First Direct handing customers free £175 plus bonus £50 on top | Personal Finance | Finance

First Direct is handing customers a free £175 cash bonus as part of a new offer, plus an extra £50 on top.

The cash reward will be given to customers who switch to a 1st Account with First Direct using the Current Account Switch Service. But those who apply for the new account via a link from Money Saving Expert (MSE) by Sunday, February 15, can also claim a £50 Amazon voucher on top. The 1st Account has a £250 interest-free overdraft, no First Direct debit card fees when spending abroad, and gives customers access to a 7% AER/gross Regular Saver Account.

To be eligible for the £175 welcome bonus, within 45 days of opening the account, customers need to switch at least two Direct Debits or standing orders, deposit £1,000, make five or more debit card payments and log on to digital banking.

The offer is only open to new customers who haven’t previously held a First Direct product and it’s not available to those who have opened an HSBC current account on or after January 1, 2018.

The switching offer is limited to one payment per customer or joint account and will be awarded by the 20th of the following month in which all qualifying criteria has been met.

First Direct said: “Switching your everyday banking to your new first direct account is easy. Once your first direct account is open, simply log into your first direct app, select the account you wish to transfer into, tap ‘switch to us’ from your account menu and follow the instructions. We will ask you for your account details, existing account details and preferred switching date.

“Once we’ve received your switch request and your current account is open, we’ll let your old bank know you’re moving.

“We set up all your regular payments on your new first direct 1st Account. We tell all your Direct Debit originators you’ve moved banks and give them your new details, including your employer so your salary can be redirected. There’s nothing at all for you to do, no calls or anything.”

MSE said First Direct has been at the top, or near the top, of every bank service poll it has ever run and most recently scored 92% ‘great’.

Those who apply for the account via MSE by Sunday can also claim a £50 Amazon voucher, so it means you can get £225 worth of freebies in total by switching.

MSE added: “Newbies applying for the account via our links by 15 Feb can also claim a £50 Amazon voucher, which you don’t need to switch to get but you can stack both bonuses. 

“You’ll be sent an email from Giftcloud within 75 days of the account opening with details on how to claim the voucher, which must be done within 90 days of getting the email. (Note: enable cookies and avoid using Safari as your browser for the offer to track). Put all this together and it’s a top all-round account.”