The clock is ticking and the last opportunity to grab yourself a £175 bank switching bonus from First Direct will soon be gone. Only a few days remain, and you should act quickly to avoid missing out on this tempting offer.
Digital banking pioneer First Direct has introduced a tempting £175 free cash scheme to attract new customers. Launched on 26 March, the scheme is the sixth bank to make such an offer. Now, however, the scheme is coming to an end, with a deadline of 22 April.
Our switching incentive has proven incredibly popular amongst our customers, which is why we’re excited to bring it back,
On top of the free money, the bank is also promising an interest-free overdraft of £250, a bargain for those in need of a financial cushion.
How to Qualify for the £175 First Direct Switching Offer
To benefit from the £175 switching offer, customers must meet a number of criteria, including:
- Opening a First Direct account between March 26 and April 22
- Transferring their everyday banking via a full CASS switch process, including switching at least two direct debits or standing orders within 30 days of account opening
- Depositing a minimum of £1,000 into the account within 30 days of opening
- Registering and logging onto digital banking within 30 days of account opening
- Being a new First Direct customer, having not previously held a First Direct product, or opened an HSBC current account on or after January 1, 2018
The Perks of Switching
Opening your account with First Direct comes with a host of benefits. Among them, international transactions and ATM withdrawals are free of charge, a valuable feature in the run-up to the festive season. Not to forget the access to an interest rate of 7% on an ordinary savings account.
Other Banks' Offers
If First Direct is the last major bank to offer a switching bonus, many other banks are offering similar schemes.
Santander
Santander is offering £185 free cash, paid within 90 days of switching accounts. Available to new and existing Santander UK customers switching from a current account to an Everyday current account, Santander Edge current account, Santander Edge Up current account or v2 private current account.
To qualify for this payment, customers must:
- Complete the full switch within 60 days of requesting the switch process
- Pay in at least £1,500 within 60 days of requesting the switch process
- Set up two active direct debits within 60 days
- Continue to hold the qualifying current account on the day the payment is made
HSBC Bank
New customers to HSBC's switching offer can earn up to £220, including £10 cashback per month for a year. Additionally, customers have access to a linked savings account paying 5% interest.
To take advantage of the full £220, clients have to meet a number of criteria and use the CASS switching service, in particular:
- Apply for an HSBC Advance or Premier bank account on or after March 11 and successfully open the account
- Switch an existing account from another bank using CASS within 30 days of account opening
- Deposit at least £1,500 into the account over one or more payments within 60 days
- Make a minimum of 20 transactions using your HSBC debit card
- Register and log on to mobile banking
- Open an Online Bonus Saver account and deposit at least £50
Once these criteria have been met, you should receive £100 in your current account within 30 days. For the remaining £120, you will need to continue to meet several of these criteria each month for a further 12 months.