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First Direct brings back £175 account switch bonus

First Direct brings back £175 account switch bonus
Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
07/05/2024
Updated:
07/05/2024

Savers can bag £175 by switching current account to First Direct, which has today brought back the cash sweetener just two weeks after pulling the deal.

If you’re looking for a new home for your everyday banking, then you could bag £175 in cash when opening a First Direct 1ST Account.

The bank said it brought back the offer “by popular demand” after seeing an influx of customers when it launched the £175 deal for four weeks in late March.

After the deal was pulled just two weeks ago, savers and industry experts lamented the fact there were zero banks or building societies running a cash switch incentive.

New deal on the block

As before, you may need to go quick to get it, as First Direct said the offer will only be around for a limited time.

And, as we’ve come to expect with these current account switch deals, there are certain rules to be met to get your hands on the cash.

Here, you need to carry out the move via the Current Account Switch Service (CASS). You need to have at least two direct debits or standing orders, which need to be switched within 30 days of opening the account.

You’ll also need to deposit a minimum of £1,000 into your new account within 30 days of opening. Plus, you need to register and log in to digital banking within this time frame.

Further, you need to use your debit card at least five times during the first 30 days of opening your account.

You need to be a new customer to get the cash, which means you can’t have held a First Direct product or opened a HSBC current account on or after 1 January 2018.

Once you’ve ticked all these boxes, you should receive the bonus within a month, but First Direct added that savers can expect to receive it by the 20th of the following month of meeting the criteria.

New customers switching their current account to First Direct also receive a £250 interest-free overdraft, fee-free overseas transactions and ATM withdrawals, plus access to a 7% interest Regular Saver account.

However, watch out when overseas as although First Direct doesn’t charge fees, some foreign ATMs could charge for withdrawals, which is outside of the bank’s control.

‘Rewarding customers’

Chris Pitt, CEO of First Direct, said: “We want to reward customers for choosing to bank with us, which is why we are bringing back our popular £175 incentive. The offer will only be around for a limited time only, so we’d encourage people to make the most of it while it’s available.

“On top of this incentive, there are lots of other benefits we offer our current account customers. This is in addition to our award-winning service, which is available 24 hours a day, seven days a week – so there’s always someone on the end of the phone if you need help with your banking.”