first direct has announced it is set to join five other major banks in offering free cash to try and incentivise customers to switch current account.
The telephone and internet-based bank will offer £175 to eligible switchers from Tuesday, March 26.
However, people will need to act fairly quickly if they want to take advantage of the offer, as it will only be available until April 22.
Customers can expect to get the bonus within one month of meeting the requirements, subject to meeting the eligibility criteria.
New customers who switch their current account to first direct will also be able to benefit from a £250 interest-free overdraft plus fee-free overseas transactions and ATM withdrawals.
They will also be able to open the bank’s Regular Saver account, which currently pays a seven per cent interest rate, fixed for 12 months.
first direct is joining the number of banks currently offering current account switch incentives
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Customers can save between £25 and £300 a month in this account, totalling up to £3,600 per year.
Chris Pitt, CEO of first direct, said: “Our switching incentive has proven incredibly popular amongst our customers, which is why we’re excited to bring it back.
“It is just one of many benefits customers can get from banking with first direct, on top of other perks like fee-free transactions abroad, an interest-free overdraft and a best-buy seven per cent savings rate.
“This is in addition to our award-winning service, which is available 24 hours a day, seven days a week.
“To receive the offer, customers simply need to meet certain criteria that reflect they have switched their everyday banking to us.”
To qualify, customers must open a first direct 1st Account on or after March 26 and before the offer closes on April 22 or is withdrawn.
They also need to go through the full Current Account Switching Service (CASS) process to transfer everyday banking to the account.
This includes switching at least two direct debits or standing orders within 30 days of opening the account – and it must be from a provider that takes part in CASS.
Additionally, customers must deposit a minimum of £1,000 into their account within 30 days of opening the account.
Finally, they will need to register and log onto first direct’s digital banking, within 30 days of the account opening.
LATEST DEVELOPMENTS:
Switchers must be a new customer of first direct.
They must not have previously held a first direct product or opened an HSBC current account on or after January 1, 2018.
Santander UK recently launched a switch offer, announcing £185 was up for grabs for qualifying switchers.
NatWest and Royal Bank of Scotland offer a free £200 for switchers, while Lloyds’ incentive is a £175 free cash deal.
HSBC, first bank’s sister-bank, if currently offering £100 plus up to £120 cashback.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
