Bank giving away free £175 for switching accounts sets two-day deadline

There are only a few days left to grab £175 in free cash from a major bank with a simple switch. First Direct's switching incentive, which offers newcomers free cash to open a current account, is closing for applications.

Any customer who switches to a First Direct's 1st current account using the Current Account Switch Service (CASS) will receive £175 in free cash. However, this offer will conclude at 11.59pm on Monday, April 22.

The First account includes a £250 interest-free overdraft. Account holders will also benefit from fee-free overseas transactions and ATM withdrawals, which could be useful as we approach the holiday season.

Read more: What your pension should be worth at your age

Customers who open a regular savings account will also have access to a 7% interest rate. There are some conditions, one of which is that you must deposit £1,000 into the account within a month of opening it.

To qualify for the £175 switching offer, you'll need to meet certain criteria. Switching bank accounts is usually a straightforward process through the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are participating in the scheme, with a full list available on the CASS website. The switching service ensures that changing banks takes only seven working days.

You don't need to worry about transferring direct debits as this is handled for you. All you need to do is apply for your new account, and your new bank will inform your current one about the switch.

There are a few steps you can take before making the switch, such as choosing your switch date and moving any old bank statements to your new account. For any old statements, contact your current bank.

When considering a switch, think about the additional benefits that may come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, while others may provide better savings account rates.

Some banks even offer free travel or mobile phone insurance with their current accounts, although these may come with a monthly fee.

Things to consider when switching your current account.

Throughout the year, most banks usually offer some kind of incentive to attract customers to switch to them. The prospect of earning some free cash might be appealing, but it's important to ensure that the account you're switching to suits your long-term needs.