first direct is offering free £175 but deal is ending this month - and you can earn 7% interest on savings
People who switch current account could get £175 for doing so, but the first direct deal ends this month
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Britons who want to switch their bank account could get £175 for doing so, but the offer is only available for a limited period of time.
The telephone and internet-based bank first direct's current account switch offer will end this month on April 22, 2024.
Eligible customers must switch their everyday banking to first direct via the Current Account Switching Service from a participating bank or building society.
They must also move at least two Direct Debits or standing orders, pay in £1,000 and log onto digital banking within 30 days of the account opening.
The offer is limited to one payment per customer or joint account.
The bank said the money will be paid to qualifying switchers by the 20th of the following month in which all criteria have been met.
first direct is currently the only bank to offer a current account switch incentive
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It is open to new customers only, and switchers can't have previously held a first direct product.
Additionally, switchers must be UK residents and they will not be eligible if they have opened an HSBC current account on or after January 1, 2018.
Current account holders can also benefit from a seven per cent interest rate on their savings via the Regular Saver Account.
With this account, people can deposit between £25 and £300 each month, for a fixed 12-month term.
first direct is currently the only bank to offer a current account switch incentive, after four other banks withdrew their offers from the market.
Earlier this year, Lloyds Bank had been offering a £175 bonus to people who switched to the Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account before March 28, 2024.
NatWest and Royal Bank of Scotland (RBS) offered a £200 switching incentive but this came to an end earlier this month.
Santander also pulled its £185 switcher offer last week, after seeing "strong demand" in switching requests.
The bank is now offering a switch incentive specifically for people aged between 20 and 25.
Eligible customers within this age range can get a free four-year Santander Railcard when they open any Santander current account before April 30, 2024.
It provides a third off train travel in England, Scotland and Wales, as well as on the London Underground when the card is linked to an Oyster card.
The average 16-25 Railcard user saves £182 per year, meaning there is a potential average saving of £728 over the four years.
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To qualify for this free railcard, the customer must complete an application to open a new Everyday, Santander Edge or Santander Edge Up current account before April 30 this year. The deal could be withdrawn earlier, however, the bank said.
They must also deposit at least £500 into the account by May 14, 2024.
Andrea Melville, Director of Current Accounts, Savings and Business Banking, Santander said: “With the days becoming longer and promises of sunshine just around the corner, we’re all planning to make the most of spring – whether that’s a staycation, a day trip to somewhere different, or simply taking advantage of longer evenings with friends.
“Not only does the railcard give users a third off train travel to get where they want to go, but paired with our Edge and Edge Up current accounts, customers can also benefit from cashback on their travel, as well as on their everyday spending and household bills.”