First Direct warning as you need to do this to get £175 payment | Personal Finance | Finance

First Direct has explained the rules for how to get £175 in free cash paid into your account.

People switching to the bank can currently get £175 if they move over their funds using the Current Account Switch Service.

In light of the offer, a prospective customer asked over X: “For £175 welcome cash do we have to change all our direct debits to yourself? Or is it a few direct debits?”

The group responded to spell out the rules, saying: “The switch will need to include at least two direct debits or standing orders.

“As long as this and the rest of the criteria is met, you will be eligible for the £175 joining incentive.”

There are several things you have to do within 45 days of opening your account with first direct to get the free cash.

You need to do the switch using the Current Account Switch Service, including the two direct debits or standing orders as mentioned above.

You also need to deposit at least £1,000, make five or more debit card payments and log on to digital banking.

The transactions can be done online or in store, and you can make the payments from your digital wallet or using your actual card.

There is only one £175 for each customer or for each joint account. You will receive the funds on the 20th day of the month of the month following the one where you meet all the criteria.

Only new customers can get the £175 payment and those who have opened a HSBC current account on or after January 1, 2018, will not be eligible.

The customer went on to say they had already set up their account with first direct. They also asked: “I have an account with Halifax that I want to remain open but I want to switch over will this be possible?”

First Direct said in response: “The switch would close the account you’re switching from, it’s not possible to keep it open.”

Several banks currently have switching offers with Santander offering £150 while Nationwide Building Society is offering £175.

It’s worth acting soon if you want to bag one of these offers as they can be withdrawn very quickly with little notice. The First Direct website warns about its cash incentive: “Offer can be withdrawn at any time.”