UK bank customers are being offered up to £210 in incentives through a current account switch deal highlighted by Money Saving Expert (MSE). The offer combines a £175 cash bonus with a £35 shopping voucher, subject to meeting specific conditions.
The deal, linked to First Direct’s 1st Account, has recently been updated, drawing renewed attention from those considering switching banks.
The offer is structured in two parts:
| Incentive | Amount | Requirement |
|---|---|---|
| Cash bonus | £175 | Switch account and meet criteria |
| Shopping voucher | £35 | Open via MSE link |
In total, eligible customers can receive up to £210. However, the full amount depends on completing all required steps within set timeframes.
Requirements
To qualify for the £175 switching bonus, customers must follow a series of conditions after opening the account.
These include:
- Opening a First Direct 1st Account via the app
- Switching an existing current account using the Current Account Switch Service
- Transferring at least two Direct Debits or standing orders
- Depositing £1,000 or more within 45 days
- Making at least five debit card payments
Once these steps are completed, the £175 is typically paid by the 20th of the following month.
Voucher
The additional £35 voucher is separate from the switching bonus and has its own process.
To receive it:
- Open the account through the MSE referral link
- Wait for a follow-up email within 75 days
- Claim the voucher within 90 days of receiving the email
Importantly, switching your bank account is not required to receive the voucher, although you still need to open an account through the correct link.
Account
Beyond the incentive, the First Direct 1st Account includes several features that may appeal to customers.
Key features include:
| Feature | Details |
|---|---|
| Regular Saver | 7% fixed interest |
| Monthly Deposit Limit | Up to £300 |
| Overdraft | £250 interest-free (subject to approval) |
| Overseas Spending | Competitive exchange rates |
According to MSE, a large majority of surveyed users rate the account positively, with reported satisfaction levels around 92%.
Eligibility
Not all customers will qualify for the £175 bonus. There are restrictions in place to prevent repeat claims.
You will not be eligible if:
- You have previously held any First Direct product
- You have opened an HSBC current account since January 2018
These conditions reflect the fact that First Direct is part of the HSBC banking group.
Timing
Timing plays an important role in securing both parts of the offer. Missing deadlines may result in losing eligibility.
Here is a simplified timeline:
| Step | Time Limit |
|---|---|
| Meet account conditions | Within 45 days |
| Receive £175 bonus | By next month’s 20th |
| Voucher email arrival | Within 75 days |
| Voucher claim deadline | Within 90 days |
Keeping track of these stages is essential to receive the full £210.
Considerations
While switching bonuses can be attractive, they should be considered alongside the overall suitability of the account.
Points to review include:
- Whether the account meets your day-to-day banking needs
- Any long-term fees or conditions
- How the account compares with your current bank
Switching accounts also involves moving payments and Direct Debits, which may require some planning.
Context
Bank switching incentives have become increasingly common in the UK, with providers մրց competing to attract new customers. These offers can provide short-term financial benefits, but they are typically one-time promotions.
For customers who meet the criteria and are comfortable switching, the First Direct offer represents a relatively straightforward way to earn a cash bonus alongside additional perks.
However, eligibility rules and deadlines mean that careful attention to the terms is necessary.
In summary, the £210 offer combines a cash incentive with a smaller voucher, but accessing the full amount requires meeting specific conditions. For those already considering a switch, it may provide added value, provided the account aligns with their longer-term banking needs.
FAQs
How much can you get from this offer?
Up to £210 including cash and voucher.
Do you need to switch accounts?
Yes for £175, but not for the £35 voucher.
What deposit is required?
You must deposit at least £1,000.
Who is not eligible?
Existing First Direct or recent HSBC customers.
