Major bank brings back £175 free cash offer to ring in New Year – see if you’re eligible for the cash boost
A MAJOR bank has brought back its £175 free cash offer to celebrate the New Year.
Customers who make the switch to First Direct’s current account will be entitled to the money, although there are some requirements that must be met.
The £175 is a welcome bonus that’s given to all customers who switch to First Direct’s 1st Account using the Current Account Switch Service, including at least two Direct Debits or standing orders.
The bank’s current account offers access to a linked 7% regular saver in which you can put up to £300 per month in for 12 months, as well as a £250 interest-free overdraft and no debit card fees when spending abroad.
In order to get the bonus, you must also deposit a minimum of £1,000, make at least five debit card payments, and log on to digital banking, all within 45 days of the account being opened.
Once completed, you’ll then get your free £175 by the 20th of the following month.
We should note that this switching bonus is limited to new customers only who crucially have not previously held a First Direct product.
This means it’s also not available to any customers who have opened an HSBC current account on or after January 1, 2018.
You must also be aged 18 and over, be a UK resident and have not been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years, in order to be eligible.
First Direct said: “If you meet all the Switch criteria and still have your new 1st Account on this date, we’ll make one direct credit of £175 (the ‘offer payment’) to your new 1st Account before the 20th of the following month.
“For example, if you meet the Switch criteria on the 10 September 2024, then you’ll receive your £175 by 20 October 2024.
“If you open a 1st account in joint names, we’ll only make one payment of £175 into that account.”
The bank had previously run the scheme in September last year, and it’s unclear when this offer will expire.
If you don’t meet the criteria for First Direct, a range of other banks are also offering current account switch bonuses.
Nationwide is also offering customers a £175 switching bonus for those opening a current account, with similar payment requirements to the First Direct deal.
Santander will pay £150 to customers who make the switch to them, although it should be noted that its bonus payment is only made around 90 days after the switch is requested.
Co-operative Bank is also offering up to £150 for customers who make the switch, although half of this comes from meeting additional spending and deposit requirements.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.