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Major bank to pull £175 free cash offer in less than 48 hours – move to make now to avoid missing out
Watch our video to see if you can get free cash from your bank
A MAJOR bank will pull a £175 free cash offer within hours.
First Direct is offering new customers £175 to switch to its packaged bank accounts, but you'll have to be quick.
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The offer ends on July 31, and you must complete the switch by the hard 23.59pm deadline.
Banks often offer free cash or other perks to help bring in new customers.
First Direct's offer gives new customers access to to a £250 interest-free overdraft, subject to eligibility, and to the First Direct regular saver account, which pays 7%.
It also says you'll have no debit card fees when spending abroad.
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To get the bonus, you need to complete a full switch using the Current Account Switch Service (CASS).
You will also need at least two active direct debits or standing orders.
Next, you need to deposit £1,000, make 5+ debit card payments, and log on to digital banking, within 30 days of your account opening.
Your card transactions can be made in-store or online, and could be from your digital wallet or using your actual card.
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The deal is only available to new customers only, who haven’t previously held a First Direct product.
This makes HSBC customers who joined on or after January 1, 2018 exempt too as the banking giant is First Direct's parent company.
You can read the full details and apply on the First Direct website.
The offer has been running since May 7.
First Direct eases the burden off anxious customers by telling your old bank you're moving.
Terms and conditions on their website state: "If you meet all of the eligibility, we will make the payment of £175 (the ‘Offer
Payment’) to you before the 20th of the following month".
Chris Pitt, chief executive officer of First Direct, said: "We want to reward customers for choosing to bank with us, which is why we are bringing back our popular £175 incentive.
"The offer will only be around for a limited time only, so we’d encourage people to make the most of it while it’s available."
It comes after The Sun exclusively revealed in March that HSBC, which owns First Direct, has plans to make its UK debit cards fee-free for customers using them abroad.
HSBC is set to simplify the pain of spending abroad after the bank confirmed its ambition to make all UK-based debit cards fee-free for holidaymakers, The Sun can reveal.
The move would mark a significant departure from traditional banking practices and underscores HSBC's commitment to enhancing customer experience globally.
READ MORE SUN STORIES
Currently, most major high street banks charge fees when customers use their debit cards for spending and cash withdrawals abroad.
First Direct 1st account and Virgin Money customers already benefit from fee-free spending and withdrawals when using their bank cards overseas.
How to switch successfully
FOLLOW these steps to make a successful switch and bag a perk
STEP 1: Choose a new account with a switching perk.
Check it is suitable in other ways, including the overdraft charge, any monthly fees and any fees for spending abroad.
STEP 2: Check you are eligible for the perk.
Ensure that you can meet the requirements to get the reward, which may include not having had a bonus from that bank before.
You may need to ensure you have sufficient direct debits on your account before switching.
If you do not, you could set some up for household bills or some small ones to charity.
STEP 3: Open the new account in-app or online.
This may require ID such as a passport or driving licence.
STEP 4: Choose a switch date.
When you apply for an account, you should be asked whether you want to switch an existing bank account.
You should say yes and pick a day seven days in the future for the switch to complete.
STEP 5: Wait. The whole process should take seven days, after which your account and direct debits should be switched.
Each bank has different timelines on when any cash reward will be received.
Other rewards, such as linked accounts, should also be available in your app.
STEP 6: Switch again. If you have received the reward you wanted and would like to receive more, start the process again with another bank that offers a cash sweetener.
IF IT GOES WRONG
CONTACT your new bank and quote the Current Account Switching Rules, which you can find on its website (currentaccount switch.co.uk).
If you are out of pocket because of missed payments due to the switch, your bank needs to refund you under the terms of the guarantee.
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