Households can get £175 free cash in new bank offer – and extra £12,500 is up for grabs too
HOUSEHOLDS can bag themselves £175 in free cash and be in with the chance of winning a bonus £12,500 by making a quick switch.
Banks and building societies often run switching incentives to entice new customers in.
All you have to do is switch a current account across from your existing bank to a new one.
First Direct is offering new customers £175 to switch across, but also the chance to win a whopping £12,500 cash prize.
Anyone who opens a First Direct 1st Account before October 1 is in with the chance of winning the lump sum.
But bear in mind there's only five £12,500 prizes up for grabs so your chances of winning are relatively slim.
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Even if you don't win the £12,500 prize, it could be worth signing up to a 1st Account just to bag the £175 free cash.
To get the £175 and also be in with the chance of winning the £12,500 prize, you have to deposit £1,000 within three months of opening your account through the Current Account Switch Service (CASS).
The £175 should then be paid in within 28 days.
Customers will also be entered into a draw with the five winners of the £12,500 selected on November 8.
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Winners will then be contacted by phone, email or text within 14 days of this date.
You can't open an account if you've opened one through HSBC or First Direct on or after January 1, 2020.
There are some other added perks to signing up to the 1st Account beyond the cash bonus.
It comes with the option of a £250 interest-free overdraft, subject to status.
You will also have access to First Direct's Regular Savers Account which pays 7% interest on up to £300 a month.
There are no fees for using a First Direct debit card abroad either.
Not only that, but consumer group Which? recently gave First Direct a five star rating for customer service.
How to switch bank accounts
Switching bank accounts is a fairly simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
You don't have to remember to move direct debits across when moving as this is done for you.
All you have to do is apply for the new account you want and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
Only one other bank is currently offering a switching bonus to new customers.
Bankers can sign up to a NatWest Reward card or a RBS Reward card using the CASS and can receive a £200 bonus.
You just have to deposit £1,250 into your account and log into the mobile banking app within 60 days.
Once you have done this the money will be paid into your account within seven days.
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You do have to pay £2 monthly fees to maintain both the accounts.
But, if you don't want to pay the monthly fee, you can switch to a fee-free NatWest Select, RBS Select or Ulster Select account.
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