New £100 cashback bonus launched on first direct Cash ISA

When combined with first direct’s £175 current account switching offer, this means new customers could receive an attractive total of £275 cashback.

As we enter the 2026/27 tax-year, first direct is offering a £100 cash reward to customers who deposit £10,000 or more into its Cash ISA by 4 May 2026.

This £100 cashback offer is open to existing customers (including those who already hold a Cash ISA), as well as new customers who open a 1^st account with the bank.

To receive the bonus, customers can deposit money directly into the Cash ISA or transfer in from another ISA. However, the funds can’t come from an account with first direct, HSBC or M&S Bank.

As a minimum, the money must remain in the Cash ISA until first direct pays the bonus into the customer’s 1^st account on 31 July 2026.

Several banks now offer a cash bonus on selected ISA products, a move which Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, says “is a way of enticing new business” and “to stand out during the flourishing ISA season”.

However, while Springall notes that a “free cash offer is a great enticement”, she adds that savers should be “conscious of the overall benefit gained by switching any bank account and the overall return by depositing or transferring a big sum of cash into any ISA”.

The first direct Cash ISA only pays 2.75% AER, which means savers may only earn around £275 on a £10,000 deposit over one year (assuming the rate stays the same). Even if you consider the additional £100 bonus (taking the total returns to £375), savers could earn more in interest (£461) by depositing £10,000 into the market-leading easy access ISA that currently pays 4.61% AER. Correct as of 9 April 2026.

Discover the latest easy access cash ISA rates

Our ISA charts are refreshed throughout the day to show an up-to-date list of the top accounts on the market. Find out the latest easy access ISA rates.

Boosting the bonus to £275

As well as this £100 ISA cashback bonus, customers who switch their current account to first direct’s 1^st account could receive an additional £175.

To get this £175 bonus, customers need to use the Current Account Switch Service (CASS) to move their existing current account to first direct. As part of the switch, customers must transfer at least two Direct Debits or standing orders.

Within 45 days of opening, customers then need to deposit £1,000 or more into the account, make at least five debit card payments and log on to the online banking service. See offer for full criteria and terms.

Once these conditions are met, first direct will pay the £175 bonus into the current account by the 20th of the following month.

Compare current account switching offers

Thinking of moving your current account to a new provider? See the latest range of incentives available on our current account switching chart, including the conditions you need to meet to receive the cash rewards.

Could you get a higher cashback bonus on your ISA?

While the £100 incentive on first direct’s Cash ISA is attractive, other well-known banks are giving savers the opportunity to earn an even higher cashback bonus. However, while they may offer a higher headline bonus, it’s important to consider that the amount you receive will depend on the amount you deposit or transfer.

For example, HSBC will pay up to £500 cashback to savers who deposit or transfer at least £20,000 into an eligible ISA by 11 May 2026, including its Fixed Rate Cash ISA which pays 4.50% AER to feature highly on our one-year ISA chart.

Consequently, savers who can afford to lock a large sum into this ISA will benefit from a competitive one-year ISA rate, in addition to the cash bonus. However, they need to deposit £100,000 or more to access the highest £500 cashback reward.

Santander is another bank that recently launched an incentive for savers who transfer in funds to a qualifying Fixed Rate ISA or Easy Access ISA. But, instead of a cash reward, eligible savers will receive an e-voucher worth between £50 and £400 (depending on the amount they transfer into the ISA) which can be redeemed at over 250 retailers. In addition to the voucher, Santander’s Fixed Rate ISAs pay an attractive 4.50% AER, one of the most competitive fixed ISA rates offered by a high street name.

Moreover, unlike some of the other banks, Santander doesn’t require savers to have one of its current accounts to open any of its ISAs.

Elsewhere, Barclays Bank will pay up to £200 to current account customers (or up to £600 to Premier customers) who transfer at least £10,000 from an existing ISA to an eligible account by 30 April 2026.

Meanwhile, savers who transfer £25,000 or more to a qualifying ISA with Lloyds Bank and Halifax by 31 May 2026 could earn up to £1,200.

Always check the terms of any cashback offer before opening or switching accounts to ensure it’s right for you. Moreover, it’s always worth comparing the top ISA rates currently available to see if you could get a better return from an alternative account, even if it doesn’t have an added incentive of cashback.

Make the most of your ISA allowance

Looking to take advantage of your 2026/27 ISA allowance? Whether you’re looking for an easy access cash ISA or a fixed rate ISA, discover today’s top rates on our ISA charts.