Martin Lewis and his Money Saving Expert team have highlighted a bank switching deal they describe as a "clear winner", with First Direct offering up to £210 in incentives.
The deal, featured in the Money Saving Expert newsletter on April 14, provides new customers with £175 in cash alongside a £35 supermarket voucher.
The £175 is paid directly into the account, while the voucher can be used across a range of major UK supermarkets.
The Money Saving Expert team identified the First Direct 1st Account as a standout option, with the total incentive boosted through a specific sign-up link.
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The £35 supermarket voucher can be used at Tesco, Sainsbury’s, Asda, Aldi, Morrisons, Waitrose, M&S and Iceland, both in‑store and online.
To receive it, customers must open the account through the designated link, claim the voucher within 75 days via email, and use it within a further 90 days.
Crucially, the voucher does not require a full switch, meaning it is available even to those who open the account without moving their existing bank.
The separate £175 switching bonus requires a full switch within 45 days of opening the account.
Martin Lewis' Money Saving Expert' names First Direct switch deal best with £210 cash and vouchers
| Martin LewisThis must include transferring an existing account with at least two Direct Debits or standing orders, depositing £1,000 (in one or multiple payments), and making five debit card transactions.
Once all conditions are met, the cash is paid by the 20th of the following month.
Money Saving Expert highlighted several additional features.
Customers can access a seven per cent fixed regular saver, allowing up to £300 a month for 12 months, and most are offered a £250 interest‑free overdraft, subject to eligibility.
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First Direct was pointed to as having the best switch deal
| PAThe debit card also provides near‑interbank exchange rates for overseas spending.
According to MSE survey data, 92 per cent of customers rated First Direct’s service as “great”, with the bank consistently scoring highly in satisfaction rankings.
Eligibility rules apply. Anyone who has previously held a First Direct product, or opened an HSBC current account since January 2018, is excluded from the £175 payment.
The account has no monthly fee and can also be opened as a joint account.
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