First Direct bank switch offer: Get £175 + £36.75 cashback

Another bank switch deal has launched, this time offering £175 for switching.

First Direct regularly offers between £100 and £125 for changing bank, but it’s currently boosted the offer to a huge £175. And you might be able to get another £37 on top.

Here’s how the offer works and my analysis.

Some articles on the blog contain affiliate links, which provide a small commission to help fund the blog. However, they won’t affect the price you pay or the blog’s independence. Read more here.

How much can you get for switching to First Direct?

This First Direct switching offer is pretty straightforward. You’ll get a fixed £175 if you meet the conditions outlined below. This is the highest I can remember from the bank.

You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts.

You’ll also only get one payment per joint account, not one each. So if two of you want the cash you’re better off opening two new individual accounts.

Extra £36.75 cashback via TopCashback

If you apply for the account via TopCashback you’ll receive £36.75 in cashback, and if you then switch, you’ll also get the £175 switching cash.

If you’ve not used TopCashback before, then make sure you also get one of these signup bonuses, worth up to £15. I’m not sure signing up to First Direct will count as your first purchase, so make sure you buy something else via TopCashback first to redeem this offer.

Who can get the First Direct switching offer?

The offer is only available to new First Direct customers, so no luck if you are an existing or previous customer of ANY product.

You’re also barred from getting the free cash if you opened an HSBC current account (other products are fine) on or after 1 January 2018. Previously this was 2020, so it’s another example of banks wanting to make it harder for people to repeatedly switch.

However if you opened an HSBC account prior to this date, even if you still have it, then you’ll be eligible for the First Direct money.

Listen to Cash Chats, our award-winning podcast, presented by Editor-in-chief Andy Webb.

Episodes every Tuesday.

What are the requirements for the First Direct switching offer?

To get the £175 you need to open a 1st Account (this is First Direct’s standard current account) and pay in £1,000 within 30 days of opening the account. This doesn’t have to be in one go but each deposit does need to remain in the account overnight.

As with most switching deals, you need to use the Current Account Switching Service to move over an account from a different bank, also within 30 days of opening it.

And new to the offers from First Direct is the requirement to move over two direct debits or standing orders from the old bank. If you don’t already have direct debits in place then the easiest thing to do will be to set up standing orders. These are simple payments from your account to another of your accounts. Once the switch is complete and you’ve got the cash, can cancel the these payments.

When does the offer end?

First Direct has usually had an open ended offer on launch, but we know when this one will finish – 22 April 2024. That’s the last date to open the account and start the switch process.

When will the money be paid?

The full £175 will be paid to your account before the 20th of the month following you completing all the criteria. Since it’s unlikely anyone will be able to do this in March, and the offer ends 22 April, it means you can expect the cash by 20 May 2024, so you’ll need to keep your account open until then.

First Direct switching summary

Switching bonus	£175
Bonus paid	By the 20th of the following month after meeting the criteria
Open to existing customers	No
Requirements	Move two direct debits or standing orders from your old bank
	Pay in £1,000 within three months of opening the account
	Switch using the Current Account Switch Service and close old account
Exclusions	Not already have or ever had a First Direct account
	Not have opened an HSBC account since 1st January 2018
	Offer limited to once per person
Offer ends	22 April 2024

Is First Direct any good?

First Direct always scores well on customer service, but bear in mind there are no branches – banking is all on the phone or online. It’s also part of the HSBC group, so the FSCS protection is shared between the two.

First Direct 1st account benefits

The account is pretty bog standard, with no rewards or fancy features. The app has improved a lot, but it’s still not as good as what you’ll get with Starling or Monzo.

The £250 0% buffer is a useful feature for anyone who occasionally goes overdrawn by a small amount. The standout is access to a 7% regular saver, fixed for a year.

Over at customer reviews site Smart Money People, the 1st account scores 4.69 out of 5.

Benefits	£250 0% overdraft (subject to status)
	Access to 7% AER (fixed for 12 months) regular saver (Save between £25 and £300 a month)
	“Sweep” autosaving feature (moves spare money in account to savings)
	Fee free spending overseas
Fee	None
Requirements	None
Notes	Shared FSCS protection with HSBC

Is it worth switching to First Direct?

Andy’s analysis

If you’ve not had free cash from HSBC or First Direct before then it’s well worth grabbing it, and at £175 this is the highest FD have offered

HSBC offers tend to be higher but more complicated, so if you just want an easy switch I’d favour FD. Plus there’s that decent regular saver.

Personally I wouldn’t use it as my primary bank because you can get better apps or better rewards elsewhere. However if you occasionally go overdrawn then it’s hard to beat the 1st account.

Are there better switching offers?

If you’re a repeat switcher and aren’t planning to keep an account then this is one of the best. But if you plan to just switch once I’d actually look at other options which have added rewards or cashback.

These come and go, so here’s everything you need to know about all these and other different bank switching deals.