A new offer from First Direct is giving new customers the chance to pocket £175 in free cash along with access to one of the UK’s most generous savings accounts, boasting 7% interest. The deal has been backed by personal finance experts at MoneySavingExpert, who called it one of the best all-round switching incentives currently available.
First Direct’s 1st Account has long been praised for its customer service, with the bank consistently topping satisfaction polls. In the latest survey conducted by MoneySavingExpert, 92% of users rated the bank as “great,” a testament to its reliability and support. The current switching deal aims to attract new customers while offering substantial financial perks for those who meet the requirements.
Those who switch to First Direct can gain access to the bank’s Regular Saver Account, which allows customers to deposit up to £300 a month at a fixed interest rate of 7% AER.
If used to its full potential, the account could generate up to £137 in interest over the year. The 1st Account also includes fee-free overseas spending and a £250 interest-free overdraft for many customers, pending a credit check.
To be eligible for the £175 reward, customers must be completely new to First Direct and must not have opened a current account with HSBC, First Direct’s parent bank, since January 2018.
The switch must be completed using the Current Account Switch Service.
After opening the account, customers need to switch in an account from another bank, including at least two active Direct Debits or standing orders.
They must also pay in a minimum of £1,000 and make five debit card transactions within 45 days. Once these steps are completed, the £175 is paid by the 20th of the following month.
So if you’re unhappy with your current bank’s benefits, Money Saving Expert recommends switching over to the greener side and scoping out for other banks that can give you more back.
