First Direct has relaunched its enticing £175 cash incentive for new customers who switch their current account using the Current Account Switch Service (CASS). This generous offer presents a compelling opportunity for individuals seeking to maximize their financial benefits. To qualify, applicants must set up at least two Direct Debits or standing orders, deposit a minimum of £1,000, execute at least five debit card transactions, and access their account via digital banking within the first 45 days of account opening. The bonus will be credited by the 20th of the month following the fulfillment of these criteria. However, this offer is exclusively available to new customers who haven’t previously held a First Direct account and haven’t opened an HSBC current account since January 1, 2018. Applicants must also be UK residents aged 18 or older, with no recent history of bankruptcy or Individual Voluntary Agreements. Joint accounts are eligible, but only one £175 payment will be issued.
This revived incentive, previously offered in September 2023, offers a significant financial boost for those willing to make the switch. In addition to the cash bonus, First Direct’s 1st Account provides access to a linked 7% regular saver account, allowing deposits of up to £300 monthly for 12 months. Furthermore, the account offers a £250 interest-free overdraft and waives debit card fees for international transactions, adding further value to the overall package. While the expiry date of this offer remains undisclosed, it presents a timely opportunity for individuals seeking a new current account with attractive benefits.
Beyond the immediate financial gain, switching to First Direct opens doors to a range of additional advantages. The 7% regular saver account provides a secure and rewarding way to grow savings, while the interest-free overdraft offers a financial buffer for unexpected expenses. The absence of foreign transaction fees on debit card purchases makes First Direct a particularly attractive option for frequent travelers. Combined with the £175 switching bonus, these features create a comprehensive and competitive current account offering.
However, for those who don’t meet First Direct’s eligibility criteria or are looking for alternative options, other banks are also offering attractive switching incentives. Nationwide offers a similar £175 bonus with comparable requirements, providing a viable alternative. Santander’s £150 incentive, while slightly lower, requires less immediate activity, though the payout period is longer, at approximately 90 days after the switch request. The Co-operative Bank also offers up to £150, but half of this amount is contingent on meeting additional spending and deposit criteria. These varied offers provide consumers with a range of choices to suit their individual circumstances.
The process of switching bank accounts is streamlined and efficient thanks to the Current Account Switch Service (CASS). This service, adopted by numerous high street banks and building societies, ensures a smooth and hassle-free transition within seven working days. CASS automatically transfers direct debits, simplifying the process for customers. All that’s required is an application for the new account, after which the new bank will notify the existing bank of the switch. Prior to initiating the switch, it’s advisable to choose a convenient switch date and transfer any old bank statements to the new account. These statements can be obtained from the existing bank.
When considering a switch, it’s crucial to evaluate the broader range of benefits offered by different banks and building societies. Factors such as overdraft facilities, interest rates on savings accounts, and bundled insurance products should be taken into account. Some banks offer attractive perks like free travel or mobile phone insurance, but these often come with a monthly fee. Therefore, it’s essential to weigh the overall package against any associated costs to determine the most suitable option. In addition to these financial considerations, factors like customer service reputation and online banking capabilities can also play a significant role in the decision-making process. Researching and comparing different options ensures that individuals select the account that best aligns with their financial needs and preferences.
