UK savers have a new incentive to consider at the start of the 2026 tax year. First Direct has introduced a limited-time offer that provides £100 cashback to eligible customers who deposit or transfer funds into its Cash ISA. The promotion is part of a broader trend among banks aiming to attract deposits through bonuses and competitive rates.
The offer is available to both new and existing customers, provided specific conditions are met.
As ISA season begins, financial institutions often introduce promotional offers to encourage savings. First Direct’s latest initiative combines a cashback incentive with its existing banking products, creating an opportunity for customers to earn additional returns.
The offer is structured around a minimum deposit requirement and specific eligibility criteria.
Offer
First Direct is offering £100 cashback to customers who deposit or transfer at least £10,000 into a variable Cash ISA.
| Requirement | Details |
|---|---|
| Minimum Deposit | £10,000 |
| Cashback | £100 |
| Offer Period | 6 April – 4 May 2026 |
| Reward Date | 31 July 2026 |
The cashback will be credited to the customer’s First Direct current account, also known as the 1st Account.
Eligibility
To qualify for the offer, customers must meet several conditions:
- Deposit or transfer at least £10,000 into a First Direct Cash ISA
- Use new funds not previously held with First Direct, HSBC, or M&S Bank before 6 April 2026
- Maintain a balance of at least £10,000 in the ISA until 31 July 2026
- Hold a First Direct current account
The offer applies to both new ISA applications and top-ups or transfers into existing ISAs, provided the criteria are satisfied.
Process
First Direct has outlined a straightforward online process for participation:
- Apply for a Cash ISA via the mobile app or online banking
- Deposit or transfer qualifying funds before 4 May 2026
- Ensure the balance requirement is maintained
- Receive the cashback by 31 July 2026
Customers should ensure that all steps are completed within the specified timeframe to remain eligible.
Bonus
In addition to the ISA cashback, First Direct is also offering a current account switching bonus.
| Incentive | Amount |
|---|---|
| ISA Cashback | £100 |
| Switching Bonus | £175 |
| Total Potential Reward | £275 |
Customers who switch their current account using the Current Account Switch Service and meet the requirements may qualify for the additional £175.
Conditions
A key condition of the offer is the definition of “new funds.” These must not have been held in any First Direct, HSBC, or M&S Bank account before 6 April 2026.
This requirement ensures that the promotion brings fresh deposits into the bank rather than reallocating existing funds within the same banking group.
Customers transferring ISAs from providers outside the HSBC group may also qualify, provided they meet the minimum deposit threshold.
Context
The timing of the offer aligns with the beginning of the new tax year, when ISA allowances reset. Many banks use this period to introduce incentives or increase interest rates to attract savers.
First Direct, a division of HSBC UK, has a strong reputation for customer service and digital banking. It consistently ranks highly in customer satisfaction surveys, including recent evaluations by consumer organizations.
Consideration
While the £100 cashback may be attractive, savers should also consider other factors such as interest rates, account flexibility, and long-term benefits before making a decision.
A cashback incentive provides a short-term gain, but overall returns depend on how the account performs over time.
The First Direct £100 ISA offer presents a structured opportunity for savers willing to commit £10,000 or more under defined conditions. For those already considering an ISA transfer or new deposit, the promotion may add incremental value, particularly when combined with the current account switching bonus.
FAQs
How to get £100 cashback from First Direct?
Deposit or transfer £10,000 into its Cash ISA.
What is the offer deadline?
The deadline is 4 May 2026.
When will cashback be paid?
It will be paid on 31 July 2026.
What are new funds?
Funds not held in HSBC group before April 6.
