First Direct has relaunched its popular £175 current account switching offer. It's available to eligible new customers who open a First Direct account and complete a series of steps including a full bank account switch using the Current Account Switch Service (CASS).
The offer previously ran for four weeks between March and April 2024 officially ending on 22nd April 2024. It was renewed once again from 7th May 2024, however, it is only for a limited period meaning it could be pulled at any moment. The news comes after the Current Account Switch Service announced that more than 320,000 people have switched their bank accounts via the service in 2024 so far.
First Direct was among several banks to offer incentives to bank account switchers earlier this year. Switching offers have dwindled in recent weeks, but the relaunch of First Direct's switching offer coupled with Virgin Money's recent 10% welcome bonus offer, it could suggest that a new wave of switching incentives are on the way.
How to qualify for the £175 First Direct switching offer
New customers who open a personal or joint 1st Account with First Direct could be eligible for the £175 offer. After opening your 1st Account, you'll need to complete several steps within 30 days to qualify. This includes a complete switch using the Current Account Switch Service (CASS) as well as:
- Switching over a minimum of two Direct Debits or Standing Orders
- Depositing at least £1,000 in your new account and retaining a £1,000 balance for at least 24 hours
- Using your debit card at least five times (but certain transactions such as cash withdrawals, insurance payments, and gambling payments don't count)
- Registering and logging on to digital banking using your new account's credentials
To receive the bonus, you'll need to continue to hold your new 1st Account on the date First Direct attempts to make the bonus payment. You'll also need to ensure you've opened your account before the offer is withdrawn which could happen at any time.
Who is eligible for the £175 First Direct switching offer?
You could be eligible for this offer if you:
- Are a new First Direct customer
- Are a UK resident
- Are 18+
- Haven't previously held a First Direct product
- Haven't opened an HSBC current account on or after January 1, 2018
How to claim your £175 welcome bonus
As long as the bank account you want to switch is signed up for CASS and you're eligible for the £175 bonus, the process is fairly straightforward. Here's a full list of eligible CASS banks. And here's the process you'll need to follow.
- Open a 1st Account with First Direct
- Log in to your First Direct app and let them know you'd like to switch your other current account.
- Provide your new and old account details as well as your 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 regular payments to minimise any disruption.
- Once the switch is complete, your old bank account will close.
If considering switching it may be a good idea to save any old bank statements so that you can access these as and when required. It may also be sensible to go through your regular payments and cancel subscriptions or payments that you no longer use at this point. This bit of spring cleaning is optional but will ensure subscriptions you no longer use aren't carried over to your new bank account.
Once you've switched your account and completed all of the steps outlined above, you should receive the £175 bonus by the 20th of the following month after you've met all the criteria.
What is the First Direct 1st Account?
The First Direct 1st Account is the bank's main current account option which comes with no monthly fees and several benefits such as:
- £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
To apply for the First Direct 1st Account, you should download the First Direct App and complete the application by providing your contact details and verifying your identity with a valid photo ID. You're likely to be eligible as long as you're a UK resident over the age of 18.
Should you switch to First Direct?
First Direct's 1st Account offers a solid current account option with a market-beating Regular Saver rate and attractive features like interest-free overdraft options. The £175 welcome bonus is a great way to sweeten the deal if you're already looking to move anyway.
That being said, if First Direct isn't quite right for you, you could always hold off for a different switch offer. We round up the best bank account switching offers along with other cashback and incentives on a regular basis to help you make the most of what's available on the market right now.
