first direct switch deal: Get £175

Find out about first direct's switching offer, plus how much to earn in savings interest on top.

first direct has returned to the switching deal market with a £175 switching bonus, which launched on 7 May 2024. It’s one of the only cash switching incentives currently available. Plus, the deal gives you access to a savings account with a great rate 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.

How much can I get with first direct’s switch deal?

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”

Who can get the deal?

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.

How can I get the deal?

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.

You’ll also need to set up at least 2 direct debits or standing orders, make more than 5 debit card payments and deposit a minimum of £1,000 within 30 days. Plus, you’ll need to register and log on to first direct’s digital banking in that period.

If you meet all eligibility criteria, first direct will pay you the cash before the 20th of the following month.

The exclusions

  • You won’t be eligible to earn £175 if you’ve previously held a first direct product or have opened an HSBC current account on or after 1 January 2018.
  • You’ll need to continue to hold your first direct 1st Account on the date that the cash payment is made.

When the offer ends

There’s no end date to the deal, but first direct has said it can be withdrawn at any time.

first direct’s current account

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Name Product Finder score Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example Link
Finder Award
1st Account
No minimum funding requirement
0% AER
tag icon£175 when you switch to a first direct 1st Account current account. T&Cs apply.
Current account switch service guarantee badge
Complete a full switch using the Current Account Switch Service, including at least 2 Direct Debits or standing orders. Then deposit £1,000, make 5+ debit card payments, and log on to digital banking, within 30 days of your account opening. New customers only, who haven’t previously held a first direct product. T&Cs apply.
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