First Direct’s £175 Switch Bonus Returns: If you want to take advantage of First Direct’s £175 bank switching incentive, you’ll have to act fast.
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Although the cash sum isn’t the biggest, the bank’s current account comes with lots of perks, and it’s got great customer service. For example, they have a £250 interest-free overdraft, fees-free overseas spending, and no monthly fees.
First Direct also offers a regular savings account with a market-leading 7% interest rate.
For more than a year, the bank offered a £175 incentive.
In the past month, Lloyds and NatWest announced bonuses of up to £200, and HSBC followed up with a market-leading offer of £220. However, these deals are starting to fade, with HSBC and Lloyds already taking them off.
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Get £175 when you switch to First Direct
You’ll get £175 in free cash if you switch to First Direct’s 1st Account by 22 April.
You have to do these things within 30 days of opening your account:
- Moving current accounts is easy with the Current Account Switch Service (CASS)
- At least two direct debits should be switched over
- Deposit at least £1000
- With First Direct, you can access online banking
You’re not eligible for the offer if you’ve held a First Direct product before, or a HSBC current account after January 1, 2018.
If you meet all the criteria, the £175 will be deposited into your account by the 20th.
You can use your debit card abroad fee-free with First Direct’s account, and you can get an interest-free overdraft of £250 based on your credit history.
You can get First Direct’s 7% regular saver when you open a current account.
The bank’s customer service is well known, with a 4.4-star rating on Trustpilot. It came third in a recent service quality survey (behind Monzo and Starling Bank), scoring higher than big names like Nationwide and Halifax.
With the other switching deals right now, you should watch out for monthly fees. For example, NatWest offers everyday current accounts for free, or rewards accounts for £2 a month.
Customers get travel insurance, AA breakdown cover, and lifestyle benefits for these monthly fees.
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