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 has brought back the “popular” offer just six weeks after withdrawing the last £175 switch deal. This is now the third time this year it has run the bank switch sweetener, and while no end date has been given, if it’s the right product for you, it may pay not to hang around.
The only alternative provider offering a bank account switch bonus is TSB (up to £190), but this offer ends tomorrow (Tuesday 10 September).
But back to First Direct, and as you’d expect from an offer of free, hard cash, there are a few rules to meet to get your hands on the money.
First off, you need to be a new customer of First Direct, which means you can’t have previously held a First Direct product or opened a HSBC current account on or after 1 January 2018.
Then, follow these five steps:
- Open a First Direct 1st Account on or after Monday 9 September and before the offer is withdrawn
- Go through the full Current Account Switch Service (CASS) process to transfer your everyday banking, including switching at least two direct debits or standing orders within 45 days of opening the account (this must be from a provider that participates in CASS)
- Deposit a minimum of £1,000 into your account within 45 days of the account opening
- Register and log onto digital banking within 45 days of the account being opened
- Use your debit card at least five times within the first 45 days of account opening
Once you’ve ticked all these boxes, you should receive the bonus by the 20th of the following month.
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.
Carl Watchorn, head of banking at First Direct, said: “Our customer service is award-winning. To thank customers for choosing to come and experience it, we’re bringing back our popular £175 incentive.”
