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First Direct re-launches £175 switch bonus

First Direct re-launches £175 switch bonus
Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
26/03/2024
Updated:
26/03/2024

First Direct has brought back its £175 switching bonus, but it will only be available for a month.

New customers to the First Direct 1st Account can bag the £175 bonus when switching their everyday banking to it.

The deal’s on until Monday 22 April, and to get it, there are a few criteria you need to meet.

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

 

Once you’ve met all these points, the £175 will be paid within a month.

If you’ve previously held a First Direct product or opened a HSBC current account on or after 1 January 2018, you won’t be eligible for this switch incentive.

What do you get with the First Direct current account?

Customers receive a £250 interest-free overdraft, fee-free overseas transactions and ATM withdrawals.

However, while First Direct doesn’t charge these overseas debit card fees, you may still be charged fees that are outside of the bank’s control.

Meanwhile, there’s also a linked 7% AER/gross regular saver account, on deposits of between £25 and £300 each month for a 12-month term. Over the period, you can expect to earn up to £136.50 interest (gross).

Chris Pitt, CEO of First Direct, said: “Our switching incentive has proven incredibly popular among 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, in addition to our award-winning service, which is available 24 hours per day, seven days per week.”

Are there other switching bonus offers?

There are a few switching bonus deals available in the market at the moment.

Just last week, Santander launched a £185 switch bonus, including for new and existing account holders switching to any one of four current accounts. Again, it’s a limited-time offer, but an end date wasn’t given. It has a higher deposit requirement of £1,500, though this needs to be paid in within 60 days.

This offer came hot on the heels of HSBC’s £220 switch-and-save deal. It includes £100 cash and £10 per month over a year via a regular savings account for those paying £1,500 into the current account and £50 per month into the linked savings.

Elsewhere, NatWest, a winner at the YourMoney.com Awards 2024 in the Best Reward Current Account provider category, is offering new customers £200 when switching everyday banking to its Reward or Select (basic bank) accounts. Here, you’ll need to deposit £1,250 into the account within 60 days, while the cash is paid within seven days as long as you meet some of the other criteria.

Alternatively, Lloyds Bank is offering up £175 to new switchers to its Club Lloyds, Club Lloyds Silver and Platinum (all with £3 per month fee, but waived if you pay in £2,000+ per month), Classic (basic), Silver (£10 per month) and Platinum (£21 per month) packaged accounts. The cash is paid out within 10 working days.