Here’s who is eligible and what you’ll need to do if you are
Brits hoping to bolster their bank balance could receive a free £200, as highlighted by Martin Lewis’ Money Saving Expert.
The MSE team is making people aware that First Direct is offering a cash incentive to attract new customers. Banks regularly launch switching deals as a way to grow their customer base. These are usually one-time offers exclusively available to brand-new account holders. As such it’s important to check all the eligibility criteria to ensure you qualify. On the MSE website, the team highlighted some of the best switching deals currently on offer.
MSE said: “Banks often offer switch incentives – usually free cash, sometimes boosted savings rates or other perks – to get you to open an account and switch from a rival. Always check the requirements carefully.
“If you miss a step you won’t get the bonus.” It identified one of the “top” deals currently available as from First Direct.
By transferring to its 1st Account, you could receive £200. MSE said: “Free £200 (was £175), seven per cent saver, fee-free overseas spending and £250 zero per cent overdraft for many.
“A clear winner if you want top customer service, or if you need an interest-free overdraft.”
Beyond the £200 switching bonus, the First Direct 1st Account features:
- Seven per cent fixed regular saver allowing deposits of up to £300 monthly for a year
- Most customers receive an ongoing £250 interest-free overdraft (subject to credit check)
- Debit card for overseas spending with competitive exchange rates
How to claim the £200 bonus
To ensure you receive the bonus cash, you’ll need to open an account via the app (online if it’s a joint account). Then, within 45 days, you must:
- Switch in an account with two or more direct debits or standing orders
- Pay in £1,000 or more
- Make five or more debit card payments
The £200 should be paid by the 20th of the following month. However, you’ll only be eligible if you have:
- Never had any First Direct product
- Not opened a HSBC current account after January 2018
For more information, visit the MSE website here.
