First Direct Offer £175 For Switching Bank Account
Banks regularly offer cash rewards to new customers to get more people to use their services for the long term.
While most banks occasionally offer £100 or £150 to switch providers, First Direct has recently launched a particularly attractive new cash reward incentive of £175 for switching current accounts.
The reward scheme uses the Current Account Switch Service (CASS) – a service that guarantees to complete your bank account switch within just 7 days of applying as long as your old bank also facilitates this service (most UK banks do).
There are no tables for this criteria
But before you switch, here’s what you need to know:
In this article, we go through the terms and conditions of First Direct’s switching service, what you need to do to secure the £175 reward, and what the process will entail.
How to switch your bank account to First Direct and get a £175 reward
- Before switching you will need to open a First Direct 1st Account to get started
- Once your First Direct 1st Account is open you will need to call First Direct to get the switch process ball rolling. They will contact your old bank.
- First Direct will set up all your regular payments on your new 1st Account. They will let your Direct Debit originators know you have moved banks and will provide them with your new details including your employer so you salary can be redirected. The good news is that First Direct will do this all for you
- On the date you choose to switch (normally day 7) your old bank account will close and you will see the balance from your old account in your new first direct 1st account. First Direct will contact you to confirm the move is complete. To get the £175 switch reward, you will need to pay in at least £1,000 within 3 months of opening the account. The offer is limited to one payment per customer or joint account, and you will get the £175 reward within 28 days of the criteria being met. This offer is only open to people who have not previously held an account with First Direct or has not opened a HSBC current account on or after 1 January 2019.
Do I have to close my existing account to get the £175 reward?
Yes, you do.
By starting the Current Account Switching Service you will have to agree to close your old bank account to complete the switch.
The CASS makes it easy, and any direct debits and ongoing payments will automatically be moved across for you.
How long does the bank account switch process take?
The current account switch service takes just 7 days.
You can still use your old account right up until the 6th day of your switch, including features like bank transfers, debit card payments and online banking, and you’ll be able to use your new account as soon as the transfer completes.
When will the £175 reward be paid?
First direct will pay your reward within 28 days of your switch completion and criteria being met.
Who can apply for the First Direct 1st account?
To open an First Direct 1st Account you must:
- Be 18 or older and live in the UK or EU
- Consent to a credit check
- Can provide ID documents and proof of address