First Direct, a telephone and internet-based bank, has recently announced that it will be joining five other major banks in offering free cash incentives to encourage customers to switch their current accounts. Starting March 26, eligible switchers will receive £175 when they make the switch. However, this offer is only available until April 22, so customers must act quickly to take advantage of it.
In addition to the cash incentive, new customers who switch to first direct will also enjoy perks such as a £250 interest-free overdraft, fee-free overseas transactions, and ATM withdrawals. They will also have the opportunity to open a Regular Saver account with a competitive seven percent interest rate, fixed for 12 months. Customers can save between £25 and £300 a month in this account, potentially totaling up to £3,600 per year.
Chris Pitt, CEO of first direct, expressed excitement about the return of the switching incentive, citing its popularity among customers. He highlighted the various benefits of banking with first direct, including fee-free transactions abroad, an interest-free overdraft, and a best-buy seven percent savings rate, along with their award-winning 24/7 customer service.
To qualify for the offer, customers must open a first direct 1st Account between March 26 and April 22, and complete the full Current Account Switching Service (CASS) process within 30 days of opening the account. This includes transferring at least two direct debits or standing orders from a participating provider. Customers must also deposit a minimum of £1,000 into their account within 30 days and register for first direct’s digital banking within the same timeframe.
It is important to note that switchers must be new customers of first direct and must not have had any previous products with the bank or opened an HSBC current account after January 1, 2018. Other major banks like Santander UK, NatWest, Royal Bank of Scotland, Lloyds, and HSBC (First Direct’s sister bank) are also offering various cash incentives for switching current accounts. Santander UK, for example, is offering £185 to qualifying switchers.
