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Just hours left to get £175 free cash before last major bank pulls switching bonus
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HOUSEHOLDS have just hours left to get free cash as a major bank is set to pull its switching bonus.
First Direct’s £175 switching offer is ending at midnight tonight.
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The major bank launched the no-brainer scheme in a bid to lure new customers.
It's the sixth bank to introduce a deal so far this year following Lloyds and HSBC.
On top of the free cash, people have been promised to receive a £250 interest-free overdraft.
Other perks that come with opening an account include fee-free overseas transactions and ATM withdrawals, which come in handy ahead of the holiday season.
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First Direct clients will also benefit from access to a regular saver account paying 7% in interest.
Chris Pitt, chief executive of First Direct, previously said: “Our switching incentive has proven incredibly popular amongst our customers, which is why we’re excited to bring it back.
"This is in addition to our award-winning service, which is available 24 hours a day, seven days a week.
“To receive the offer, customers simply need to meet certain criteria that reflects they have switched their everyday banking to us."
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In order to receive the £175 switching offer, the customer must meet the below criteria:
- Open a first direct account on or after March 26 and before the offer closes on April 22
- Go through a full CASS switch process to transfer their everyday banking, including switching at least two direct debit or standing orders within 30 days of opening the account (this must be from a provider that participates in CASS)
- Deposit a minimum of £1,000 into their account within 30 days of the account opening
- Registering and logging onto digital banking, within 30 days of the account opening
- Be a new customer of First Direct, who has not previously held a First Direct product or opened an HSBC current account on or after January 1, 2018
How do I switch bank accounts?
SWITCHING bank accounts is a 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.
Under the switching service, swapping banks should take seven working days.
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.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
Things to look out for when switching your current account
Throughout the year most banks tend to offer some kind of incentive to get customers to switch to them.
The thought of earning some free cash may be tempting but you should make sure that the account you are switching to suits you in the long term.
Some accounts come with fees, and others need a set amount of money to be paid in over a certain period of time, so bear that in mind.
While it can be profitable, switching your bank can impact your credit rating in the short term.
What other bank switching deals are available?
First Direct is the only UK bank switching deal currently available right now.
TSB was giving new customers up to £185 in the first six months by switching to a TSB Spend and Save or Spend and Save Plus account.
Lloyds also had a £175 switching cash bonus if you switched to one of its three Club Lloyds accounts, though this offer has now ended.
Natwest was giving customers who switched £200 free cash as part of its switching bonus but this deal has also expired.
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It's always worth keeping an eye out though because deals pop up pretty regularly.
You'll need to make sure you read the exact criteria for each offer though.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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