A leading UK bank is significantly boosting the financial incentives for new customers, with a combined package now worth over £310. First Direct has enhanced its popular current account switch offer, which, when paired with its high-interest savings product, presents a lucrative opportunity for those looking to move their banking.
How to Claim the Enhanced Switching Bonus
To secure the headline £175 one-off cash payment, prospective customers must open a First Direct 1st Account and complete a series of steps within a strict 45-day window. The key requirement is to use the Current Account Switch Service to move an existing account over.
The switch must transfer at least two direct debits or standing orders. Furthermore, within the same 45-day period, account holders need to deposit a minimum of £1,000, make five separate debit card payments, and log in to the bank's digital banking service.
This offer is exclusively for new customers who have never held a product with First Direct before. The bank also clarifies that anyone who has opened an HSBC current account on or after 1 January 2018 is not eligible for this promotion.
Unlocking Additional Earnings with a 7% Saver
The potential gains don't stop at the £175 bonus. By opening the 1st Account, customers gain access to First Direct's Regular Saver account, which pays a market-leading 7% annual interest over a fixed 12-month term.
Savers can pay in between £25 and £300 each month. If you maximise this opportunity by depositing the full £300 every month, you would save a total of £3,600 over the year. Based on the 7% rate, with interest calculated daily and paid at the end of the term, this would generate approximately £136.50 in interest.
A Top-Rated Package for Savvy Switchers
When the £175 switch bonus is combined with the potential £136.50 interest from the Regular Saver, the total benefit from First Direct exceeds £310. This compelling package is bolstered by the bank's consistently excellent reputation for customer service.
Money saving expert Martin Lewis highlighted the deal, stating: "First Direct's been top or near-top of every bank service poll we've ever run." He added that new customers also benefit from features like near-perfect exchange rates abroad and a potential £250 interest-free overdraft, subject to a credit check. "Put all this together," he concluded, "and it's a top all-round account."
