bank icon

Banking News

Advertisement

Top Banking News

news icon
first direct reintroduces £175 current account switching bonus for new customers
Rory McGrellis Staff Photo

Rory McGrellis

Content Writer
Published: 13/05/2024

Customers can receive a welcome bonus for switching to first direct from 7 May 2024.

 

Retail bank, first direct, has once again launched its £175 switching incentive for those using the Current Account Switch Service (CASS) to move to its 1st Account.

The offer was last launched in late March and proved popular following a significant take-up of the deal.

“We want to reward customers for choosing to bank with us, which is why we are bringing back our popular £175 incentive,” explained Chris Pitt, CEO of first direct.

“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,” he continued.

Switching criteria

Those wishing to receive the bonus must use the CASS to switch their account over from a participating provider.

This includes moving over at least two direct debits or standing orders and depositing a minimum of £1,000 within 30 days of opening the account.

Additionally, within this timeframe, you must register and log onto first direct’s online banking service.

Furthermore, keep in mind this latest relaunch has the extra requirement of having to use your debit card at least five times within the same 30-day window.

Note, this offer is only open to new customers, so you won’t be eligible if you’ve held any account with first direct or a current account with its parent company, HSBC, on or after 1 January 2018.

 

Read More
news icon
Bank of England base rate remains at 5.25% - a blow to borrowers?
The latest latest decision comes as average mortgage rates continue to rise steadily.
Read More
news icon
Limited time only: first direct relaunches £175 current account switching incentive
Customers only have until 22 April to take advantage of this deal, unless it’s withdrawn sooner.
Read More
news icon
Bank of England base rate unchanged at 5.25% for fifth consecutive time
High interest rates prove effective as inflation slows significantly.
Read More
news icon
Santander launches £185 current account switching incentive: How does it compare?
The switching deal applies to four of Santander’s current accounts, which suit a variety of needs.
Read More

Recent News

news icon
HSBC offers a £220 switching bonus to new customers

12th March 2024

Customers could receive up to £220 by switching their current account to HSBC and opening a savings account. Find out more details here.

Customers could receive up to £220 by switching their current account to HSBC and opening a savings account.

Read More
news icon
Revealed: Winners of the Moneyfacts Consumer Awards 2024

8th February 2024

Financial professionals from across the industry gathered at the Royal Lancaster London to hear Tim Vine reveal the results.

Financial professionals from across the industry gathered at the Royal Lancaster London to hear Tim Vine reveal the results.

Read More
news icon
Chip launches first cash ISA – how does it compare?

5th February 2024

App-based savings provider, Chip, launched its first product into the cash ISA market today, following “a year of rapid growth for the business in 2023”. Its Chip Cash ISA (powered by ClearBank) takes a competitive position on our easy access ISA chart, paying 4.75% AER monthly.

The Chip Cash ISA (powered by ClearBank) pays 4.75% AER.

Read More
news icon
Bank of England holds base rate at 5.25% despite rise in inflation

1st February 2024

This marks the fourth consecutive time the base rate has gone unchanged.

This marks the fourth consecutive time the base rate has gone unchanged.

Read More

Search News

Most Popular Banking News

news icon
Virgin Money customers can now use their debit card abroad for free

6th March 2020

From today, Virgin Money current account holders will be able to make transactions using their debit card while abroad without incurring any foreign currency fees

Virgin Money current account holders will be able to make transactions using their debit card while abroad without incurring any foreign currency fees

Read More
news icon
Top student bank account perks of 2023

17th August 2023

With exam season over and results day looming, high street names are refining their student bank account offerings ready for the next academic year’s intake. If you’re planning to start university in September, this means you could access free cash, an interest-free overdraft and more by opening or switching to a student bank account.

Find free cash, subscriptions and interest-free overdrafts on offer from high street brands such as NatWest, HSBC and Santander.

Read More
news icon
Digital banks on the rise: What to do if you can't access your bank account

28th October 2019

As cash machines and branches continue to close across the country, digital banking is becoming increasingly important

As cash machines and branches continue to close across the country, digital banking is becoming increasingly important

Read More
news icon
Cashplus granted full UK banking licence

4th February 2021

Advanced Payment Solutions Limited, trading as Cashplus, which offers a range of business and personal banking products, has been granted a full UK banking licence

Advanced Payment Solutions Limited, trading as Cashplus, offers a range of business and personal banking products, has been granted a full UK banking licence

Read More
news icon
Santander ups eISA rates to 0.80% for 123 world customers

28th March 2022

Non 123 World or Select customers will be offered 0.70%. With ISA season in full swing, Santander has increased the interest on its eISAs by 0.20%. This means 123 World or Select customers will access a rate of 0.80% while other customers will be offered 0.70%. “We’re pleased to have increased rates across a range of Santander accounts recently, and our improved e-ISA offers customers one of the highest Cash ISA rates from a high street bank, with an even higher return for our 123 current account customers as a reward for banking with us,” said Hetal Parmar, Head of Banking and Savings at Santander UK.

Non 123 World or Select customers will be offered 0.70%.

Read More
news icon
Reviewed: HSBC bank and its range of bank accounts

19th October 2020

HSBC has more than 40 million customers across the world. It is one of the big four banks in the UK. Consumers that switch their bank account to HSBC can currently earn £125 cash bonus on specific HSBC accounts (subject to eligibility). We review its range of bank accounts and the HSBC mobile banking app.

HSBC offers £125 cash bonus to switch to specific HSBC accounts (subject to eligibility). We review its range of bank accounts.

Read More
news icon
First direct celebrates 30th birthday

1st October 2019

It’s 1989, the Berlin Wall has come down and the Bank of England base rate is 14.88%. A new bank called first direct is launched by Midland Bank. It is the first telephone bank in the UK and allows consumers to bank at a time and a place convenient to them using their phone. It's launching principle is to ‘pioneer amazing service’.

It’s 1989, the Berlin Wall has come down and the Bank of England base rate is 14.88%. A new bank called first direct is launched by Midland Bank. It is the firs

Read More
news icon
Revealed: How to get £100 paid into your bank account

2nd September 2020

Today, Royal Bank of Scotland has launched a new bank account switching offer giving those that switch their main account to them a payment of £100. We also reveal the other bank account switching deals currently offering cash to swtich.

Today, Royal Bank of Scotland has launched a new bank account switching offer giving those that switch their main account to them a payment of £100. We also rev

Read More
news icon
The 114 HSBC branches set to close from April 2023

30th November 2022

More areas across the UK are set to lose their branch of HSBC, with 114 closures announced on top of the 69 revealed earlier in 2022.

More areas across the UK are set to lose their branch of HSBC, with 114 closures announced on top of the 69 revealed earlier in 2022.

Read More
news icon
New entrants lead the way on banking service

9th July 2019

The latest service data compiled from banks across the UK marketplace shows the surprising differences in how long it takes to complete the most popular customer requests.

The latest service data compiled from banks across the UK marketplace shows the surprising differences

Read More
news icon
Banking service standards see little progress in Q1 2020

1st June 2020

The bank service standards survey results are in for Q1 2020 - How did your bank do?

The bank service standards survey results are in for Q1 2020 - How did your bank do?

Read More
news icon
As branches continue to close, what are the alternative ways to bank?

28th November 2019

This week, consumers were faced with more bank closures as TSB announced it is planning on closing 82 of its branches across the UK

This week, consumers were faced with more bank closures as TSB announced it is planning on closing 82 of its branches across the UK

Read More
news icon
Winners and losers in FCA quarterly banking service scores

19th December 2019

The latest quarterly results for banking service standards from the Financial Conduct Authority (FCA) reveal that while some banks and building societies continue to improve, others have slipped further down the charts.

Financial Conduct Authority (FCA) reveal that while some banks & building societies continue to improve, others have slipped further down the charts.

Read More
news icon
How to earn cashback from Amex this Christmas

5th December 2022

American Express cardholders could earn £25 cashback for supporting small businesses.

American Express cardholders could earn £25 cashback for supporting small businesses.

Read More
news icon
New overdraft rules make it easier to avoid debt

5th February 2018

If your bank account dwindles to almost zero every month before payday, you’ll be happy to hear it’s now harder to stumble into the red. New rules have come into force that require banks to notify you when you’re getting close to going into debt.

If your bank account dwindles to almost zero every month before payday, you’ll be happy to hear it’s now harder to stumble into the red. New rules have come...

Read More
news icon
NatWest to trial new voice technology

13th August 2019

NatWest will be piloting new technology that will enable its customers to bank from home using just their voice, the bank has revealed

NatWest will be piloting new technology that will enable its customers to bank from home using just their voice, the bank has revealed

Read More
news icon
A quarter of all card payments now contactless

16th January 2017

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with...

Read More
news icon
The alternatives to overdraft borrowing

12th February 2020

Over the next few months, many high street banks will be implementing new overdraft charges, which is in response to new rulings by the Financial Conduct Authority (FCA)

Over the next few months, many high street banks will be implementing new overdraft charges, which is in response to new rulings by the FCA

Read More
news icon
Current account rewards disappearing

4th July 2017

Dampening activity in the banking sector has started to affect the perks that customers have been able to get on current accounts. We’ve taken a look at some of the rewards still available, to see if switching could still be worth it.

Dampening activity in the banking sector has started to affect the perks that customers have been able to get on current accounts. We’ve taken a look at some...

Read More
news icon
Metro Bank launches new cash collection service for SMEs

30th December 2019

Metro Bank has launched ‘MCASH’ – a new way for small businesses to request for cash to be collected or delivered directly to their premises.

Metro Bank has launched ‘MCASH’ – a new way for small businesses to request for cash to be collected or delivered directly to their premises.

Read More
news icon
Barclays backs down and agrees deal to keep cash withdrawals at the Post Office

25th October 2019

Barclays has reversed its controversial decision to no longer accept over-the-counter cash withdrawals at the Post Office.

Read More
news icon
Customer service stats show banks are slow to replace lost cards

4th March 2020

The most recent results for bank service standards from the Financial Conduct Authority (FCA) show that although there has been progress in some areas of customer service, banks are still failing to improve in others – most notably in replacing lost debit cards within one day.

The most recent results for bank service standards from the Financial Conduct Authority (FCA) show that although there has been progress in some areas of customer service, banks are still failing to improve in others – most notably in replacing lost debit cards within one day.

Read More
news icon
Islamic banks underused despite market-leading savings products

27th July 2019

The Islamic Finance Consumer report 2019 from Gatehouse Bank has revealed that nearly half of all Muslim consumers have never used a sharia-compliant bank

The Islamic Finance Consumer report 2019 from Gatehouse Bank has revealed that nearly half of all Muslim consumers have never used a sharia-compliant bank

Read More
news icon
Technology-based banking products launched

8th October 2019

Both NatWest and Metro Bank have announced that they are launching new technology-based products that are designed to make their customers’ money management easier and more secure

Both NatWest and Metro Bank have announced that they are launching new technology-based products that are designed to make their customers’ money management eas

Read More
news icon
JP Morgan launches UK current account – are better alternatives available?

22nd September 2021

JP Morgan has entered the UK consumer market with the launch of its digital bank, Chase

JP Morgan has entered the UK consumer market with the launch of its digital bank, Chase

Read More
news icon
New overdraft charges start to impact consumers

2nd March 2020

Consumers who regularly use their overdrafts will start seeing the impact of the overdraft fee changes, with some arranged overdraft borrowers seeing their charges nearly double

Consumers regularly using overdrafts start seeing the impact of the overdraft fee changes, with some arranged overdraft borrowers seeing charges nearly double.

Read More
news icon
Banks ramp up the freebies in current account wars

1st February 2022

Banks are battling it out for your current account custom, with generous cash incentives and other perks now on offer to encourage you to switch. The biggest cash switching offer available is from NatWest, which will pay new customers £150 to switch to its Select Account, as long as they use the Current Account Switch Service (CASS), pay in £1,500 and register and log in to online or mobile banking. This is a big hike from the £100 NatWest offered at the end of 2021, but this deal only runs until 7 April.

Banks are battling it out for your current account custom, with generous cash incentives and other perks now on offer to encourage you to switch.

Read More
news icon
Time is running out to get cashback switching deals

28th June 2021

Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks

Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks

Read More
news icon
Students advised to open bank account now or risk losing out on top deals

22nd August 2019

With just a few weeks left until the new university semester begins, it is vital for students to take a time out to find a competitive student account

With just a few weeks left until the new university semester begins, it is vital for students to take a time out to find a competitive student account

Read More
news icon
Cut on current account cash incentives

5th August 2019

Consumers looking to switch their current account over the summer holidays could be disappointed to find that banks have slashed the free cash offered when using the Current Account Switcher Service

Consumers looking to switch current accounts over the summer could be disappointed as banks slash free cash offered when using Current Account Switcher Service.

Read More
news icon
Santander announces overdraft changes

14th January 2020

Santander is the latest bank to announce changes to its overdraft fees in response to the Financial Conduct Authority’s (FCA) banning of fixed fees on overdrafts

Santander is the latest bank to announce changes to its overdraft fees in response to the Financial Conduct Authority’s (FCA) banning of fixed fees on overdraft

Read More
news icon
Current account sweeteners that can turn sour

24th January 2017

Banks have been working hard to attract your business, with many offering fantastic perks for switchers. However, these perks are starting to dwindle, so if you failed to grab a top deal last year, you may find that some are being clawed back.

Banks have been working hard to attract your business, with many offering fantastic perks for switchers. However, these perks are starting to dwindle, so if...

Read More
news icon
Cash incentives return to current account sector

8th May 2019

Many current account providers have been cutting their switching incentives, perks and interest rates recently, but a slight boost in activity this week...

Read More
news icon
Mastercard to increase European fees – how will this impact consumers?

3rd February 2021

Online shoppers buying from a Europe-based company could see an increase in prices if businesses decide to pass Mastercard’s planned European fee rise onto consumers

Online shoppers buying from a Europe-based company could see an increase in prices

Read More
news icon
Nationwide set to cut its 5% current account interest rate

27th April 2020

Consumers looking to take advantage of the 5% interest rate being offered by Nationwide on its FlexDirect account have just days left to open the account as the rate is due to be cut on 1 May 2020

Consumers looking to take advantage of the 5% interest rate being offered by Nationwide have just days left, as the rate is due to be cut.

Read More

Discover the best current accounts

How Moneyfactscompare works

  • drawing of money scales

    BALANCED. Moneyfactscompare.co.uk is entirely independent and authorised by the Financial Conduct Authority for mortgage, credit and insurance products.

  • blue outline of free tag

    FREE. There is no cost to you. Our service is entirely free and you don't need to share any personal data to access our comparison tables.

  • drawing of pound sign and arrow

    TRANSPARENT. We only receive payment from product providers and intermediaries for apply online links and adverts through to their websites.

  • blue outline of binoculars

    COMPREHENSIVE. We research the whole market and scour the small print so you can find the best products for your needs.

Receive the latest news, straight to your inbox

All of our newsletters are available free by email to all Moneyfactscompare.co.uk users.

Send me Weekend Moneyfactscompare, Savers Friend, Companies Friend and selected third-party offers.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.