Online bank dishing out £175 for free but you need to be quick

Some money -Credit:Getty Images
Some money -Credit:Getty Images

An online-only bank is dishing out £175 in free cash - but you'll need to be quick if you want to make the most of the offer.

The deal is available for new customers who switch to an account with the provider, according to personal finance guru Martin Lewis. He is well-known for his tips and tricks as he continues to help people save money

Amid the ongoing cost of living crisis, his financial advice has never been more needed. The Money Saving Expert founder regularly shares banking "bribe" deals, where some savings institutions will offer customers money to switch their accounts to them. Now Mr Lewis is reminding people of a switch that will see banking customers given a £175 bonus - but it ends on Monday, April 22.


First Direct will give £175 to savers who switch to its 1st Account. The bank is also offering a 7% regular savings account, fee-free overseas spending and a £250 0% overdraft.

To be eligible for the cash bonus you'll need and pay in at least £1,000 within 30 days of opening the account, and keep it in there for at least 24 hours. You'll also need to switch two or more direct debits or standing orders and log in to online or mobile banking.

The £175 will then be paid before May 20 - but you can't get the bonus if you've ever had any account with First Direct, or if you've opened a current account with sister bank HSBC since January 1, 2018.