A MAJOR bank is relaunching a £175 free cash offer after closing its previous deal just two weeks ago, The Sun can reveal.
First Direct is bringing back its popular cash switch incentive tomorrow (May 7) for anyone who opens a 1st Account.
It comes after it closed a similar switching offer on April 22.
Anyone looking to snap up the relaunched £175 cash bonus needs to switch using the Current Account Switch Service (CASS).
Customers have to switch at least two direct debits or standing orders within 30 days of opening the account to qualify for the cash.
Switchers also need to add at least £1,000 into the account, register and log on to internet banking and use the debit card at least five times within 30 days of opening the account.
You won’t qualify for the switching incentive if you have previously held a First Direct product or opened a HSBC current account on or after January 1, 2018.
Customers moving across to the bank will also get access to a regular savings account paying 7% interest, one of the best deals around, as well as a 0% overdraft on the first £250.
Chris Pitt, chief executive officer of First Direct, said: “We want to reward customers for choosing to bank with us, which is why we are bringing back our popular £175 incentive.
“The offer will only be around for a limited time only, so we’d encourage people to make the most of it while it’s available.”
It comes after The Sun exclusively revealed in March that HSBC, which owns First Direct, has plans to make its UK debit cards fee-free for customers using them abroad.
How to switch current accounts
Switching bank accounts can in most cases be done via the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies is on the CASS website.
All you have to do is apply for your desired new current account and the new bank will tell your existing one that you’re making the switch – then they will do the rest of the legwork.
Any direct debits are moved across for you, but there are a few things you can do before applying.
This includes choosing the date you switch and transferring any old bank statements to your new account.
You can get these by asking your existing bank.
Which other banks are offering switching bonuses?
Two other banks are currently offering switching bonuses, although not everyone in the UK can access them.
Danske Bank is offering £200 to switchers moving to one of three accounts including its Danske Reward and Danske Choice accounts.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
The Reward card comes with a £2 monthly fee whereas the Choice card is fee-free.
To get the £200 bonus, you have to switch in using the CASS, then pay in £1,000 or more in the first 60 days.
The money is then paid in within 10 working days.
But, crucially, you only qualify for the switching incentive if you live in Northern Ireland.
You also can’t have held a Danske Bank current account before or have received a switching offer from the bank since January 1, 2023.
You can also switch to a Virgin Money M Plus account which pays out 12.68% AER interest on up to £1,000 a year.
The account itself offers 2% gross interest but switchers get an extra 10% added on top, worth just over £125 if you keep the £1,000 in the account for a full year.
You can get the bonus by opening an M, M Plus or Club M account by May 31, and switching in from a different bank, including two direct debits, by June 26.
The bonus will then be paid between July 1, 2024, and June 30, 2025.
Switching deals are constantly coming on and off the market, so keep an eye out for new offers if you’re thinking about changing banks.
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