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First Direct relaunches £100 switching bonus

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17/02/2021
First Direct has reintroduced its £100 welcome bonus for new customers switching to its 1st Account bank account.

The switching bonus was dropped last year when First Direct closed its doors to all new customers, but has been relaunched to welcome new account holders using the Current Account Switch Service to carry out the move. You will also need to pay at least £1,000 into the account within the first three months.

Chris Pitt, chief executive officer of First Direct, said that the past year had seen a “defining shift” in our online habits, with many of us now more comfortable doing things like banking remotely.

He added: “First Direct wants people to feel more confident about their finances, and by offering a £100 welcome to new customers, we’re hoping more will see the benefits of our award-winning customer service. Whether it’s keeping on top of your banking via our app or knowing you can speak to someone 24/7, we’re here to help people feel more confident about their money.”

Is the 1st Account any good?

Of course the big question is whether the 1st Account is worth switching to, no matter what cash bonus you can get from opening the account.

It comes with an interest-free overdraft of £250, while account holders also benefit from access to its regular saver account paying an interest rate of 1%. 

However, the big selling point of First Direct is always its customer service, for which it has won countless awards over the years. Just last week it was named the top brand for customer service by the Institute of Customer Service.

Getting paid to switch bank accounts

The reintroduction of the switching bonus by First Direct follows its parent bank HSBC launching a £125 welcome bonus for new customers taking out one of its bank accounts.

You can get a welcome bonus of a different kind if you open an account with Virgin Money however, which is providing a 12-bottle case of wines worth £138 from Virgin Wines, as well as an interest rate of 2.02% on the first £1,000 of your bank account balance. On top of that Virgin will donate £50 to a charity of your choice.

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