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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
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Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
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Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
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Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
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This latest incentive is currently the sole switching offer on the market.
Retail bank, first direct, relaunched its current account switching offer, allowing new customers to earn £175 by moving to its 1st Account.
This account includes features such as no debit card fees when spending aboard and access to first direct’s Regular Saver account paying 7.00% AER which is fixed for 12 months.
“Adding to its appeal, customers can expect to receive a £250 interest-free buffer on its arranged overdraft, which some may find beneficial,” explained Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk.
“However, the account does not pay any credit interest, which should be considered,” Eastell continued.
To be eligible for the £175 payment, first direct states customers must use the Current Account Switch Service (CASS) to switch to its 1st Account.
Once the account is open, you’ll then have 45 days to register for online banking and make at least five debit card payments, which can include third-party payment platforms.
Also within this timeframe, you’ll need to transfer a minimum of two direct debits or standing orders, as well as deposit at least £1,000 (either as a one-off payment or spread over the 45 days).
If you meet these criteria, you’ll receive the free cash incentive before the 20th of the following month.
Note that you won’t be able to claim this offer if you are already a customer with first direct. Moreover, you also won’t qualify if you previously held a first direct account or opened a current account with its sister bank, HSBC, on or after 1 January 2018.
Last updated: 12/09/2024
Account: 1st Account
Arranged Overdraft Rate (EAR): 39.90%
Interest Rate (AER): 0.00%
Account Fee: N/A
Switching Incentive: £175 cash for accounts switching using the Current Account Switch Service. Additional T&Cs apply.
Representative Example: Based on an overdraft limit of £1,200. Up to £250.00 charged at 0.00% EAR Variable. Over £250.00 charged at 39.90% EAR Variable. Representative 30.5% APR variable.
TSB removed its own switching offer earlier in the week, which had enabled customers to earn up to £190.
This now leaves first direct with the only switching incentive still on the market, after multiple providers pulled their own offers in recent months.
However, while free cash incentives can be enticing, there are many other reasons why you may want to consider switching current accounts, such as to face fewer fees, obtain cashback or receive more interest on credit balances.
With this in mind, it’s important for customers to consider all aspects of an account to decide whether it’s right for them.
You can find out more and compare the whole of the market here on our current account charts.
All of our newsletters are available free by email to all Moneyfactscompare.co.uk users.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits. Find out how you can claim this latest offer.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits.
The limited-time Switch and Stay incentive from The Co-operative Bank is open to new and existing customers switching to an eligible current account. Find our more.
The limited-time Switch and Stay incentive from The Co-operative Bank is open to new and existing customers switching to an eligible current account.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits. Find out how you can claim this latest offer.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits.
The limited-time Switch and Stay incentive from The Co-operative Bank is open to new and existing customers switching to an eligible current account. Find our more.
The limited-time Switch and Stay incentive from The Co-operative Bank is open to new and existing customers switching to an eligible current account.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
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.
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.
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.