Is First Direct the only bank to charge £10 a month for a current account?

Question

I have been getting my part-time salary paid into First Direct for the last few years, and until now have been very happy with their service....but was horrified today to get a letter telling me that unless I had at least £1,500 PER MONTH coming into my current account, and/or I took out at least one other service with First Direct, they would start charging me £10 a month from Feb 2007!

Does anyone else's bank charge people for failing to get a decent income?! And thus make the person's income even less decent?

Answer 1

The banks already make massive profits there is absolutely no reason why first direct should be charging low income workers and pensioners £120 a year to keep a bank account open. The bank is just being greedy, there are plenty of other banks that will not charge you such as Natwest, Halifax etc search around for the best deal.

Answer 2

This was all over the news this morning. They seemed to indicate that they could be "the first of many" to start charging for current accounts, as apparently, the banks don't make enough money from current accounts (oh pleeeease!).
Obvious advice would be to switch. Always check the details carefully though. Some banks give you different interest rates depending on how much you pay in each month. Personal recommendation would be to switch to "Smile".

Answer 3

I have a current account with them and earn a lot less than £1500 per month. Basically, I consider that they are saying that I am not good enough to be a customer of theirs any more.

However, I do not intend to close my account. I shall transfer all the funds, minus 1p, to another account and then forget about FD. They can then add as many £10 monthly charges and send me as many letters as they like - stuff them!

Answer 4

If it extremely is your first time in this occasion, it could be properly worth mutually as chatting with a private banker. in some situations as a gesture of goodwill they refund quotes the 1st time they're charged. be careful approximately that £25 fee on the tip of Feb. do no longer enable it positioned you in unauthorised overdraft returned or the entire cycle of quotes will proceed like the domino result. The case for financial corporation quotes replaced into delivered throughout the time of the Courts final 12 months however the consequence replaced into below passable. yet another answerer pronounced an accredited overdraft. it extremely is a robust theory offering which you manage it as a cushion and not use it like component of your stability or you will finally end up exceeding that besides and the tale will start up as quickly as extra. it is galling, I agree, extremely as quickly as we, the taxpayers, had to bail them out final 12 months, yet regrettably we want banks.

Answer 5

There are a number of banks which have 'packaged' and fee paying accounts.

I have done a lot of research on this when I moved my current account and it seems that everyone loves Alliance & Leicester's Premier Direct account. You only need to pay in £500 a month, but you get stonking interest of 6.1% on any credit you have in the account, and many extras besides. You also get £50 if you recommend a friend to it. PLUS THERE IS NO MONTHLY CHARGE!!!!!

Answer 6

everyone shoudl change accounts now so it doesn't become acceptable! if you have over £1500 going in, you can afford more than someone can with less. typical situation of making the rich richer by making the poor poorer! B*******DS!

Answer 7

Another con by the bank to make even more money for their share holders.

Answer 8

Couldn't you just open a savings account with them and deposit a nominal sum in it? Would that qualify as "another service" I wonder?

Answer 9

You know what to do.... change your bank. Try the Nationwide, they don't charge you anything.