Free £175 cash bonus for customers switching to one UK bank

Switching banks can often be a beneficial way to save money, not to mention the incentives that come with doing so. Many UK banks offer free cash to customers in an attempt to lure them away from competitors. According to experts, now is as good a time as any to switch, especially as one bank is offering a hefty £175 bonus for transferring your account over.

First Direct's 1st Account offers new customers a straight-up £175 cash bonus. There are some eligibility criteria that must be met. First Direct asserts that the account can be opened "in minutes". Once they receive the switch request, they will inform your old bank.

First Direct then takes care of transferring all the regular payments over and contacts direct debit originators and your employer.

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Switching to the First Direct account offers additional advantages like advantageous conditions for both lending and savings. It has received high praise from customers at Money Saving Expert regarding their customer support.

What steps should I follow to open a First Direct account and receive a £175 bonus?

New customers only need to follow these three steps to make sure the bonus ends up in your account. The customers should:

• Switch between two or more direct debits or standing orders.
• Pay £1,000 or above.
• carry out at least five debit card transactions within 45 days.
• Sign in to online banking.

What adds to the appeal is that you can deposit the £1,000 and subsequently withdraw it to claim the bonus. Unfortunately, for those who have opened an account, this option may not be available. HSBC account Those who sign up on or after January 1, 2018 are not eligible; the offer is exclusively for new customers.

Furthermore, the 1st Account from First Direct provides a 0%EAR variable rate on up to £250 of an overdraft. Additionally, it comes with a one-year fixed-rate savings account which could generate £136.50 annually in interest if you deposit the highest amount of £300 each month.