Deal of the week: earn £125 for switching your bank account with First Direct
4th January 2019 12:25
by Stephen Little from interactive investor
Move your current account over to First Direct and you could earn a £125 switching bonus.
What’s the deal exactly?
Open a new account with First Direct and move your current account over to earn a £100 switching bonus. If you do it through MoneySuperMarket you will see your bonus boosted with an extra £25.
The bonus will be paid into your account 28 days after opening it.
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Once you have opened your account you can then switch online by contacting First Direct. The whole process should be completed within seven days.
If you are then unhappy and decide to leave within the first six months you will be given a further £100.
Why should I care?
While lots of banks offer switching deals, First Direct's is currently one of the best out there. Plus, it is a free £125 for doing relatively little.
While it isn't the highest switching offer (see below), First Direct are an award-winning provider, taking home Most Trusted Financial Provider and Best Current Account in the 2018 Moneywise Customer Service Awards.
The account comes with a £250 interest-free overdraft too.
What’s the catch?
To qualify for the cashback you will have to deposit £1,000 into the account within the first three months.
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You will also have to deposit at least £1,000 a month or have another product such as a mortgage or credit card to avoid paying the £10 monthly fee.
It is important to note that if you go above the interest-free £250 overdraft you will have to pay 15% EAR as well as a £5 a day charge (capped at £80).
What other options do I have?
Halifax will give you a £135 reward when you switch your current account. You will get £50 when you switch and a further £85 after six months as long as you pay in at least £1,500 a month.
With HSBC you will get £150 when you switch. You will need to switch within 30 days of opening and pay in £1,750 a month.
M&S Bank is offering a £100 M&S gift card plus an additional £80 after 12 months.
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Where can I find out more?
You can find out more on the First Direct website.
This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.
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