After a brief hiatus in August, first direct has returned to the switching deal market with a £175 switching bonus. It’s one of the only cash switching incentives currently available. Plus, the deal gives you access to a savings account with one of the highest Regular Saver rates in the first year. Here’s how to make the most of it.
For a full list of switching deals on the market, you can visit our switching deals guide.
Open a new First Direct 1st Account.
You can open your account online or through the app, by filling in a short application form.
Switch using the Current Account Switching Service.
This takes place during account opening - when prompted, state you wish to switch your existing account to your new First Direct one.
Choose your switch date.
You’ll need to choose a date for when you want your account switched over. To be eligible for the switching bonus, this must also be done within 45 days of opening your account and your switch must include at least 2 direct debits.
Receive switch confirmation.
On the day of your current account switch, you’ll receive confirmation from First Direct that your account has been switched across.
Deposit £1,000 and make 5 debit card payments.
Within 45 days of account opening, you must pay in at least £1,000 and make at least 5 debit card payments.
Log onto digital banking.
You must also log onto digital banking within 45 days.
Receive your £175 switch bonus.
If you meet the above criteria, £175 will be transferred into your account before the 20th on the following month.
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.
Read the full methodology
You get £175 when you switch an existing account to first direct’s 1st Account. Once you switch, you can also access the Regular Saver account at 7% AER fixed for 12 months. If you save the maximum amount of £300 a month into the savings account, you’ll have £136.50 after a year.
“That’s £311.50 in your first year, including switching bonus and maximum savings interest”
The deal is available only to new customers, who must be UK residents aged 18 and over.
You can’t qualify if you’ve held a first direct product or have opened an HSBC current account on or after 1 January 2018.
To get the £175 cash, complete a full switch to first direct’s 1st Account, which has no monthly fee, using the Current Account Switch Service.
Then, within 45 days of opening your account, you need to set up at least 2 direct debits or standing orders, make more than 5 debit card payments and pay in at least £1,000. Plus, you’ll need to register and log on to first direct’s digital banking in that period.
Debit card transactions include online and in-store as well as payments made using a digital wallet and the card itself.
If you meet all eligibility criteria, first direct will pay you the cash before the 20th of the following month.
There’s no end date to the deal, but first direct has said it can be withdrawn at any time.
If this offer is not for you, we also have a guide displaying current banking switching deals on the market and also other banking offers such as refer-a-friend offers and more.
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