First Direct has been bombarded by applications to switch to its current account — where customers receive a £175 cash bonus.
The bank’s website warns that high demand means it may take up to seven working days to get back to applicants.
Customers must pay in at least £1,000 within three months of opening the account — and are able to access a 7 per cent rate through First Direct’s regular savings account.
High demand: Customers opening a First Direct current account receive a £175 cash bonus if they pay in at least £1,000 within three months
Applicants calling the bank’s helpline have been warned of long wait times due to an influx of inquiries about the competitive saving rate. The £175 cash offer is also the only switching bonus currently on the market.
Nationwide and HSBC both scrapped their £200 bonuses late last year.
It comes amid a surge in customers looking to use the Current Account Switch Service (CASS) to join a rival bank.
In October 2022, 118,000 bank users switched account via the official service — a new record.
Experts say the surge in interest is partly due to families looking to boost their budgets.
