First Direct are offering new customers £200 to switch their bank accounts to them, but you'll have to think fast should you want to make the most of the enticing offer. In the latest edition of his Money Saving Expert newsletter, Martin Lewis and his team advised on a number of banks which are offering switchover bonuses to new customers.
And while some banks typically only pay small sums in compensation to lure new customers, First Direct has pushed the boat out with their current offer. Customers making the switch to a new First Direct 1st Account will be given £175, as well as a £30 Amazon voucher for making the move.
However, part of the deal ends at midnight Monday (June 19), so you'll have to be quick if you want to claim it in its entirety.
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In addition to the lump cash sum of £175, newbies making the move will be able to claim an additional £30 Amazon voucher by using MSE's link. They'll also be given access to a linked regular saver, paying a whopping 7 per cent fixed interest for the first year on up to £300 per month, as well as an ongoing £250 0 per cent overdraft.
To get the big cash bonus, you'll have to be completely fresh-faced to First Direct - meaning no previous accounts with the firm. You also must not have opened a current account with HSBC - who work as a sister bank - since January 2020.
To get the £30 Amazon voucher additionally, you'll have to follow MSE's link and enter your email address. You'll have to open the account with First Direct by 11.59 come June 19, and switch in an account from a different bank.
You'll then have to pay in £1,000 within the first three months, and wait 28 days for the £175 cash payment. You'll get an email within 90 days of registration with instructions on how to claim the £30 gift voucher from Amazon, with a further 90 days to do so.
And while First Direct have arguably one of the more highly-favoured deals going at the moment, a number of other banks also have cash-swap incentives on offer.
Banks offering cash sums to people switching accounts -
NatWest - £200 free cash as well as up to £36 per year cashback with a NatWest Reward account
Available to anyone who hasn't had switch cash from NatWest, RBS or Ulster since October 2017.
- Minimum pay-in: £1,250/month (none for the Select account)
- Overdraft: 39.49% EAR variable
HSBC UK - £200 free cash with a HSBC Advance account
Available to anyone who hasn't had a HSBC current account or First Direct account since January 1, 2020.
- Minimum pay-in: None
- Overdraft: 39.9% EAR variable (0% up to £25)
Lloyds - £150 plus 12 months of Disney+, six cinema tickets, Coffee Club membership, OR magazine subscription with a Club Lloyds account
Available to anyone who hasn't had switch cash from Lloyds or Halifax since April 2020.
- Minimum pay-in: £2,000/month (£3/month fee otherwise)
- Overdraft: 27.5% EAR variable (first £50 is at 0%)
- Interest: 1.5% AER variable on £0 to £4,000, 3% on the next £1,000 and 0% above £5,000 (2+ monthly direct debits needed to get the interest)
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