Get £200 with first direct’s boosted current account switch bonus

first direct joins NatWest and Barclays Bank in offering one of the most attractive current account switching deals available.

As of yesterday (18 May 2026), new customers can now get an improved £200 bonus for switching to first direct’s 1^st Account. To receive this competitive £200 bonus, new customers must open their account with first direct by 15 July 2026 and meet all criteria.

Customers will need to switch to the provider’s 1^st Account using the Current Account Switch Service (CASS) (including at least two direct debits or standing orders), deposit a minimum of £1,000, and make five or more debit card payments. They will also need to log on to digital banking. These actions must be completed within 45 days of opening an account to receive the £200.

Note that this bonus isn’t available to those who have held a first direct product in the past, or those who have opened a HSBC current account on or after 1 January 2018.

“A free cash offer can be a huge boost for consumers, but it can be hard to find a current account that can suit multiple needs, so some may just want a simple transparent option,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said.

“It is worth pointing out that current account switching offers do not sit on the shelf for too long, they can come and go throughout the year, and some can be pulled with little notice. However, consumers must not feel rushed to switch, they need to carefully compare all the perks that come with the account against its rivals,” she highlighted.

What else does the current account offer? And is it worth it?

Customers will find that this current account from first direct also comes with a range of perks, such as access to its highly competitive Regular Saver Account which pays 7.00% AER.

Additionally, for those who like to travel, first direct’s current account offers customers fee-free overseas transactions and ATM withdrawals. Other perks include a £250 interest-free overdraft (subject to status) and customer service that’s available 24 hours, seven days a week.

 “Consumers will need to navigate lots of different offers and perks to find the best account to suit their needs, but if they are happy either to fund an account or pay a small fee, then they could get rewarded with cashback on spending or other money saving benefits,” Springall commented.

What other current account switch deals are on the market?

As the latest provider to up its current account switch incentive to £200, first direct joins NatWest, which announced its boost earlier this month.

Customers who switch from their current account to an eligible account from NatWest or Royal Bank of Scotland (RBS) can receive a cash bonus of £200 (up from the £150 bonus it announced earlier this year). The bonus is subject to terms and conditions and is available to new and existing customers (who did not hold a NatWest current account on 6 May 2026).

Read more: NatWest increases current account switch bonus to £200

Other comparative deals on the market include the £200 bonus offered by Barclays Bank for switching to its Bank Account, and the £180 bonus offered by Santander’s Edge range and Everyday Current Account (both subject to conditions).

Explore current accounts

While the cash incentives on current account switching deals can be tempting, it’s always best to compare the different offers and current accounts available on the market before deciding. It’s important to take into consideration the product’s overall value alongside cash bonuses and other incentives.

Some accounts can offer perks such as access to Apple TV or fee-free overseas spending, so it’s best to consider whether these incentives will benefit you. Are you going abroad this year? Are you already paying for Apple TV and this will save you money? It’s also worth bearing in mind that these accounts can sometimes come with a monthly fee, so if you’re happy to pay this, you could get cashback or other benefits in return. To compare current accounts’ switching deals, head to our regularly updated chart.

Alternatively, to compare current accounts, view our dedicated chart.