of ever hoped that most people would have bank accounts never mind ones you go on magic tablets to use :smiley:
karlie88 to Mogolent
16 May 171#3
I find their app fine. Easy log in process, can carry out transfers/payments ok, does everything I want. Great rate on their regular saver too. Their rates for the regular saver have always been very good.
haggisheid to Mogolent
16 May 17#18
I agree fully, I left Barclays, which has a great app to first direct and couldn't believe how bad their mobile app is, considering that many now use banking apps daily, it should be one of their priorities to make it practical and fast.
But yes, their customer service is fantastic, cannot say anything against that.
duncancosgrove to Mogolent
17 May 171#20
i agree. app is not great, especially compared to NatWest. for an online/Tel only bank I would expect better, but it's pretty much a reskinned version of the HSBC app so doubt it'll change until that one does.
telephone customer service is outstanding though. not many banks you can call up and be greeted by a human within 3 rings.
ChrisPalmer to Mogolent
17 May 17#31
Do you have much experience of 19th Century banking?
hairray to Mogolent
17 May 17#35
Sorry to hear that, although my experience has been the opposite. Ive banked with Barclays and Santander, I find the app more than useful, it is basic but that's what I want. I also found paying new people a lot easier than other banks. The telephone service IMO was also very good, someone answered the phone instantly and the same advisor set up my 5% saver.
I think their simplicity in banking with them is reflected by the branding, straight to the point and no nonsense.
Hope you've found a bank that suits your needs better.
heeljames to Mogolent
17 May 17#57
All I'm going to say is this.
Around 6-8 moths ago I had some card fraud on my curren account with First Direct. Somebody was charging Uber rides to my card, around £200 in total. I noticed this at around 11am on a Saturday. Literally 15 minutes on the phone with them and they'd cancelled all charges, refunded all the money that had already left and were monitoring my account for future activity like that. That 15 mins is including the time spent on hold too btw, which was around 45 seconds. Having spent close to 1 hour waiting for HSBC to answer their phone lines, I'll happily vouch for First Direct any day.
AlfieW123
17 May 17#53
Also does this deal require any direct debits?
Mogolent to AlfieW123
17 May 17#56
No. Just top up new account for £1000...
And open a new savings account or credit card (they offer 17 months 0% APR for purchases) to avoid £10 monthly fee...
jnobel
17 May 17#55
Link says £100 now? How to get £125?
Maclurio
17 May 17#26
Personally these offers do no interest me, obviously free money is good if that is what you're looking for but when I have such good internet banking (RBS/NATWEST) it is not worth the hassel to have a worse service.
mcormack to Maclurio
17 May 171#34
£125 for 5 mins work = £1,500 per hour
I guess you make more than that..............................Ha!
ben1979 to Maclurio
17 May 17#54
I agree about the RBS app, and web based banking options, both are outstanding, but, the number of benefits that should be available to my account are no longer due the break up of the bank. My account still lives on in scotland with all the benefits of that (cashback on bills etc), but the same account in England? Nope. None.
I am currently reviewing alternatives, this is one of them. The app is being updated as has been discussed and as long as I can view balances and statements on my phone, that's all I really need when out and about, at home, I have the laptop for anything more taxing (no pun intended!)
AlfieW123
17 May 17#52
What is the earliest I could get this money If I opened an account tonight? Would I be able to get the money within a month and a half and switch banks again? I was planning on switching to this deal, getting the £100 and then switching to the TSB deal?
Could I do that?
ikky101
17 May 17#40
Again switching might seem like a good idea but don't forget it leaves a mark on your credit score each time you switch banks. So is the £125 really worth it..
tomdavidrichards to ikky101
17 May 17#41
Just don't switch within 6 month if applying for mortgage or loan
mcormack to ikky101
17 May 17#50
Fake News!
andreasuk to ikky101
17 May 17#51
without a shadow of a doubt
mark only gonna stay for a maximum of 2 years but who cares. its free money. there could be downsides somewhere along the line
supermann
17 May 17#49
This doesn't sound correct either. Just because an account is old, doesn't mean that it has no effect on your credit score/rating. If you had closed the 20 year old one instead of the 5 year old then it would have had a pretty signicant effect on your rating, possibly knocking it from 5/5 to 3/5 in one single swoop.
For the record I have a current account that is >20 years old and have also closed another one that is over 20 years old. As long as there is a record at the credit reference agencies of the account, it will have an effect.
mcormack
17 May 17#48
Think you get hauled into GCHQ
shaunp
17 May 171#47
Excellent bank. Don't be put off if you don't have a HSBC near you. You can withdraw and deposit cash from a Post Office. You can also pay cheques in to a Post Office.
Some recent improvements:
When using telephone banking you can activate Voice ID which means you don't need to go through security (works on your voice).
The app is receiving a major update in June. I received a message from them about this.
Jules_HT
17 May 17#46
Well the first one was about 5 years old, then after that they've been between 8 and 16 weeks old (depending on the criteria for getting the switching bonus). I've been careful to leave my oldest account (>20 years) alone, only to find that because of it's age it doesn't feature on any of the credit reference agencies' files at all (and therefore I imagine does not contribute towards my credit history)! This is a feature of elderly accounts generally apparently, it's not specific to me).
I've taken numerous £15K loans over the last year (due to interest rate improvements) and my CC providers are all tripping over themselves to up my limits (currently c£85K) and get me to switch balances to them, so again I really don't think being a proper bonus tart as I have been, has made any noticeable negative dent in my credit rating.
Certainly it's never shown as a "negative factor" on any of my reports and my credit score consistently continues to rise.
I would not let this bother you, and I personally will not be altering my behaviour as a result of it. If you're that worried then set up a new account somewhere that isn't giving a bonus, move a few DDs to it, and switch that one.
Cloudane
17 May 17#45
Best bank, I'm with them since a previous time they did that offer. Good while ago now, maybe 2010 or so. It's rare that I have to phone them, but when I do (one example is reactivating Android Pay after a wipe or new phone) I really really appreciate the immediate human.
Will always be with them as long as they keep this USP. In a world of 6 layer menus and half hour waits to get through to someone on the other side of the world and barely understand each other, I'll definitely throw my support behind the refreshing exceptions to the rule. Just one instance of something that would normally take the best part of an hour of frustration taking 5 minutes is worth every penny of interest they don't pay (if any current accounts do pay interest these days)
As OP notes the fee is waived if you have other accounts with them, this includes having a savings account with £1 sitting in it.
If your only intention is to join for the £125 and move back away for the £100 please don't, it may be an "easy" £225 (actually moving banks isn't really as hassle-free as Martin Lewis likes to make out, it's just not as bad as many imagine either) but taking £100 as a sort of fraudulent "lack of satisfaction" only makes things more expensive (or pay less interest) for us existing customers.
tomdavidrichards
17 May 17#44
Unless you pay £1000 a month in,hold another account with them ( put a £1 in a linked savings account,other t&C's aswell
mastablasta
17 May 17#43
Has the covered amount risen to £85,000 now? I thought it was £75,000 as I have split my money into £75,000 over a few different banks.
Tequila
17 May 17#42
"This account has a £10 monthly fee"
this is ridiculous, in most countries banks pay you to give them your money to keep.here these greedy banks want to charge you for having an account in them!
madness.
FrostbiteXIII
17 May 17#39
I have an account with them and my wife and I have a joint account with them. Would she get the money if she were to move over her sole account to them or will the joint one counter that?
stokerej
17 May 17#38
Can the £1000 deposit each month come from another Bank account? I no longer work so it wouldn't be from an employer or pension payment.
theface
17 May 17#37
The app has fingerprint access if your device supports it, making all of this irrelevant for some. Otherwise I'd agree the password situation was a bit silly before fingerprint access. Santander on the other hand don't have fingerprint access for the banking app (but strangely do for their budgeting app, Spendylytics) so it's still cumbersome to log in.
supermann
17 May 17#36
How long had you had the accounts you were closing? Only closing accounts affects your credit rating most when you've had the account you're closing for a long time.
Think about it, it's very logical for it to affect your credit rating, especially if you maintained the account you've closed very well.
FamGuy
17 May 17#33
First direct used to lead the way with phone and internet banking, but unfortunately they haven't progressed much in that time.
Their phone app is painfully slow, which is also a real irritation when considering that you have to use the app if you want to log in on your PC. Far too many security procedures.
Their online banking isn't much better once logged in, it's slow, lacks features other banks have as a standard, and looks straight out of the early 2000's
After 12 months with them I was so frustrated that I move my every day banking elsewhere, then got a nasty letter from them a few months later telling me that they were closing my "dormant account" in spite of it being in regular use to pay my First Direct credit card bill each month.
Only use them if you have little interest in online or mobile banking, are happy to deal mainly over the phone, and use it as your main account with £1000+ credited every month, or they will cut you off completely and give you the boot!
yourlegaldealer
17 May 171#32
Left this bank when they refused us a mortgage on the grounds that my wife was on maternity leave and 'may not return to work again'. I asked them to base it just on me applying, which income-wise was fine, but they still wouldn't lend because of the maternity leave situation. IMO this was 'responsible-lending' gone mad and while the customer service was fine, it very much was a 'computer says no' situation.
Nationwide have been making money out of us ever since.
karljinx
17 May 17#30
Anyone know what happens when you use the switching service to leave a bank that you also have a mortgage with? Everything says the auto switching process automatically closes the old account but does that mean it also stops me logging in to check on mortgage(/credit card, etc) or not?
I've previously asked HSBC and First Direct about this and both said 'not sure, ask the other bank!' :confused:
xeroc
17 May 17#29
There are loads of different bits of security information, but once its all set up its not so bad. I set my iPhone up as the Secure Key. Simply need Touch ID to access the mobile app; no data entry at all. If I want to logon to internet banking via the website, I generate a security code from my iPhone (which requires the entry of a single password).
No need for a 'physical' secure key/card reader
Jules_HT
17 May 17#28
I've switched 5 times in the last year and my credit rating hasn't been impacted at all (looking via both Clearscore and Experian)...
It's the secure key that's putting me off, it's a right pain doing anything on the HSBC app/website. Nearly as annoying as NatWest's (and Nationwide IIRC) card reader.
moorio
17 May 17#25
The app is being updated soon apparently. Cant really call them a 19th century bank when they have the voice id security over the phone, much better than going through all the security questions you have to go through at other banks
Mogolent to moorio
17 May 17#27
You can call Barclays simply by pressing call button in mobile banking app no any personal information needed. Better option for me
MrJinxy
17 May 17#24
I have a mortgage with First Direct. Am i able to track payments/review balance online if i open account with them?
OrangeAgent
17 May 17#23
Tbh I left these as the security on their banking apps was way over the top and a nightmare if you lost it, may have changed now as this was a few years back.
Mogolent
17 May 17#22
Got an email from them :smiley: -
"Hi,
As a regular user of our mobile banking app, we thought you'd like to know that an important update is happening within the next few weeks.
We’re getting better at getting better
We've been listening to what you've been saying about our Banking on the go App, and we've been busy working on some improvements. The latest update will include:
• improved navigation, making it easier and quicker to find what you’re looking for
• technical enhancements, making it work quickly and seamlessly with your Apple operating system."
supermann
17 May 171#21
When I tried to apply for this offer a couple of years ago, they refused it on the basis that I'd submitted an incomplete application in 2004 so I was not a 'new customer' even though I'd never been a customer of theirs.
Seriously!
Adam_90
16 May 171#19
Thanks OP. I'm switching from TSB
whelan189
16 May 171#12
anyone joining beware there is like 100 different password you will need to remember and will mix them up and be a pain in the ass to access money
FatherTed to whelan189
16 May 17#15
I only have 2. Maybe you got special treatment?
mcormack to whelan189
16 May 17#17
Rubbish.
whelan189
16 May 171#16
Telephone password, electronic password, secure key, memorable date, forgot any of these? thats fine sir lets me just ask you 20 questions please get them all right
m12_shakes
16 May 171#14
Brilliant bank with fantastic customer service!
App wise, I've never experienced any issues; and to log in I use the fingerprint scanner, and the telephone security uses voice detection; so no issues there either.
WillPS
16 May 172#13
I applied in January and have used it as my main account since then.
Pros:
> Good phone service, straight through to a human in the UK
> App that works on my phone without complaining that it's been rooted (it hasn't, but Halifax/TSB wont have it)
> App loads quicker than HSBC one
> 5% regular saver - although I don't use this as I already had one with HSBC
> Plenty of branches of HSBC to pay in at, cash appears instantly
> Faster payments are instant
Cons:
> Extremely slow at processing applications - it took me 2 weeks from the day I applied online to receive *anything*, and almost a month before I received my debit card
> Online banking reminds me of how stuff was in the old days - it loads in a bloody popup frame.
> Security is cumbersome by comparison to my other accounts (Halifax, NatWest, Tesco, Nationwide)
> Cheque pay in procedure is an absolute pain - you have to use bloody pay in slips! In 2017!
So overall, good but not by any means outstanding (unless you rely heavily on telephone banking). I don't think I'll be tempted to pass up on £100 for leaving in 3 months time.
whelan189
16 May 172#11
anyone joining beware there is like 100 different password you will need to remember and will mix them up and be a pain in the ass to access money
soops
16 May 17#10
Best bank, bar none!
Uns
16 May 17#7
All the complaints about the app put me off but actually I've found it just fine (it's not as polished as Santander/Barclays but it does the job and it's almost identical to HSBC as it's part of the same bank).
I really can't fault first direct. They give you £100 if you leave within 6 months, but I haven't left them even for that. The customer service is outstanding, every time I've needed to speak to them I've got through to a perfect english speaker within seconds. The regular saver gives 5% and you can put in £300 a month which is a nice saver as well.
Anon32 to Uns
16 May 171#8
I'm seriously considering this! TSB have been great but i'm not having my interest cut for them to offer new customer only deals while screwing their existing base! I can then go back and bag their £130 when it comes around next time!
The only thing that concerns me is the credit score! Credit companies don't like regulary changing bank accounts as it raises the not so stable trying to hide something thing.
Hotmeal
16 May 171#6
Have to agree the app is crap when compared to say Barclays or Santander but the app isn't everything. Customer service is excellent. Would recommend.
chrisc151
16 May 17#5
I have tried to sign up to First Direct a few times with these sign up offers.. I get rejected every time..:disappointed:
![Fresh Breakfast Meat Box (Using code) @ Campbells Meat [Haggis / Lorne Sausage / Bacon / Black Pudding & More]](/images/topics/208684_1.jpg)
![[Xbox One] Q. u. b. e: Director's Cut on Deals with Gold](/images/topics/208716_1.jpg)
Opening post
First Direct* has yet again boosted its switching offer from £100 for new customers applying via our link to £125 (£100 direct). First Direct is one of our top picks due to its excellent customer service – it's won every bank service poll we've ever done, with 90% of its customers rating it 'great'. You also get a small £250 0% overdraft, and can open a linked 5% regular saver.
Need-to-knows
To get the £125 switching bonus, you need to use First Direct's switching service to fully switch and close your existing account and pay in at least £1,000 within three months of your account opening.
Once you've made the payment, the £125 will be credited to your account within 28 working days.
If you have any problems with the switching process, you can contact First Direct's account opening team on 0800 24 24 24.
This account has a £10 monthly fee after six months, but this is waived each month you pay in £1,000, have an average monthly balance of £1,000 or hold selected other accounts with First Direct.
You can't get the switching bonus if you've ever held an account with First Direct before.
First Direct shares its £85,000 UK savings safety guarantee with HSBC, so ensure you don't hold more than £85,000 across the two banks.
Loyalty doesn't pay so existing tsb can switch to this and then switch back to the tsb to bag the deal again at a later date.
If you're not happy you'll get £100
Rated best for customer service
Top comments
Can't do proper banking without going on their desktop site.
Good deal though.
Latest comments (77)
Moved there for the incetive and it's sooo painful, can't wait to switch again!
I went through a lot of banks in the process (haven't tried FD yet and maybe a few others) and I think M&S is the worst bank ever (after yourkshire bank) ... :smiley:
Yep that's right. HSBC.
Can't do proper banking without going on their desktop site.
Good deal though.
and that includes not only the app but also the internet banking!
Fair enough. What sort of dive did your rating take (or did you just get refused credit you were expecting to get)?
You're right that it's a complex business and it's not helped by the fact lenders never explain themselves when rejecting.
If the account is not recorded by any credit reference agencies then yes it's not going to affect anything but that is pretty obvious and is not what we were really talking about in the first place.
The issue about whether some old accounts are recorded is another matter.
I'm not discounting your experience, the way credit reference agencies work is complicated and frankly odd at times but generally speaking the closure of old accounts (that they know about! ) will have a negative effect on a credit score or rating.
I stated earlier (and you quoted me on it) that when I closed an old account it had a very significant effect on my rating. It is possible that this account closure was not the main problem but that I had switched and opened a brand new account that had no payment history.
Now back in the day, if you closed an account, then the result would be that payment records of 6 years instead of 3 years would be used to calculate things. So say we're in the year 2009 and you had loads of missed payments between 2003-2006 but no missed payments 2006-2009. If you didn't close the account then only the payments between 2006-2009 would affect your rating but once the accoutn is closed the 2003-2006 payments would affect it. That seemed to be the case during the 2000s but I'm not sure what it is like now.
I have 5 current accounts with Halifax and Bank of Scotland under one internet banking login.
If I fill in the form to swap would it swap just the single bank account I enter or would it try to end all my current accounts with my current bank? Seems sort of obvious but I'd be worried it would close them all.
I would have thought common sense should have told you this , lol.
The whole point of my post is that you need not fear switching current accounts smashing your credit rating even for numerous switch after switch after switch- which is exactly what I have done.
I refute the suggestion that the only reason my rating has not been affected is because I have an elderly account- because I know for a fact (by inspecting my own credit records in numerous places) that they don't even know the account exists.
So essentially I've switched 4 times in the last 12 months, including all my old accounts that the agencies are after, and still my credit rating goes from strength to strength and I get all the best rates on loans and accounts even for large amounts (>£15K a time). So there is no practical problem from my perspective.
If there is anyone out there who has got concrete information that they have switched and it has damaged their credit rating or their ability to get credit, and they definitely know that there is no other factor that could have been the real cause of it (although knowing even that is difficult) then by all means speak up.
It's pointless arguing about theoretical cases and what ifs. Again; as far as I am concerned, switching repeatedly in relatively quick succession does not damage your credit rating.
As someone else has stated FD's App for your account is a complete and utter shambles, honestly it's easier getting into Fort Knox than signing in, and if you get your login wrong (which you do, even if you do it 100% correct) you'll be locked out and have to phone them for yet another unlocking code) it's f**king useless. I've given up all together and have to resort to keeping a log of my transactions on my phone's note book. All my Tesco's Bank Account App requires is my finger print and boom I have full instant access to everything, light years ahead of FD.
I wouldn't touch FD as a bank but for a remortgaging option their low rates, lack of setup fees, and unrestricted overpayments make them hard to ignore.
What about every day banking? Their applications are not user friendly...
I have debit and credit cards with first direct. And it takes more than 15 mins to pay my credit card bill...
Barclays applications are perfect very easy to use but they won't help you so fast...
They may have opened the original account over 20 years ago but you be sure that at least one of the credit reference agencies knows about it.
Moreover, records of payments only show on reports for six years anyway.
From Experian's website in the section regarding missing info:
If your account was opened a number of years ago, then the company may not have obtained your permission to share the information with Credit Reference Agencies. This is particularly the case with accounts opened before 1998 when the Data Protection Act came in. Ask your lender to provide a consent form so the information can be shared.
The secure key for me is the most frustrating, it is so poorly thought out. You have to choose between associating it with a single phone with the app installed else go with the keyring keypad, you can't do both. I have two phones, one for work and it is annoying. With two step authentication available, like Santander with their OTP codes, security can easily be kept at a high level without such an inconvenience.
Maybe you haven't realised what century we are in they could only wish for still looking forward to so many things and bet they couldn't of ever hoped that most people would have bank accounts never mind ones you go on magic tablets to use :smiley:
But yes, their customer service is fantastic, cannot say anything against that.
telephone customer service is outstanding though. not many banks you can call up and be greeted by a human within 3 rings.
I think their simplicity in banking with them is reflected by the branding, straight to the point and no nonsense.
Hope you've found a bank that suits your needs better.
Around 6-8 moths ago I had some card fraud on my curren account with First Direct. Somebody was charging Uber rides to my card, around £200 in total. I noticed this at around 11am on a Saturday. Literally 15 minutes on the phone with them and they'd cancelled all charges, refunded all the money that had already left and were monitoring my account for future activity like that. That 15 mins is including the time spent on hold too btw, which was around 45 seconds. Having spent close to 1 hour waiting for HSBC to answer their phone lines, I'll happily vouch for First Direct any day.
And open a new savings account or credit card (they offer 17 months 0% APR for purchases) to avoid £10 monthly fee...
I guess you make more than that..............................Ha!
I am currently reviewing alternatives, this is one of them. The app is being updated as has been discussed and as long as I can view balances and statements on my phone, that's all I really need when out and about, at home, I have the laptop for anything more taxing (no pun intended!)
Could I do that?
mark only gonna stay for a maximum of 2 years but who cares. its free money. there could be downsides somewhere along the line
For the record I have a current account that is >20 years old and have also closed another one that is over 20 years old. As long as there is a record at the credit reference agencies of the account, it will have an effect.
Some recent improvements:
When using telephone banking you can activate Voice ID which means you don't need to go through security (works on your voice).
The app is receiving a major update in June. I received a message from them about this.
I've taken numerous £15K loans over the last year (due to interest rate improvements) and my CC providers are all tripping over themselves to up my limits (currently c£85K) and get me to switch balances to them, so again I really don't think being a proper bonus tart as I have been, has made any noticeable negative dent in my credit rating.
Certainly it's never shown as a "negative factor" on any of my reports and my credit score consistently continues to rise.
I would not let this bother you, and I personally will not be altering my behaviour as a result of it. If you're that worried then set up a new account somewhere that isn't giving a bonus, move a few DDs to it, and switch that one.
Will always be with them as long as they keep this USP. In a world of 6 layer menus and half hour waits to get through to someone on the other side of the world and barely understand each other, I'll definitely throw my support behind the refreshing exceptions to the rule. Just one instance of something that would normally take the best part of an hour of frustration taking 5 minutes is worth every penny of interest they don't pay (if any current accounts do pay interest these days)
As OP notes the fee is waived if you have other accounts with them, this includes having a savings account with £1 sitting in it.
If your only intention is to join for the £125 and move back away for the £100 please don't, it may be an "easy" £225 (actually moving banks isn't really as hassle-free as Martin Lewis likes to make out, it's just not as bad as many imagine either) but taking £100 as a sort of fraudulent "lack of satisfaction" only makes things more expensive (or pay less interest) for us existing customers.
this is ridiculous, in most countries banks pay you to give them your money to keep.here these greedy banks want to charge you for having an account in them!
madness.
Think about it, it's very logical for it to affect your credit rating, especially if you maintained the account you've closed very well.
Their phone app is painfully slow, which is also a real irritation when considering that you have to use the app if you want to log in on your PC. Far too many security procedures.
Their online banking isn't much better once logged in, it's slow, lacks features other banks have as a standard, and looks straight out of the early 2000's
After 12 months with them I was so frustrated that I move my every day banking elsewhere, then got a nasty letter from them a few months later telling me that they were closing my "dormant account" in spite of it being in regular use to pay my First Direct credit card bill each month.
Only use them if you have little interest in online or mobile banking, are happy to deal mainly over the phone, and use it as your main account with £1000+ credited every month, or they will cut you off completely and give you the boot!
Nationwide have been making money out of us ever since.
I've previously asked HSBC and First Direct about this and both said 'not sure, ask the other bank!' :confused:
No need for a 'physical' secure key/card reader
It's the secure key that's putting me off, it's a right pain doing anything on the HSBC app/website. Nearly as annoying as NatWest's (and Nationwide IIRC) card reader.
"Hi,
As a regular user of our mobile banking app, we thought you'd like to know that an important update is happening within the next few weeks.
We’re getting better at getting better
We've been listening to what you've been saying about our Banking on the go App, and we've been busy working on some improvements. The latest update will include:
• improved navigation, making it easier and quicker to find what you’re looking for
• technical enhancements, making it work quickly and seamlessly with your Apple operating system."
Seriously!
App wise, I've never experienced any issues; and to log in I use the fingerprint scanner, and the telephone security uses voice detection; so no issues there either.
Pros:
> Good phone service, straight through to a human in the UK
> App that works on my phone without complaining that it's been rooted (it hasn't, but Halifax/TSB wont have it)
> App loads quicker than HSBC one
> 5% regular saver - although I don't use this as I already had one with HSBC
> Plenty of branches of HSBC to pay in at, cash appears instantly
> Faster payments are instant
Cons:
> Extremely slow at processing applications - it took me 2 weeks from the day I applied online to receive *anything*, and almost a month before I received my debit card
> Online banking reminds me of how stuff was in the old days - it loads in a bloody popup frame.
> Security is cumbersome by comparison to my other accounts (Halifax, NatWest, Tesco, Nationwide)
> Cheque pay in procedure is an absolute pain - you have to use bloody pay in slips! In 2017!
So overall, good but not by any means outstanding (unless you rely heavily on telephone banking). I don't think I'll be tempted to pass up on £100 for leaving in 3 months time.
I really can't fault first direct. They give you £100 if you leave within 6 months, but I haven't left them even for that. The customer service is outstanding, every time I've needed to speak to them I've got through to a perfect english speaker within seconds. The regular saver gives 5% and you can put in £300 a month which is a nice saver as well.
The only thing that concerns me is the credit score! Credit companies don't like regulary changing bank accounts as it raises the not so stable trying to hide something thing.