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 Offer can be withdrawn at any time.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
When you switch a bank account, it’s usually to get a better deal somewhere else. But, did you know that some current accounts will pay you to make the switch?
There are now a number of current account providers who offer £100 or more in switching bonuses and other rewards to new customers. This means it could be worth your while to make the switch, especially if you are not happy with your existing current account.
To help you make a decision, we have selected some of the current accounts offering the most generous terms to new customers. All of the current accounts below will earn you £100 or more in switching bonuses or cashback within the first year.
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.
So, when it comes to banks and switching incentives, it’s usually a financial reward. However, the Current Account Switch Service, used by a lot of banks, offers things like cinema tickets and cool freebies to balance out the cash prize. Switching your current account can seem like a challenge, and finding a new bank or building society takes time. But, it is worth it in the long run, especially if you pay attention to all the switch incentives. Remember to close your old account at the end though, or you might run into some problems!
