THERE are just days left to claim £175 free cash so you need to act quickly if you want to be quids in.
First Direct is currently offering a cash incentive for people who switch to banking with them.
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Customers who open a First Direct 1st Account can also claim a £30 Amazon voucher, but you need to sign up by midnight on Monday 19 June to qualify.
If you are being tempted by the offer and are thinking about switching there are a few things you need to know first.
In order to get the bonus applicants can’t have ever had any account with First Direct previously, such as a current account, credit card or mortgage.
You also can’t have opened a current account with sister bank HSBC since January 2020.
As well as free cash and a £30 Amazon voucher newbies who switch to First Direct’s 1’st Account will also get access to a linked regular saver account which pays 7% fixed interest for a year on up to £300/month, and many get an ongoing £250 0% overdraft.
To qualify for the switch bonuses you must close and switch your old account using the Current Account Switch Service, and you can do this through First Direct.
How do I switch?
When you use the Current Account Switch Service it automatically moves across all payments, direct debits and standing orders to your new account and even takes care of closing your old account.
To start the process you just need to ask First Direct to move your old account using the Current Account Switch Service.
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Before you switch you will need to agree to the Current Account Switch Agreement and the Current Account Closure Instruction provided by your bank.
It is recommended that you revisit all of the payments you have attached to your account, if there are some that you no longer use or want it makes sense to cancel them rather than switch them to your new bank account.
You can choose a switch date that suits you, you just need to make sure that you allow seven working days for the switch to take place and that the day you choose isn’t a weekend or Bank Holiday.
On your agreed switch date your old new account will be ready to use and your old one will be closed.
Should you encounter any problems due to the switch you are covered under the Current Account Switch Guarantee.
This means that First Direct or any bank you are switching to guarantees to refund any interest and charges you incur as a result of a delayed or incorrect switch.
What other banks offer switching bonuses?
Switchers to NatWest can get £200 free cash, plus up to £36/year cashback.
This applies to their NatWest Select, RBS Select or Ulster Select accounts and the account must be opened online or in-app.
To get the £200 bonus you can’t have switched from NatWest, RBS or Ulster since October 2017.
Another qualifying factor is you must pay in £1,250 and use the app within 60 days.
If you haven’t had a HSBC current account or opened one with First Direct since January 2020 you could qualify for £200 free cash by opening a HSBC Advance account.
The HSBC Advance account can be opened online or in a branch.
Lloyds Bank is also offering new customers a £150 switching cash reward.
As well as the money, the Club Lloyds account gives you the choice of a yearly reward, but there is a £3 charge on this account unless you pay in £2,000 a month.
Remember it is always best to shop around yourself to make sure that you are getting the best deal that suits you.
Always check the small print when switching bank accounts, to be sure of any minimum payment or requirements associated with the account.
You can use comparison sites such as Compare the Market to check the latest deals across different banks and building societies.
In April this year, 118,755 people switched accounts compared to 64,955 in April 2022, according to pay.uk.
The Sun spoke to Ruth Anderson, director of lending at Starling Bank about switching bank accounts and what to look out for.
