First Direct has revealed the key dates and detailed the specific requirements for customers to receive the £175 bonus when switching to a 1st Account current account. Those interested in securing the bonus should carefully note these dates and follow the outlined steps to ensure eligibility. Although First Direct provides clear instructions, the bank has not disclosed much additional information regarding the full terms of the promotion.
According to Devon Live, customers must meet several conditions within a set timeframe to qualify for the offer, including making the required number of transactions and transferring a minimum amount into the account.
When Can You Expect the £175 Payment?
According to First Direct’s terms and conditions, once customers meet all the switch criteria, the £175 bonus will be credited to the new 1st Account before the 20th of the following month. For instance, if the switch is completed by August 10 and all requirements are met, customers can expect to receive their £175 by September 20. A joint account will only receive one £175 payment, no matter how many people are involved.
The terms and conditions explain:
If you meet all the switch criteria and still have your new 1st Account on this date, we’ll make one direct credit of £175 (the ‘offer payment’) to your new 1st Account before the 20th of the following month.
Requirements to Qualify for the £175 Bonus
To receive the £175 bonus, customers must complete a series of tasks within 45 days of opening their new 1st Account. These include using the Current Account Switch Service to transfer at least two direct debits or standing orders. A deposit of at least £1,000 must be made, and five or more transactions using the new debit card are required.
These transactions can include in-person or online purchases, using either a physical debit card or a digital wallet. Notably, certain transactions such as gambling activities, credit card payments, insurance payments, ATM withdrawals, or card-to-card transfers will not count.
Eligibility Criteria
This promotion is available exclusively for new customers who have not previously held a First Direct product. Additionally, individuals who have opened an HSBC current account after January 1, 2018, will not be eligible, as First Direct operates under HSBC UK. Customers should also be aware that First Direct reserves the right to change the terms or withdraw the promotion if legally required or for any other
Fair or valid reason – The terms clarify
Beyond our control, or for any other
Fair or valid reason.
Conditions for Joint Accounts
If you open a joint account, you will only receive a single £175 payment into the account, regardless of how many people are named on the account.
Aside from First Direct‘s £175 switching offer, other banks, such as NatWest, are also offering similar promotions. Customers who switch to qualifying accounts with NatWest, such as Select or Reward accounts, can receive £125, with an additional £50 if they open a Digital Regular Saver account.
To qualify for this, the switch must include a £1,250 minimum deposit, and the account holder must log in using the NatWest mobile app.
