Another bank switch deal has launched, once again offering £175 for switching.
First Direct regularly offers cash for switching your current account over to them. This time, it’s offering £175, and you could get extra cashback on top.
Here’s how the offer works and my analysis.
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How much can you get for switching to First Direct?
This First Direct switch offer is pretty straightforward. You’ll get a fixed £175 if you meet the conditions outlined below. This is the same as the last switch offer from First Direct and remains the highest the bank has ever offered.
You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts.
You’ll also only get one payment per joint account, not one each. So if two of you want the cash you’re better off opening two new individual accounts.
Who can get the First Direct switch offer?
The offer is only available to new First Direct customers, so no luck if you are an existing or previous customer.
You’re also barred from getting the free cash if you opened an HSBC current account (other products are fine) on or after 1 January 2018. It used to allow you to get the cash if you opened one before 2020, so you can tell that banks have caught on to regular switchers and want to make it harder for people to keep getting the bonus.
However, if you opened an HSBC account prior to this date, even if you still have it, then you’ll be eligible for the First Direct money.
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What are the requirements for the First Direct switch offer?
To get the £175 you need to open a 1st Account (this is First Direct’s standard current account) and pay in £1,000 within 45 days of opening the account. This doesn’t have to be in one go but each deposit does need to remain in the account for at least 24 hours.
As with most switching deals, you need to use the Current Account Switching Service to move over an account from a different bank, also within 45 days of opening it. You’ll also need to register and log into the First Direct app or online banking.
Earlier this year, First Direct added the requirement to move over two direct debits or standing orders from the old bank. If you don’t already have direct debits in place then the easiest thing to do will be to set up standing orders. These are simple payments from your account to another of your accounts. Once the switch is complete and you’ve got the cash, you can cancel these payments.
And once again, you need to use the debit card five times within the first 45 days.
When does the offer end?
First Direct usually has an open-ended offer on launch, and that’s the case with this one too. We’ll update you with an end date when we know more.
When will the money be paid?
The full £175 will be paid to your account before the 20th of the month following you completing all the criteria.
Bonus cashback on top
If you go via TopCashback in the first instance you can get £35 cashback on top (although some of the Be Clever With Your Cash team have been offered £36.75, so this could be different). If you’re new to the site you can get up to £20 as a bonus as well, though that needs to be triggered by a purchase at a different retailer.
Quidco isn’t offering cashback for opening a First Direct account this time around.
First Direct switch offer summary
| Switching bonus | £175 |
| Open to existing customers | No |
| Requirements | Move two direct debits or standing orders from your old bank |
| Switch using the Current Account Switch Service and close old account | |
| Pay in £1,000 within 45 days of opening the account (and keep it there for 24 hours) | |
| Use your debit card five times in the first 45 days. | |
| Sign up for and log into the First Direct app or online banking | |
| Exclusions | Not already have or ever had a First Direct account |
| Not have opened an HSBC account since 1st January 2018 | |
| Offer limited to once per person | |
| Bonus paid | By the 20th of the following month after meeting the criteria |
| Offer ends | Unknown |
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Is First Direct any good?
First Direct always scores well on customer service, but bear in mind there are no branches – banking is all on the phone or online. It’s also part of the HSBC group, so the FSCS protection is shared between the two.
First Direct 1st account benefits
The account is pretty bog standard, with no rewards or fancy features. The app has improved a lot, but it’s still not as good as what you’ll get with Starling or Monzo.
The £250 0% buffer is a useful feature for anyone who occasionally goes overdrawn by a small amount. The standout is access to a 7% regular saver, fixed for a year.
However, customer service is well thought out, with a decent phone support line.
Over at customer reviews site Smart Money People, the 1st account scores 4.69 out of 5.
| Benefits | £250 0% overdraft (subject to status) |
| Access to 7% AER (fixed for 12 months) regular saver (Save between £25 and £300 a month) | |
| “Sweep” autosaving feature (moves spare money in account to savings) | |
| Fee-free spending overseas | |
| Fee | None |
| Requirements | None |
| Notes | Shared FSCS protection with HSBC |
Is it worth switching to First Direct?
Andy’s analysis
If you’ve not had free cash from HSBC or First Direct before then it’s well worth grabbing it, and at £175 this is the highest First Direct has offered.
HSBC offers tend to be higher but more complicated, so if you just want an easy switch I’d favour First Direct. Plus there’s that decent regular saver and you might be able to get cashback on top.
Personally I wouldn’t use it as my primary bank because you can get better apps or better rewards elsewhere. However, if you occasionally go overdrawn then it’s hard to beat the 1st account.
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Are there better switching offers?
If you’re a repeat switcher and aren’t planning to keep an account then this is one of the best. But if you plan to just switch once I’d actually look at other options which have added rewards or cashback.
These come and go, so here’s everything you need to know about all these and other different bank switching deals.
Previous First Direct switching deals
- £175 (March 2024)
- £175 (September to late 2023)
- £175 (early 2023)
- £150 (February to August 2022)
- £130 (January to February 2022)
- £130 (November 2021)
- £100 (October 2021)
- £100 (July 2021)
- £125 (June 2021)
- £100 (Feb 2021)
Hi Andy, you say that FD has an autosaving sweep function,
> “Benefits …. “Sweep” autosaving feature (moves spare money in account to savings)
I’ve looked on the website and account details and cant see that mentioned please could you explain where/what this is a bit more (or is it via open banking not specifically a first direct feature)
I don’t know if anyone recently has had the Topcashback option work. I tried to open the account on the website but it doesn’t allow you too and forces you to download the app and do it that way meaning no cashback.
Another consumer commented this on Topcashback and I will also as it is not an option that worked for me.
UPDATE! YOU DO GET CASHBACK! I was actually on my ipad with top cash back and went to First Directs website to sign up. I then downloaded the app on my phone and set up my new account via the app, i did not get the normal tracking email from Top Cashback.
But to my surprise about 5 days after opening my First Direct account i got the cashback and was able to withdraw it immediately.
Now just waiting to see if i did the switch correctly as this is my first time doing one.
Hi Andy,
Does anyone know if using the debit card 5x has to be done with the physical card?
Or can I use it 5x online?
Thanks!
Towards the end of August, my wife opened a dummy chase current account, setup 2 standing orders and also paid that. Kept £1000 for 2 days, used debit card for 5 times.
Just after that when I checked in this month, I saw offer had ended in July 2024. I felt sick of not knowing.
I see that the offer is again floating. Will my wife get the money or is it a shitty trick from FD to discard ppl moved in the month of August?
firs time i am doing bank switching and i’m put off by this experience.
the standing order i set up with chase burner account didn’t come over there were no previous transactions so mine wasn’t transferred i didn’t see anything about needing a standing order to have already happened on the old account before switching, what a waste of time this was. so disappointed. Andy you need to make it clear that people should have transactions on the bank account you are switching from, this switch was so easy and I’ve got nothing from of it. I may consider switching this account elsewhere if there is a better offering .
Sorry to hear that Janet. though it does say in the article you need to move over two direct debits or standing orders as part of the switch
Is it possible to open the FD joint account through switching from a joint Santander account? But we have previously both received HSBC rewards from individual current accounts back in 2020?
Hi Andi, does the deposit means to depositing physical cash through the bank’s branch or a normal transfer from another account can also be considered as deposit?
Any way you add money will count, so bank transfer, paying in cash etc
New first direct offer out today.£175 pounds incentive.i first done then many years ago,states no further payment unlike other offers.
Has anyone got away with having done them more than once,and how ?
will this offer back soon?
Its back!
Hi Andy,
Will my monthly wage account for the £1000 deposit or does it have to be a completely separate deposit on top of wages?
Thank you
I’m in the middle of my 90 days requirements for the 175 to be classed as qualified as wasn’t quite sure how the 1,000 is counted. if my work pays in my salary at approx 400 a month does this count to the £1,000. if so i should have now been placed in the completed pile.
Does First Direct offer no fees spending abroad like Chase?
Hi Andy,
I opened my HSBC account formally Midland about 28 years ago, so my understanding is that I would qualify for the First direct account. If I transfer to FD and close HSBC – I guess I will lose my HSBC Overdraft. Can you close an account then re-open it?
Thanks
I tried to switch and open account with First Direct, however it was a pain because I hold an International passport, they have asked me to mail a CERTIFIED copy. It can’t be done digitally.
Someone ask this question, but you didn’t reply. May I know the answer, please.
Does the 1000 need to stay for sometime to receive the incentive, or can be withdrawn immediately?
It can come straight out
Does the £1000 have to be paid in at one time or would two £500 payments qualify.is it a total of £1000 gone in throughout the 3 months or actually £1000 in there to qualify. If I put£500 in and spent it then another £500 and spent that , would that count ?
Do I need the two direct debits moving to get this deal? Also would having a HRBCcredit card stop me from getting the deal?
Switched, worked well and received incentive of £175 within 5 days of switch happening.
Now wondering if I should use this an account to transfer to NatWest and get the £200 cash too !
I applied for first direct before the £175 deal ended but my old bank hasnt closed yet, will i still get the money.
Paying 1250?
Will it work if i transfer 1250 from 1 account and send it back?
Hi Andy, is it still the case (I saw you answered last year) that the account you switch from does not need any direct debits coming from it?
I am want to switch over to get the £175 and open the 12 months savings account and would like to just used my weekly shopping account – will this be ok? Thank you. Kind Regards, Karen
Hi
Sorry if this has been asked I’ve set up switching, to happen in March. Do I have to pay in a total of £1000 and leave it there? I can pay in my wages but will need some to pay bills. Do I need to be £1000 in credit at the 3 months point?
Thank you, cris
Hello,
After how many days did you guys get the bonus?
Hi,
I have questions?
If I already have HSBC bank account which was opened long time ago on 2015 and also I have Lloyds bank account which I would like use for switching offer for first direct would this offer goes trough?
Just found out that the account I wanted to switch to First Direct can’t be transferred using the Switch Your Account website. Is it compulsory to do it that way? Does this mean that now I have opened an account, I won’t be able to get this incentive paid to me because I can’t use the switching tool?
Hi Andy,I am in the middle of changing from RBS to First Direct.They have emailed me that my account is being set up and that i am due the £175 after conditions are met.The elephant in the room is i have a HSBC account which i started in 2020.Do you think they will cross reference and see that i dont qualify?
Can you switch from an HSBC account?
Hi Andy, thanks so much.
I have an old unused current account with lloyds.
Can i switch to FD from that account and just pay a £1000 pound in from my main HSBC account.
Do they require it to be a regularly ‘used’ account?
I had a first direct account around 15 years ago , but closed it around 8 years ago , will I still get the £175 ?
Hi Andy,
How long do I have to stay with First Direct for before I can switch again?
How long do I have to stay with First Direct for before I can switch again?
Many thanks
Karen
Will this also close my savings account with my previous bank does it just close your current account when you switch
Hi Andy
We had an HSBC Account which we closed in 2016 when we switched to Santander, would we get the £175 bonus if switching to First Direct? Many thanks.
Hi Andy, thank you very much for writing this article, its very helpful. Just a quick question, in order to be eligible for the switching bonus, would I have had to have been with my previous bank for a substantial enough period of time and show a significant number of transactions on old account; or can you switch from even a relatively new, largely untouched account?
Many thanks in advance.
Ben
No, there’s no requirement for that when you switch!
Hi Andy,
I’m in the process of switching to a 1st Account to get the £150, but it’s unclear from the Ts & Cs whether their First Directory service is mandatory with the account or not. This carries a £15 per month fee so would total £180 per year, but everywhere I’ve read about the 1st Account it’s advertised as being free. I can’t seem to find an answer anywhere online – can you help, please? Thank you!
I have a mortgage with First Direct (started 5 May 2022). Would I qualify for this switching offer?
Yes, as long as you’ve not had a current account with them in the date specified you’re eligible
I’ve just been told by First Direct I don’t qualify for the incentive payment, because I have a Mortgage wit FD. Met all criteria otherwise, so rather annoying.
I switched two months ago and been waiting on the incentive payment as all criteria met. Called them today and was told that as I have a first direct mortgage, I do not qualify for the payment.
I quoted that any documentation merely states “accounts” and not mortgages, but was basically told tough!
I was in the exact same situation as you with a FD mortgage and they refused my £130 switch incentive because of this. I made an official complaint that their wording wasn’t clear enough and was ambiguous and they agreed as a gesture of goodwill to credit my account with the £130, which they did.
So, moral of the story, if you complain to the right department and back up your complaint with evidence, they will pay it.
Hi Andy,
Does the account have to direct debits going out to qualify for the £150. I understand one must put £1000 within 3 months of opening the account. Just wondered about if there was a requirement for DD’s.
Thanks
No direct debits on this one (as of May 2022 – it could change on later offers)
Hi Andy, to get the 150 can I simply perform an account switch, or do I have to open the FD account and then switch?
In other words, is going through the CASS switch service counting as opening a FD account or not.
TIA.
Hi Andy, do I need to keep the £1000 in the account until I receive the switch bonus or can I pay it in and cash it straight back out?
Thanks
I spoke to a first direct agent and they said that the money does not need to be left in the acc but i am leaving it there. just incase
Hi Andy,
I have just opened a TSB Current Account as my Switching Account. My main account is Santander 123. (I’m very happy with this account as my main account)
Is there any time limit that I need to keep the TSB account for before switching?
I intend to switch to First Direct. My question is about the switching process. Is the following correct?
1 Open First Direct account.
2 Use First Direct switching process.
3 Two above will close the TSB account and transfer my balance to First Direct.
4. Transfer say £500 from my Santander account (twice) then transfer to my Chase Bank Account ( Thanks Andy for the information on Chase Bank I use this for all my transactions to get the 1% Cash back for one year)
Have I missed anything?
Great Podcast
Yes, that all sounds good. You only need to keep the TSB account if it was linked to another offer (eg cashback from Quidco). If so that will have its own conditions.
do i need to switch everything and close my other account totally?
Hi Lynda, yes a full switch will close your old account
Hi Andy,
For the first direct switching offer do you need to pay in the £1000 before you request to switch or can you pay it in after the switch has occurred?
It can be anytime in the first three months of opening the account, and can be after the switch
Does the 1000 need to stay for sometime to receive the incentive, or can be withdrawn immediately?
Link labelled First Direct Switch actually links to NatWest Current Accounts
Thanks! Fixed