Second major bank to pull free cash offer worth £175 – and you have just HOURS to claim

A SECOND major bank is pulling a free cash offer in the space of a week – and there’s just hours left to claim the money.

First Direct is pausing its £175 switching incentive tomorrow (January 26), after launching the deal in August 2022.

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Anyone looking to claim the free cash has to start their application before 11.59pm.

A spokesperson for the bank, which is part of HSBC, said it was pulling the offer “following a review”.

It comes after the Co-operative Bank cut its £150 “switch and save” offer on January 19, just four days after launch, due to high demand.

Here’s all the details on how to claim the First Direct switching offer, plus another from TSB which is still live.

First Direct

First Direct is offering £175 to anyone who signs up to its 1st Account.

Once you’ve opened the account you have to deposit £1,000 within three months. The free cash is then paid within 28 days.

You won’t qualify for the switching offer if you have opened a HSBC current account since January 1, 2020.

First Direct is also offering customers a 7% regular saver account and £250 0% overdraft, if you’re eligible.

Two major perks of the account are that there’s no monthly fee to maintain it, and you are not charged for withdrawing money abroad.

TSB

Bankers can get up to £185 in the first six months by switching to a TSB Spend and Save or Spend and Save Plus account.

Switchers can get £125 up front and then £10 cashback each month for the first six months of holding the account.

You qualify for the cashback each month if you make at least 20 debit card payments.

Customers can then get a further £5 cashback each month after the first six months – meaning you can get £90 in cashback in your first year.

To get the £125 up front, you have to set up at least two direct debits, use your debit card at least once and log into the TSB mobile banking app by March 15.

The money is then paid into the same account between March 20 and March 29.

Switchers to TSB can also open up the banks’ “Rewards” portal which launched in December.

It offers customers discounts when buying from a number of retailers and brands including The Body Shop, Vue and Samsung.

There’s no fee to maintain the Spend and Save account, but anyone switching to a Spend and Save Plus account has to pay £3 a month.

However, the Spend and Save Plus account offers you an overdraft up to £100 interest free whereas the standard Spend and Save account doesn’t.

How to switch bank accounts

Switching bank accounts, in most cases, can be done via the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.

The full list of participating banks and building societies is on CASS’ website.

All you have to do is apply for your desired new current account and the new bank will tell your existing one you’re making the switch.

Any direct debits are moved across for you, but there are a few things you can do before applying.

This includes choosing the date you switch and transferring any old bank statements to your new account.

You can get these from your existing bank.

Whenever switching banks, be sure to check what other perks come with the current account.

For example, one bank might be offering a more competitive savings account rate, or an interest-free overdraft facility.

You don’t just have to switch once either, some savvy savers have earned hundreds of pounds from doing multiple ones.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected].

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This post first appeared on thesun.co.uk