You are here: Home - Saving-Banking - News -

First Direct relaunches £100 switching bonus

0
Written by:
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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week