First Direct is withdrawing its £175 current account switch sweetener at 11:59pm tonight (Wednesday 31 July).
The bank brought back the £175 offer on its 1st Account following “popular demand” after seeing an influx of customers when it launched the £175 deal for four weeks in late March.
You need to carry out the transfer via the free Current Account Switch Service (CASS) ahead of midnight. You need to have at least two direct debits or standing orders, which need to be switched within 30 days of opening the account.
You’ll also need to deposit a minimum of £1,000 into your new account within 30 days of opening. Plus, you need to register and log in to digital banking within this time frame.
Further, you need to use your debit card at least five times during the first 30 days of opening your account.
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You must be a new customer to get the cash, which means you can’t have held a First Direct product or opened a HSBC current account on or after 1 January 2018.
Once you’ve ticked all these boxes (the switch should take seven days to complete), you should receive the bonus within a month, but First Direct added that savers can expect to receive it by the 20th of the following month of meeting the criteria.
New customers switching their current account to First Direct also receive a £250 interest-free overdraft, fee-free overseas transactions and ATM withdrawals, plus access to a 7% interest Regular Saver account.
However, watch out when overseas, as although First Direct doesn’t charge fees, some foreign ATMs could charge for withdrawals, which is outside of the bank’s control.
Barclays offers £175, Co-op deal nets savers £160
If you do miss out on First Direct’s offer, all is not lost.
Barclays is also currently offering £175 for new customers banking with it, and the deal’s on until the end of August (though could be withdrawn earlier).
To get the cash, you need to open a sole Barclays Bank Account or Premier Current Account (joint accounts are excluded) via the app in the App Store or Google Play. You won’t get the cash if you open any other account, or head to a Barclays branch or online.
If you open the standard Barclays Bank Account, you’ll also need to sign up to Blue Rewards via the app. It costs £5 per month and gets you Apple TV+ and Major League Soccer (MLS) season pass subscriptions. Plus, you can earn up to 15% cashback with participating retailers and 5% interest on your savings via the Rainy Day Saver account. You also need to pay in at least £800 per month to continue your Blue Rewards membership.
For those opening a Premier Current Account, you receive a Blue Rewards membership automatically, but you need to pay in a gross annual income of at least £75,000 or have a total balance of at least £100,000 in savings or investments with Barclays.
Whichever of the two accounts you choose to open, the transfer needs to be done via the free CASS from an eligible bank or building society. Plus, you’ll also need to move at least two direct debits and pay at least £800 into the new account by 30 August.
If you meet all those points, the £175 will be paid into your new account within 28 days.
If you’ve previously bagged a switching offer when opening any Barclays current account, you won’t be eligible for this latest bonus.
Meanwhile, the Co-operative Bank is running a £160 bank switch offer for those moving to its packaged account, the Everyday Extra, which costs £15 per month.
This is split between £100 cash upfront and £10 per month for six months. You can’t get the deal if you’ve already received a switch incentive from Co-op since 1 November 2022.
But if you’re eligible, you need to deposit £100, have two active direct debits or standing orders, make five debit card transactions and register for online banking or mobile app banking within 30 days.
As part of the packaged bank account offer, you receive mobile phone and worldwide travel insurance, as well as UK and European breakdown cover.
