First Direct has just launched a £175 current account switching offer available to eligible new customers. The offer will run until April 22, 2024 so any switchers need to ensure they open their First Direct account before this date. The offer isn't open to existing customers or customers who have previously held a First Direct product.
This is the latest in a string of offers launched over the last couple of months. Last week, for example, Santander launched its own £185 switching offer for new and existing customers. HSBC, NatWest, and Lloyds also have active switching offers right now. Lloyds' switching offer is due to expire tomorrow (28th March 2024) unless it's renewed.
How to qualify for the £175 First Direct offer
To qualify for the £175 First Direct offer, you need to open a 1st Account with First Direct. 1st Account is First Direct's current account option and you can choose to open a personal or joint account to benefit from this offer.
You'll then need to switch your other current account using the Current Account Switch Service (CASS). You'll need to complete a full CASS switch to qualify. This includes:
- Switching at least two Direct Debits or Standing Orders within 30 days
- Depositing a minimum of £1,000 in your account within 30 days
- Registering and logging on to digital banking within 30 days of opening your account
You'll also need to continue to hold your new First Direct account on the date First Direct attempts to make the bonus payment.
Who is eligible for the £175 First Direct offer?
To be eligible for the offer, you:
- Need to be a new First Direct customer
- Can't have previously held a First Direct product
- Can't have opened an HSBC current account on or after 1st January 2018
As long as you meet the above criteria, you can switch a current account and benefit from the offer.
How to complete the switch to the 1st Account
Completing the switch is fairly straightforward as long as your bank or building society is signed up to the Current Account Switch Service. Here's a full list of eligible CASS banks. Here's the process you'll need to follow:
- Open a 1st Account with First Direct.
- Log in to your First Direct app and tap "switch to us" from the account menu.
- You'll need to provide your account details and preferred switching date.
- First Direct will get in touch with your old bank to initiate the switch.
- First Direct will take care of moving across all of your Direct Debits, your salary, and other regular payments as well as your balance.
- Once the switch is complete, your old bank account will close.
You won't have to do anything other than initiate the switch and save any old bank statements you want to keep a record of. It may also be a good idea to cancel subscriptions or payments that are no longer relevant before initiating the switch. This will ensure they're not carried over to your new bank account.
Once you've initiated the switch, First Direct will take care of the rest.
When will you get your switching bonus?
If you are eligible and follow all the steps to qualify for the offer, your £175 bonus will be paid to you by the 20th of the following month. The bonus will be paid into your new First Direct 1st Account.
What is the First Direct 1st Account?
The First Direct 1st Account is the bank's core current account option. There are no monthly fees and it comes with a range of features, including:
- £250 interest-free overdraft for eligible customers
- 7.00% AER/gross via the Regular Saver account
- No debit card fees when spending abroad
- No fees for withdrawing cash abroad
You can apply for the First Direct 1st Account by downloading the First Direct App and completing the application. You'll need to provide your contact details, as well as verify your identity with a valid photo ID.
You'll get an instant decision and a virtual card right away if you're approved. You're likely to be eligible as long as you're over the age of 18 and a UK resident.
Which switching offer is right for you?
There are lots of different switching offers available right now. We suggest you check out our best bank account switching offers, cashback, and incentives article to choose the best switching offer for you. We update this article frequently as new offers crop up, so it's worth bookmarking it and referring to it often to keep up to date with the latest offers.
