- First Direct has relaunched its £175 switching bonus for new customers
- Customers will receive the cash within a month after making the change.
- It comes just two weeks after First Direct closed its latest switch deal.
First Direct has relaunched its £175 switching bonus after withdrawing it just two weeks ago.
Starting today, new customers will receive £175 if they switch their current account to a First Direct current account through the Current Account Switching Service (CASS).
The digital bank says the deal is available for a limited time and the cash will be paid out within a month of making the switch.
Get it while it lasts: First Direct has relaunched its popular £175 exchange offer just two weeks after the last one ended
It comes as the challenger experienced “significant uptake” when First Direct launched its latest switch deal over four weeks between March 26 and April 22.
It also suggests that without this incentive, you could struggle to attract new checking account customers.
This is now the only exchange deal on the market as all other exchange deals have been canceled by the banks.
Andrew Hagger, founder of the Money Comms website, said: “First Direct has probably had time to evaluate the success it had last time and is confident enough to launch a new campaign that gives more people the chance to take advantage of it – there is no much more out there.” in terms of trading incentives at the moment, so it should prove popular.
“First Direct has an excellent reputation for customer service and an interest-free overdraft limit of £250, so there will be no shortage of takers.”
What do you have to do to get the cash?
To get the £175 cash bonus, new customers must open a First Direct current account and switch their current account through the CASS process.
Customers must set up at least two direct debits or standing orders within 30 days of account opening.
They must also deposit at least £1,000 into the account within 30 days of opening and log into their app.
Customers who took advantage of First Direct’s latest switch offer won’t be able to get the cash back.
In fact, the offer is only open to new First Direct customers who have not previously had any First Direct products or opened an HSBC current account on or after 1 January 2018.
As well as the bonus, the account includes a £250 interest-free overdraft, fee-free overseas spending and 7 per cent regular savings.
Chris Pitt, chief executive of First Direct, said: “We want to reward customers for choosing to bank with us, which is why we are bringing back our popular £175 incentive.”
“The offer will only be available for a limited time, so we encourage people to make the most of it while it’s available.”
