Second major bank to offer £175 free cash – only HOURS left to claim
A SECOND major bank makes a free cash offer within a week – and there are only hours left to claim the money.
First Direct is pausing the £175 switching bonus tomorrow (January 26), after launching the deal in August 2022.
Anyone who wants to claim the free money must submit their application before 11:59 p.m.
A spokesperson for the bank, which is part of HSBC, said it withdrew the offer “following an investigation”.
It comes after the Co-operative Bank cut its £150 'switch and save' offer on January 19, just four days after launch, due to high demand.
Here's all the details on how to claim the First Direct switching offer, plus another TSB offer that's still active.
First direct
First Direct is offering £175 to anyone who signs up for their first account.
Once you open the account, you must deposit £1,000 within three months. The free cash is then paid out within 28 days.
You are not eligible for the switching offer if you have opened an HSBC current account since January 1, 2020.
First Direct also offers customers a 7% regular savings account and a £250 overdraft if you qualify.
Two major benefits of the account are that there are no monthly fees to maintain it, and you don't have to pay fees for withdrawing money abroad.
TSB
Bankers can receive up to £185 in the first six months by switching to a TSB Spend and Save or Spend and Save Plus account.
Switchers can get £125 upfront and then £10 cashback every month for the first six months they keep the account.
You are eligible for cashback every month if you make at least 20 debit card payments.
Customers can then get a further £5 cashback every month after the first six months – meaning you could get £90 in cashback in the first year.
To receive the €125 upfront, you must set up at least two direct debits, use your debit card at least once and log into the TSB mobile banking app before March 15.
The money will then be deposited into the same account between March 20 and March 29.
Switchers to TSB can also access the banks' 'Rewards' portal, which was launched in December.
It offers customers discounts on purchases from a number of retailers and brands, including The Body Shop, Vue and Samsung.
There is no charge to maintain the Spend and Save account, but anyone switching to a Spend and Save Plus account will have to pay £3 per month.
However, the Spend and Save Plus account offers you an interest-free overdraft of up to £100, while the Standard Spend and Save account does not.
How to switch bank accounts
In most cases, you can switch bank accounts via the Payment Account Switching Service (CASS).
Dozens of major banks and building societies are affiliated, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies can be found on the CASS website.
All you have to do is apply for the new checking account you want. The new bank tells your existing current account that you are switching.
Any direct debits will be transferred for you, but there are a number of things you can do before submitting the application.
This includes choosing the date on which you switch and transferring any old bank statements to your new account.
You can obtain this from your existing bank.
When you switch banks, make sure you check what other benefits come with the checking account.
For example, one bank offers a better interest rate for savings accounts or an interest-free current account facility.
You don't have to switch just once either; some smart savers have made hundreds of dollars doing several.
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