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There’s no end date to the deal, but first direct has said it can be withdrawn at any time.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