Digital bank, first direct, has re-launched its “popular” £175 current account switching incentive today – for a limited time only. The bank is offering new eligible customers the cash incentive if they complete the switch before Monday, April 22.
Customers can then expect to receive the bonus within a month of meeting the requirements.
To receive the £175 switching offer, customers must open a first direct 1st Account on or after March 26 using the Current Account Switch Service (CASS) to transfer their everyday banking.
This includes switching at least two direct debit or standing orders within 30 days of opening the account. This must be from a provider that participates in CASS.
People must also deposit a minimum of £1,000 into their account within 30 days of the account opening. Additionally, people must register and log onto digital banking within the same 30 days.
Finally, people looking to capitalise on the deal must be new customers of first direct, who have not previously held a first direct product or opened an HSBC current account on or after January 1, 2018
Commenting on the deal, 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 percent savings rate.
“This is in addition to our award-winning service, which is available 24 hours a day, 7 days a week.
“To receive the offer, customers simply need to meet certain criteria that reflect they have switched their everyday banking to us.”
New customers switching their current account to first direct can also benefit from other perks, including a £250 interest-free overdraft, fee-free overseas transactions and ATM withdrawals, and access to a seven percent interest Regular Saver account.
But while first direct’s bank switch deal may be attractive, NatWest is marginally beating the incentive by offering a £200 reward.
To cash in on the deal, people must apply online or via NatWest’s mobile app to switch a current account held elsewhere using CASS into a NatWest bank account.
People must also deposit £1,250 into the account and log in to the mobile banking app within 60 days.
When these conditions at met, NatWest will pay £200 into the eligible account within seven days.
The switch must be fully complete to receive the incentive, which means the person’s old bank account will close and any funds and Direct Debits will transfer to NatWest.
The deposit of £1,250 can be made up of multiple credits and must remain in the account for 24 hours.
However, those who have previously received a switcher incentive from NatWest Group since January 1, 2020, will not be eligible for the offer.
