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One week left to secure £175 First Direct switch bonus

One week left to secure £175 First Direct switch bonus
Matt Browning
Written By:
Matt Browning

There’s just one week left for you to bag a £175 bonus for switching to First Direct.

The provider brought the deal back to entice new current account customers last month, and it is set to run until Monday 22 April.

To secure the current account deal, you must meet a handful of criteria. Once you do, the £175 offer will be paid to you within a month.

This includes:

  • A full transfer via the Current Account Switch Service (CASS)
  • Switching at least two direct debits or standing orders within 30 days of opening the account (this must be from a provider participating in CASS)
  • Deposit a minimum of £1,000 into your account within 30 days of opening
  • Register and log into digital banking, again within 30 days of account opening

Linked saver and perks of the account

However, bear in mind that if you’ve held a First Direct product before or opened an HSBC current account on or after 1 January 2018, you won’t be eligible for this switch deal.

The account also includes a £250 interest-free overdraft, fee-free overseas transactions and ATM withdrawals.

While First Direct doesn’t charge these overseas debit card fees, you may still be charged fees outside the bank’s control.

Further, if you join the provider and open the account, there’s also a saver account linked priced at 7% AER/gross regular on deposits of between £25 and £300 each month. This deal lasts for 12 months and, in that time, you could expect a boost of £136.50 in interest (gross).

‘Excited to bring deal back’

Chris Pitt, CEO of First Direct, said: “Our switching incentive has proven incredibly popular amongst our customers, which is why we’re excited to bring it back.

“It is just one of many benefits customers can get from banking with First Direct, on top of other perks like fee-free transactions abroad, an interest-free overdraft and a best-buy 7% savings rate.”

Pitt added: “This is in addition to our award-winning service, which is available 24 hours a day, seven days a week. To receive the offer, customers simply need to meet certain criteria that reflect they have switched their everyday banking to us.”

Alternative switch offers

There is not a plethora of cash switch deals available at the moment, but Santander has one option for new customers.

The provider is offering a free railcard to new current account holders aged between 20 and 25 years old, and at least £500 is needed to be deposited by 14 May.

This deal lasts until 30 April, in three weeks. On 30 April and once opened, the railcard lasts for four years. It discounts travel by a third in England, Scotland and Wales, plus the London Underground when it’s linked to an Oyster card.

To qualify, you’ll need to open one of the following current accounts, which can be applied for either online or in a branch:

Santander current accounts:

  • The Santander Edge Up Current Account offers customers up to £30 per month from cashback on essential bills and spending, 3.5% AER in credit interest (up to £25,000) on their current account balance, and fee-free spending abroad, for a £5 monthly fee.
  • The Santander Edge Current Account offers customers up to £20 per month from cashback on essential bills and spending, a linked 7% AER easy-access saver, and fee-free spending abroad using the Santander Edge debit card, for a £3 monthly fee.
  • The Santander Everyday Current Account offers customers a current account with no monthly fee. Customers can benefit from online and mobile banking to manage their account, as well as free cash withdrawals from any Santander cash machine when abroad.