First Direct is offering a £175 cash bonus to new customers just in time for the festive season. The Yorkshire-based bank, which serves nearly 2 million clients, is rewarding newcomers with a free £175 for joining its 7% regular saver.
Additional perks include free spending abroad and a £250 0% overdraft. As Money Saving Expert highlights: "First Direct's been top or near-top of every bank service poll we've ever run – most recently it scored 91% 'great'. Plus, newbies to First Direct's 1st Account can expect £175 to switch, a £250 0% overdraft (subject to a credit check), a linked regular saver paying 7% fixed for a year and near-perfect rates when spending overseas. Put all this together and it's a top all-round account."
To qualify, individuals must not have held any account with First Direct previously, nor opened a current account with HSBC since January 2018. To claim the bonus, customers need to open an account through the app (or online for joint accounts), switch from another bank with at least 2 direct debits or standing orders within 45 days, deposit more than £1,000, and make over 5 debit card transactions in the same timeframe. The £175 is then paid by the 20th of the following month after all criteria are met, reports Birmingham Live.
The bank explains: "The Current Account Switch Service (CASS) takes care of everything, seamlessly moving your balances, standing orders, payees and more over to first direct. Simply choose a date and we'll move everything to us in just 7 working days, although we always aim to do this sooner."
It further clarifies: "Once your first direct account is open, let us know you'd like to switch your other current account to us via the App. We will ask you for your new and old account details and preferred switching date."
Who are First Direct?
The bank is comparatively new - at least compared to some long-standing competitors in the UK. It was launched in 1989 by Midland Bank.
The firm was the UK’s first telephone-based lender. Their website says: "We’re the bank that changed what banking means – we’re not over there on the high street, we’re right here, when and where you need us."
They say they are available 24/7, 365 "cecause money worries can’t wait," their site says. They add that they are also award-winning "because we listen" and do things differently "because we care about what matters to you."
