Personal Finance Tips

First Direct switch offer: how much can you get?

Gert Svaiko

06.11.23

Read time 2 minutes

Thinking of moving banks? Choose the right bank, and you could receive a cash bonus for switching.

First Direct is one of a number of UK banks which offers a welcome bonus when you switch. But how much can you get, and what do you need to do to qualify for the offer?

Read on to find out, as we’ve put together a helpful guide covering everything you need to know about the First Direct switch offer.

Just remember that choosing a new account isn’t all about welcome bonuses. The account also needs to meet your needs.

If you travel regularly or need to send money abroad, the Wise account, from the money services provider Wise, could be the perfect choice. You can manage your money in 40+ currencies, send global payments for low fees* and even spend abroad on your own Wise debit card.

What is the First Direct switch offer?

Right now, First Direct is offering a welcome bonus of £175¹ when you switch to its 1st Account. This is the bank’s main current account.

You’ll get the bonus if you use the Current Account Switch Service to switch over from a current account held at another bank or provider. But there are also a handful of other conditions you’ll need to meet.

The bonus is also available when you switch a joint account to the joint 1st Account, but only if both parties agree. Savings accounts aren’t eligible for the offer.

The offer is available as of 19.10.23. But be aware that bank switch offers and welcome bonuses can be withdrawn (or introduced) at any time.

Eligibility requirements

To be eligible for the First Direct switch offer, you’ll need to:¹

Be a UK resident
Use the Current Account Switch Service to switch an account held elsewhere to the 1st Account (joint or solo)
Deposit at least £1,000 into your account within the first three months
Be a new First Direct customer, who hasn’t held a First Direct product before
Not have opened an HSBC current account on or after 1st January 2020.

How soon will I get the money?

Once you’ve met all the criteria above, you’ll receive your welcome bonus paid into your new First Direct account within 28 days.¹

How to get the First Direct switch offer - step-by-step

Confident you’ll meet the eligibility criteria and like the look of the First Direct 1st Account? The next step is to start your switch.

Here’s how to do it:

Go to the First Direct website and check the 1st Account’s account features, fees and terms to make sure it’s a good fit for your needs.
Click ‘Apply now’
You’ll be prompted to read the account terms and conditions. Once you’ve done this, scroll down the page until you find ‘Apply now for your 1st Account’.
Enter your name and email address, then click ‘Continue application’
Follow the on-screen steps to open your account, providing your details when requested.
When asked if you’d like to switch from another account, click ‘yes’ and provide the details of your old current account when prompted. You’ll also be asked to choose a date for the switch to be completed.
Wait for your account to be switched over
Pay in the £1,000 to receive your switching bonus.

And there you go - everything you need to know about the First Direct switch offer. If you’re thinking of moving to the bank anyway, it’s a no-brainer.

Just make sure to check the eligibility requirements carefully, and follow the steps we’ve outlined here to make sure you get the £175.

Sources used:

First Direct - Current Account

Sources last checked on date: 19-Oct-2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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