As the end of the year approaches, wouldn’t it be nice to have a bit of extra cash in your pocket? Well, the newly revamped First Direct bank switch bonus could land an extra chunk of wonga in your account by Christmas!
Here’s everything you need to know about this current account and how to make sure you qualify for the switching offer.
What is the new switch bonus from First Direct?
First Direct previously offered new customers £100 to switch. Now, the bank has upped the ante and raised its welcome bonus to £130 in cold hard cash.
This is still with their flagship 1st Account. And there are some hoops you’ll have to jump through to make sure you qualify for the bonus when switching.
How do you qualify for the First Direct £130 switch bonus?
In order to get your hands on the cash, you’ll need to:
- Be a UK resident aged 18 or over
- Have a phone number and email address
- Switch your everyday banking to First Direct using the Current Account Switch Service
- Pay in at least £1,000 within three months of opening the account
- Not have held a First Direct account before or opened an HSBC account after 1 January 2018
- Not have declared bankruptcy or registered for an IVA in the last six years
When will the bonus be paid?
First Direct says that they will aim to pay the bonus into your new account within 28 days of all criteria being met.
It’s important to note that the payment is only available once, whether that’s a solo or joint bank account.
Are there any other benefits of a switch to the First Direct 1st Account?
The 1st Account is a current account that comes with some added benefits for all you keen switchers out there. So you don’t have to feel like a complete mercenary if you switch.
Along with the cash bonus, you’ll get:
- A £250 interest-free overdraft (subject to approval)
- Access to a 1%/AER/gross Regular Saver Account
- No monthly fees
- Award-winning customer service
- The option to pay in cash or cheques at HSBC branches and the Post Office
When does this First Direct switch offer end?
The offer is due to end on 22 November 2021.
Of course, this could change, but it’s best to act quickly if you want to hop onto this deal. The faster you move, the quicker the cash bonus could hit your account.
So, if you want to get that £130 before Christmas rolls around, it’s worth switching as soon as possible.
Are there any other bank switching bonuses available?
Yes! There are loads of offers out there right now.
Each bank will have its own qualifying criteria, but at the moment, the following big names all have ongoing switch offers:
So, you’ve got plenty of options to switch to a bank other than First Direct and get a tidy bonus. If you need some more information on the whole switching process, check out our straightforward guide on how to switch bank accounts for a helping hand.
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About the author
George is a writer and qualified financial adviser focused on educating others in personal finance & investing.
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