First Direct is giving a free £175 cash boost to customers in January to kick start the New Year.
The freebie comes at a time when most households will be feeling the pinch after the expensive Christmas period and it can land in your account this month.
The £175 is a welcome bonus that’s given to all customers who switch to First Direct’s 1st Account, which offers access to a linked 7% regular saver you can put up to £300 per month in for 12 months, a £250 interest-free overdraft and no debit card fees when spending abroad.
Once you’ve opened an account you’ll need to switch to First Direct using the Current Account Switch Service, deposit a minimum of £1,000, make at least five debit card payments and log on to digital banking, all within 45 days.
You’ll then get the free £175 by the 20th of the following month if all of this criteria has been met.
The switching bonus is limited to new customers only who haven’t previously held a First Direct product, and it’s also not available to those who have opened an HSBC current account on or after January 1, 2018.
You must also be aged 18 and over, be a UK resident and have not been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years.
First Direct said: “If you meet all the Switch criteria and still have your new 1st Account on this date, we’ll make one direct credit of £175 (the ‘offer payment’) to your new 1st Account before the 20th of the following month.
“For example, if you meet the Switch criteria on the 10 September 2024, then you’ll receive your £175 by 20 October 2024. If you open a 1st account in joint names, we’ll only make one payment of £175 into that account.”
If you don’t meet the qualifying criteria then Nationwide and Santander are both currently offering similar cash incentives to customers, with free £175 and £150 switching bonuses respectively.
