First direct relaunches free £175 cash offer for account switchers but for ‘limited time only’

First direct relaunches free £175 cash offer for account switchers but for ‘limited time only’

Greg Smith issues warning about tax on savings

Patrick O'Donnell

By Patrick O'Donnell

Published: 07/05/2024

- 00:01

A popular bank is relaunching a lucrative cash incentive account switch deal once again

First direct has announced it is bringing back its popular current account switching deal to new customers.

Those who switch to the bank’s current account from another bank will be able to claim a free £175.

This relaunched cash incentive for account switching will be made available from today, Tuesday, May 7.

It comes after first direct experienced significant uptake of the incentive when it was made available for four weeks in late March.

However, customers are being reminded to check the eligibility criteria to see if they qualify for the switching offer.

If someone is entitled to the £175 sum, they will receive the bonus within a month of meeting the requirements.

Do you have a money story you’d like to share? Get in touch by emailing

Man happy looking at phone

first direct is relaunching its popular cash incentive deal


New customers should expect to claim the bonus by the 20th of the following month from meeting the criteria.

Chris Pitt, CEO of first direct, explained: “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

“On top of this incentive, there are lots of other benefits we offer our current account customers, including an interest-free overdraft, fee-free transactions abroad, and a best-buy savings rate on regular savings.

“This is in addition to our award-winning service, which is available 24 hours a day, seven days a week – so there’s always someone on the end of the phone if you need help with your banking.”

Current account customers will be able to access a range of other benefits and deals provided by first direct.

These include a £250 interest-free overdraft, fee-free overseas transactions and ATM withdrawals.

Furthermore, customers will be able to access a seven per cent interest rate Regular Saver account and customer service available 24 hours a day seven days a week.

screenshot of first direct on laptop screen

First direct is offering one of the best rates on the market with an account offering seven per cent


Here is a full checklist of what new customers need to do to be eligible for the £175 cash incentive deal:

  • Open a first direct 1st Account on or after the May 7 and before the offer is withdrawn
  • Go through a full CASS switch process to transfer their everyday banking, including switching at least two direct debit or standing orders within 30 days of opening the account
  • Deposit a minimum of £1,000 into their account within 30 days of the account opening
  • Registering and logging onto digital banking, within 30 days of the account opening
  • Use their debit card at least five times within the 30 days of account opening
  • Be a new customer of first direct, who has not previously held a first direct product or opened a HSBC current account on or after January 1 2018.

You may like