Major bank with two million customers paying out free £175 bonus for Christmas

A major high street bank with two million customers is handing out a free £175 bonus to customers ahead of Christmas. First Direct, based in Yorkshire, has 1.9 million customers and is paying out a FREE £175 on its 7% regular saver.

It comes alongside fee-free overseas spending and a £250 0% overdraft. Money Saving Expert explained: "First Direct's been top or near-top of every bank service poll we've ever run – most recently it scored 91% 'great'. Plus, newbies to First Direct's 1st Account can expect £175 to switch, a £250 0% overdraft (subject to a credit check), a linked regular saver paying 7% fixed for a year and near-perfect rates when spending overseas. Put all this together and it's a top all-round account."

To be eligible, you can't have ever had ANY account with First Direct (such as a current account, credit card or mortgage). You can't have opened a current account with sister bank HSBC since January 2018, either. To get the bonus, open the account in-app (or online for joint accounts).

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Switch in an account from a different bank including 2+ Direct Debits or standing orders within 45 days. Also pay in £1,000+ and make 5+ debit card payments within 45 days. The £175 is paid by the 20th of the following month after you meet the switch bonus criteria.

The bank states: "The Current Account Switch Service (CASS) takes care of everything, seamlessly moving your balances, standing orders, payees and more over to first direct. Simply choose a date and we’ll move everything to us in just 7 working days, although we always aim to do this sooner."

It adds: "Once your first direct account is open, let us know you'd like to switch your other current account to us via the App. We will ask you for your new and old account details and preferred switching date."