Meanwhile, if UK resident switches to the first direct 1st Account, they could get a welcome bonus of £175.
To qualify, switchers must use the Current Account Switch Service, deposit £1,000 within three months of opening the account, and be new to first direct. People who previously held a first direct product will not qualify.
Additionally, people who have opened a current account with first direct’s sister bank HSBC on or after January 1, 2020, will not qualify.
Among the eligibility rules, first direct states the offer is limited to one payment per customer or joint account.
Switchers will get the money within 28 days of all the criteria being met.
For the Co-operative Bank offer, the referred friend must switch to the standard Current Account or Everyday Extra account.
They can't have held a Co-operative Bank current account or smile account of any type since November 1, 2022.
Customers can refer a friend if they have a Cashminder account, Student account, Current Account Plus, Privilege or Privilege Premier account, but switchers opening smile current accounts, Student Accounts, and Cashminder accounts are excluded from this offer.
Within 60 days of the account opening, the switcher must complete a full switch from their main current account to their new Co-operative Bank account via the Current Account Switch Service.
Using their new eligible account, they also need to deposit £800, set up two Direct Debits, make a minimum of five card payments, and register for online banking services.
Additionally, switchers need to complete a referral form when they get their new Co-operative Bank account details, including their switch end date.