UK bank offering £175 for simple switch

Switching banks can often be a handy way to save money - not to mention the incentives that come with doing so. Many banks in the UK dangle the carrot of free cash in front of customers hoping to entice them away from competitors.

And now is as good time as any to switch, according to experts, as one bank offers a whopping £175 bonus for moving your account over. First Direct’s 1st Account offers new customers £175 cash straight off the bat. There are some eligibility criteria that must be met, but nothing too taxing.

First Direct claim the account can be opened “in minutes” and once the switch request is received, they will contact your old bank to let them know.

First Direct then handle bringing all the regular payments over and contact direct debit originators and your employer.

There are also other benefits to switching to the First Direct account, such as favourable borrowing and saving terms.

Their customer service comes highly recommended by Money Saving Expert’s users, too.

There are just four things new customers need to do to ensure the bonus lands in your pocket. Customers must:

• switch over two or more direct debits or standing orders
• pay in £1,000 or more
• make five or more debit card payments within 45 days
• Log in to digital banking

On top of this, First Direct’s 1st Account offers a 0% EAR variable on the first £250 of an overdraft.

Furthermore, It’s linked to a one-year fixed savings account that can yield £136.50 a year in interest if you save the maximum of £300 a month.

What makes it even better is that you can deposit the initial £1,000 and then withdraw it again to claim the bonus.

Unfortunately, those who have opened an HSBC account on or after January 1, 2018 are ineligible - the offer is only open to new customers.