First Direct relaunches cash-to-switch on current accounts

Bank of England

The bank said it previously saw significant take-up of the incentive when it launched the incentive for four weeks in late March

First Direct has relaunched its £175 cash-to-switch incentive on current accounts, at a time when many similar offers from lenders have vanished from the market.

The bank said it previously saw significant take-up of the incentive when it launched the incentive for four weeks in late March.

In order to receive £175, customers need to meet certain eligibility criteria, including transferring a £1,000 balance into the account, switching at least two regular payments and using their debit card at least five times within 30 days of opening the account.

Switchers must go through the full Current Account Switch Service (Cass) process to transfer their everyday banking to receive the £175.

Customers can expect to receive the bonus by the 20th of the following month of meeting the criteria, the bank said.

First Direct has not given a date for when the £175 switching incentive will be withdrawn.

Chris Pitt, CEO of First Direct, said the £175 offer “will only be around for a limited time only”.

To receive the incentive, customers must also not previously have held a First Direct product or opened an HSBC current account on or after January 1 2018.

The new offer from First Direct could pave the way for new switching offers to be launched in the current account market.

Last week, Virgin Money launched a new current account switching offer, giving switchers to Virgin Money’s current accounts – the Virgin Money M Account, M Plus Account and Club M Account – a bonus interest rate of 10% gross fixed on current account balances up to £1,000 for a year from July 1 2024 to June 30 2025.

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