First Direct Bank Account
I have been banking with First Direct [FD] for 5 years, so when HSBC launched their new FD internet banking on 18 July 2000 I immediately signed up.
Although First Direct may not be paying the most competitive interest rates for internet banking, one of the best things about FD banking is that you can still operate your account by telephone if you so wish at NO extra cost i.e. on occasions when the internet is down, for example, or you are having technical difficulties , or you simply don’t have access to internet at that time.
So what can you do on FD PC/Internet banking? Well, you can do all the normal stuff; manage your FD current account, savings account, Visa card, check balances, transactions, move money between account, pay bills, and even set up new bill payment destinations, keep track of direct debits and their history, order chequebooks, cash cards, currency etc.
So what interest rate do you earn? On balances of upto £999 it is only 1.0% (aer), £1000 -£2499 is 2.00% (aer),£2,500 - £4,999 =3.5%(aer),£5,000 and over 5.00% (aer). On their saving rates, interest rates start at 5.0% (aer) for balances upto £5000 then for balances over £5000+ it is 5.50%(aer) and so on. These rates are as I write this, check their website www. Firstdirect.com for current rates and products.
So this is the down side as these interest rates are lower than the average internet banks but you do have the option of using the telephone (local call rate) at no further costs and they are very efficient and have never made any mistakes on any of my accounts to date.
The only other thing I could say against them is the website is slow to use, but I think this is to do with the security and whole login procedure, from which each time you are asked at random different letters from your password. You NEVER have to enter your full password as with other internet banks i.e. EGG, Nationwide etc.(details in my opinion comparison of online banking: "EGG v's Nationwide v's First Direct")
Another thing to mention which makes FD PC banking ‘different’ from other internet banking is you will receive a set up disc (CD) and you can ONLY access your FD account with whatever PC has that set up disk loaded i.e. home, work etc, not from any PC in the world unless you take your CD with you making this a very “secure” method of internet banking!!!
If you are after earning the "best possible interest rate via internet banking and are not concerned about quality, efficiency and versatility then FD may not be for you, but if you want first class quality, efficiency, promptness in replying to e-mails etc with a reasonable interest rate i.e. better than the High Street then go for First Direct.
They may not have the best interest rates around, but I would definitely recommend FD internet banking for a “First Class SECURE” service..
Reproduced with the permission of Dooyoo UK Ltd