First Direct Launches £175 Welcome Bonus for New Current Account Customers
First Direct, one of the UK's leading banks, is currently offering a generous £175 welcome bonus to new customers who open a 1st Account. The bank promotes this account as "the current account where you come first," highlighting its no monthly fee structure and attractive incentives for switchers.
Eligibility Requirements for the £175 Bonus
To qualify for the £175 payment, new customers must complete several steps within 45 days of opening their account. These requirements include switching to First Direct using the Current Account Switch Service, which must involve transferring at least two Direct Debits or standing orders. Additionally, customers need to deposit £1,000, make five or more debit card payments, and log on to the bank's digital banking platform.
Card transactions can be conducted in-store or online, utilizing either a physical card or digital wallet. This offer is exclusively available to new customers who have not previously held any First Direct products. It also excludes individuals who have opened an HSBC current account on or after January 1, 2018. The promotion is subject to status, limited to UK residents, and may be withdrawn at any time.
Additional Account Features and Benefits
Beyond the welcome bonus, the First Direct 1st Account comes with several other perks. Customers receive a £250 interest-free overdraft, with a representative APR of 30.5% variable for borrowing beyond that limit. For those with an offset mortgage linked to the account, the interest-free overdraft limit does not apply.
The account also provides access to a Regular Saver account offering 7.00% AER/gross interest. By saving between £25 and £300 monthly over a fixed 12-month term, customers can earn approximately £136.50 in gross interest if they maximize contributions. Interest is calculated daily and paid after 12 months, with no partial withdrawals permitted; early closure results in interest at the standard variable rate.
Furthermore, First Direct eliminates foreign transaction fees on debit card spending abroad, adding to the account's appeal for international travelers. The bank emphasizes that its representative APR allows for easy comparison with other borrowing options, ensuring transparency for consumers.
This initiative underscores First Direct's commitment to attracting new clients through competitive financial products, positioning itself as a customer-centric alternative in the UK banking sector.
