Bank giving away free £175 for switching accounts sets deadline

Young woman withdrawing money from credit card at ATM -Credit:guruXOOX
Young woman withdrawing money from credit card at ATM -Credit:guruXOOX

A major bank is offering a generous £175 cash incentive for those who switch to their 1st current account using the Current Account Switch Service (CASS). However, this enticing offer will end at 11.59pm on Monday, April 22.

First Direct say the 1st account comes with a £250 interest-free overdraft and offers fee-free overseas transactions and ATM withdrawals - a handy feature as we approach the holiday season. Additionally, customers who open a regular savings account can enjoy a 7% interest rate. There are some conditions to meet, including depositing £1,000 into the account within a month of opening it.

To be eligible for the £175 switching offer, certain criteria must be met. The process of switching bank accounts is typically straightforward through the CASS.

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You will need to pay in at least £1,000 within 30 days of opening the account, and keep it in there for at least 24 hours. In addition, you need to switch two or more direct debits or standing orders and log in to online or mobile banking.

Do that and £175 will then be paid before May 20. Yet take note - you cannot get the bonus if you have ever had any account with First Direct, or if you have opened a current account with sister bank HSBC since January 1, 2018.

Numerous high street banks and building societies are participating in the scheme, with a comprehensive list available on the CASS website. The service guarantees that changing banks takes only seven working days, reports Birmingham Live.

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

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

When considering a switch, ponder over 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 superior savings account rates.

Some banks even offer complimentary 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 crucial to ensure that the account you're switching to suits your long-term needs.

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