UK bank says it will give people £175 each

A UK bank has said it will give people £175 each in a bid to attract new customers. An article on Martin Lewis' Money Saving Expert website has shared details of the switching incentive, which also includes a £250 0% overdraft, and a linked savings account with 7% interest.

Eligible customers who switch to First Direct's 1st Account will receive the cash and additional benefits, with MSE experts hailing it a "corking deal". The article adds that it is "easy and hassle-free" and that people need to make the switch using First Direct's seven-working-day switch service which "sorts it all for you".

The linked saving account offers 7% on up to £300 a month, so a maximum of £136 interest after a year. You must contribute at least £25 a month and you can't take the money out before the year is up.

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To get your hands on the £175 you'll need to switch your account, and that includes at least two direct debits or standing orders within 45 days. In that same time period you'll also need to deposit £1,000, make five or more debit card payments, and log on to digital banking.

The offer is only available to new customers who haven't previously held a First Direct product. You also can't have opened an HSBC current account on or after January 1, 2018, and the offer is for UK residents only.