SPECIAL OFFER - Switch to a 1st Account and get £175*. Requires credit check. New customers only and T&Cs apply.
Why we like it
Get access to a Regular Saver Account - Put away between £25 and £300 for a fixed 12 month term. If you save £300 every month for 12 months and qualify for the 7.00% AER/gross p.a. interest rate, you'll earn approximately £136.50 interest (gross). Interest is calculated daily and paid 12 months after you opened the account. AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest were paid and compounded each year. Gross is the rate of interest if interest were paid and not compounded each year. No partial withdrawals allowed. Early closure will result in interest being paid at the standard account variable rate. £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. Representative Example: How does our overdraft compare? The representative APR shows the cost of borrowing over a year, so you can use it to compare the cost of our overdraft against other overdrafts and ways of borrowing. 0% EAR variable on the first £250, 39.9% EAR variable thereafter, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200). For customers with an offset mortgage linked to a 1st Account, the interest-free limit will not apply. *Within 45 days of your account opening you need to: switch to first direct using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments, and log on to digital banking. New customers only, who haven’t previously held a first direct product. first direct also can’t offer this to people who have opened an HSBC current account on or after 1 January 2018. Offer can be withdrawn at any time. Subject to status. UK residents only
If you are looking to move your bank account to a different provider, there are various factors to consider when making your choice. Issues like what interest rate you will pay on your overdraft and earn on your savings will be important, but for many switching incentives are a key decider.
Many providers now make current account switch offers, which include cash when you change accounts and cashback for things like having Direct Debits coming out of your account or paying household bills from the account. These benefits can swiftly add up and make a real difference to which account offers the best deal for you.
Between the various switching bonuses and cashback offers available on some of the most popular current accounts, it is possible for savvy switchers to earn £100 or more when they change account. The follow accounts will earn you at least £100 for opening a bank account either upfront or within the first year the account is open.
First Direct 1st Account offer a £175 incentive for switching to their 1st Account. You will need to switch your everyday banking to First Direct using the Current Account Switch Service including at least two Direct Debits or Standing Orders, deposit a minimum of £1,000 (in single or multiple deposits) and register and log onto digital banking within 45 days of opening your first direct 1st Account.
Is it worth opening a new bank account for a good switching offer?
When thinking about opening a new bank account, switching offers can be a good deciding factor, but it is also important to think about your long term needs.
It is therefore a good idea to think about exactly what you need from a current account and how you are likely to use it before making a decision about opening a new bank account. This can help to ensure you get the most out of your account on an ongoing basis.
Find the best bank accounts to switch to
Whatever your reasons for opening a new bank account, it is a good idea to spend some time researching your various options before making the switch. Check out the range of bank accounts on offer from across the market to see which offers the best deal for you.
