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Customers only have until 22 April to take advantage of this deal, unless it’s withdrawn sooner.

Following in the footsteps of a number of high street providers, first direct became the latest bank to offer a cash incentive in exchange for switching current accounts, after it relaunched its £175 deal today.

“Our switching incentive has proven incredibly popular amongst our customers, which is why we’re excited to bring it back,” explained Chris Pitt, CEO of first direct.

The deal is only available to new first direct customers, which means you won’t be eligible if you’ve previously held a first direct product or opened an HSBC current account on or after 1 January 2018.

To receive the free cash, you’ll need to open a first direct 1^st Account before the offer closes on 22 April (or is withdrawn) and then use the Current Account Switch Service (CASS) to transfer your existing account. As part of this process, you must switch at least two direct debits or standing orders and deposit a minimum of £1,000 into the account within 30 days. You’ll also need to register and log into first direct’s digital banking within the same timeframe.

More on first direct’s 1st Account

The 1^st Account from first direct comes with a range of benefits, such as fee-free overseas transactions, access to a regular savings account paying 7.00% AER and the opportunity to get an up to £250 interest-free overdraft. What’s more, the account charges no monthly maintenance fee.

How does it compare?

Recent months have seen a number of current account switching deals return to the market.

In February, Lloyds Bank announced a similar deal, which offers customers £175 for switching to any of its Club Lloyds Current Accounts. Only a few days later, NatWest launched its current account switching incentive, which pays a larger £200.

Meanwhile, HSBC introduced its new switching offer a couple of weeks ago, which could see you receive up to £220 if you meet all of the criteria. It was closely followed by Santander, which launched its £185 deal last week.